What Data Should Your Project Management Capture? Part 2
What Data Should Your Project Management Capture? Part 2
The last blog we wrote we went over the top five items that should be captured in your project management. As promised, here are the next five items that you may want to notate in order to get the highest return on your e-sourcing investment.
6). Project Description
The project description is set up to provide an overview of the project at hand. This will allow the reader to better understand the tasks that are to be completed during the current outsourced item. It is advised to create a description that will allow a reader with no previous experience in the subject to better understand everything going on. The main purpose is to solely give everyone a generic idea as to the scope and objectives in order to stay within the time frame and budget allotted.
7). Project Status Update
The project status update is a qualitative description of how the project is coming along, a status report in laments terms. This particular update is created in order to display the major accomplishments to the e-sourced project as well as any events that should be noted for discussion. It is ideal to keep the status update concise and to the point and once again written with the idea that the reader may not know anything about this particular project. Anyone reading the update should be able to correctly access any planned activities even with little to no prior knowledge. This is a necessity in project management in order to document exactly how on track the particular item is going.
8). Risk Indicator
A risk indicator is set up to access and determine just how much of a risk the current project at hand is facing. Much like a stoplight, you may have color coding on this application that will show green, yellow and red. Green signifies that everything is on track without any potential or current issues, Yellow specifies that the current project could in fact be delayed, and Red shows that the project has come off track and will need management attention immediately to fix any and all related issues.
From a project management stand point, seeing yellow and red could and more than likely will lead to a loss in R.O.I. and the potential to be a complete failure from the e-sourcing process. Of course the faster that this is stated though could in turn lead to the project being saved from devastation. E-sourcing will in turn save you money, but if the project management part does not follow suit, yellow and red color coding could become a regular event.
9). Issue List
The issue list will go hand in hand with the Risk Indicator. This will state any potential issues for delays or items in the project that could be in jeopardy whether it is now or in the near future. This field could better explain the risk indicators of red and yellow as this will allow management and those overseeing the project to better assess any potential problems. The list should be qualitative to better describe to the reader what is occurring but may be quantitative in nature to demonstrate how far off track the project has come, or what the incurred cost could be.
10). Priority
Utilizing a four stage priority indicator of low, medium, high and critical can allow the management to better understand what is dire and what can be assessed in the near future. In this case, return on investment and the project time table will display which portions need the most attention. You will want to define how these projects will impact business operations, cost implications, product launch, compliance, etc. The more that you can categorize the better.
Overall, e-sourcing tools are set up to better help the company outsource particular projects for a high return on investment. Although these companies can have this occur with the ProRFX tools, if a solid project management setup is not in place the chances of reaching that potential decrease drastically. The more that you notate on the e-sourced project, the more likely you are to have a positive experience.
