How To Manage Your IT Projects

IT project managers help companies achieve their strategic goals and objectives through technology. They often know IT in depth, but they are also creative and critical thinkers who can solve problems, quickly.

As an IT project manager, you will have to plan, execute and manage technology-centric projects. This includes things like resource allocation, communicating with teams and stakeholders, and delivering projects and implementations on time, and on budget.

  • Manage software and hardware integrations
  • Measure the results and impacts of the technological solutions in use
  • Protect against security breaches and data risks
  • Monitor network updates

IT projects tend to be large and span multiple departments within an organization, so there are unique challenges and responsibilities.

In today’s technology-driven professional landscape, IT project management is closely related to other departments in the organization, and this can lead to several challenges.

What are the challenges of IT project management?

Technology is often expensive: McKinsey found that nearly half of IT projects exceed budget limits .

Because of this, you will need to research, manage, and project future costs related to your IT projects.

Other challenges IT project managers face include the following:

  • Ever-changing technology makes existing IT projects obsolete.
  • Lack of communication and shared vision between company management and IT.
  • Unexpected setbacks and sharp learning curves as team members learn to use new technology.

Additionally, IT projects tend to have more dependencies than other projects within a company. They are more complex and difficult to track, and one mishap could bring the entire project to a halt.

Now the good news. Success rates have improved in recent times. Waste of money dropped an incredible 20% as companies began to manage IT projects differently from other business operations.

How should IT projects be planned and executed?

Creating a solid IT management plan is not much different from plans for other projects. They both follow similar planning steps:

  1. Identify and connect with stakeholders, including customers and end users
  2. Determine the objectives
  3. Specify the items to deliver and the steps necessary to achieve your IT goals
  4. Design a schedule and identify dependencies
  5. Carry out a risk assessment and anticipate potential problems
  6. Present the project plan to stakeholders

IT projects are divided into five processes known as the IT Project Management Lifecycle :

  1. Initiation: Once the IT objectives are decided, the budget, scope and project manager are assigned.
  2. Planning: The project manager defines milestones or responsibilities.
  3. Execution: Teams complete tasks based on the determined methodology.
  4. Monitoring and control: Elements such as schedule, risk and budget are evaluated and managed through support structures, such as meetings and communication between the team.
  5. Closing: The elements to be delivered are accepted and the teams analyze the lessons learned from the project.

See for yourself how effective can be in helping you improve your IT project management skills.

How Not To Joke With Money Or Bad Advice For An Investor

Invest in stocks all your money; you can even borrow for such a thing.

Expert commentary. Before investing in stocks, set aside money for life and unexpected expenses: create an airbag, open a bank deposit, or buy low-risk bonds. Remember that investments are always risky, and you can make not only a lot but also lose everything. Invest the amount that you are internally willing to lose – alas, this is possible. Do not borrow money for investments either in a bank or from friends – you can never invest the last money. Before jumping into battle, study the theoretical part.

Don’t waste time managing your investment portfolio: hired a professional – and forgot.

Expert commentary. There is an opinion that if you decide to trade on the stock exchange, but are not ready to waste your energy and nerves, then you can simply trust the professionals and forget about everything in the world. But the trustee also needs to pay attention, at least at the beginning of your relationship. He must be aware of what your life needs and plans are in order to choose the optimal pattern of behavior in the financial market for you. And who said that all trustees are professionals in their field and decent people? The principle of “trust but verify” is appropriate here as well. But in order to check how trust management is carried out, you need knowledge that, alas, no one will acquire for you. So you still have to spend time.

When investing, forget about the peculiarities of your character and temperament

Expert commentary. When determining the tools that you will use, correlate them with your personality traits. Brokers joke: “If you buy bonds, you sleep well; if you buy stocks, you eat well.” There is some truth in this – sometimes stocks make the investor nervous. If you are too emotional and seriously worried about losses then trading with leverage and investing in stocks is not for you.There is a risk of making wrong decisions in a panic and aggravating financial losses and stress is bad for your health. Invest in risky instruments only if you are comfortable with losses and can act in cold blood.

Make as many deals as possible.

Expert commentary. Frequent transactions in the securities market can lead to the loss of your strength, energy, and even money. And do not forget about the broker’s commission, which will also have to be paid from each transaction. Speculative strategies do not always bring more income; in most cases, a passive investor earns more. However, there is a joke that the long-term investor is an unlucky speculator. The choice of the optimal strategy for you depends on many factors, including what knowledge and skills you have, so take this decision very carefully.