IT Management’s Post

For some, doing ten $50k projects sounds like a nightmare. For others, they’d do anything to avoid working on a large $500k+ project. But the truth is, there are tradeoffs with doing a project of any size. For instance: It's very easy in our world to get excited by the big-ticket project budget – hundreds of thousands of dollars or even millions to do complex, 6 to 24-month website builds and migrations. These can be highly lucrative and lead to other such big-budget projects. However, these carry risks that, if you're a smaller firm, can tie you up in challenging ways, including: → Increasing the risk of client concentration → Monopolizing your leadership team's attention on a single project for long periods When you look at those risks, smaller budget projects look more appealing, but those have tradeoffs too, the main one being you have to win many more smaller projects to make the same revenue as a big project. That requires a ton more work on the sales side. From my experience, the best way to do small and big projects profitably and successfully is to do the upfront work of positioning, which includes defining your target client profile and your value proposition. From here, you can spend time designing services in very intentional ways. In doing such work, one might find that “small” and “big” are inadequate labels for types of projects, opening the door for well-defined services that address clients’ needs in different business situations, industry verticals, platform needs, etc. You might find yourself doing a $50k audit which then leads to a $500k migration project and is bookended by a $50k/month ongoing retainer. At that point, small vs. big doesn’t really apply.

🛡️ Safeguard Your Projects with Outsourced Expertise 🛡️ Tired of navigating the pitfalls of project management? Outsource your software development to mitigate risks effectively. Our seasoned experts are here to guide your development process, significantly reducing the likelihood of delays, budget overruns, and quality concerns. 🚀 Ensure your next project isn't just completed but excels beyond expectations. 🎯 🔗 Ready to transform your project outcomes? Reach out to us now and discover how our outsourced development services can lead your projects to success with minimized risk and maximized efficiency. _____________ ➡️ Let's achieve greatness together : https://lnkd.in/eQ9r6zvb #RiskMitigation #ProjectSuccess #OutsourcedDevelopment

Changing your IT vendor requires a comprehensive project transition plan 📌📑📈 A deep understanding of the concept and of its current development stage is necessary when one takes over a job that hasn’t been finished by the previous team. Follow our checklist and best practices to keep everything under control and reach the best results.

The Impact of Cost Overruns on Software Projects Balancing quality and budget in software development is a delicate task. When costs exceed budget, the effects can be not good to say the least.  Delivering software on time and on budget could make or break your company. Missing the mark usually leads to some combination of the following bad things happening.  - Project Delays: When costs exceed budgeted amounts, it often leads to delays in project timelines.  Additional time is needed to secure more funding, re-evaluate project scope, or even downsize the team to reduce expenses. Delays can also occur as a result of time spent on identifying and correcting the causes of the overrun, further derailing the project schedule. - Reduced Scope or Quality : In an attempt to keep the overall cost of a project within budget, the quality of the software may be compromised. This can involve cutting features, reducing testing, or even eliminating entire parts of the product.  Of course, this has downstream effects besides just writing fewer lines of code.  The final product may be missing key requirements, may not hit critical business metrics, or may just not work at all as intended. It’s also possible that these changes will push work to later in the project life cycle, creating technical debt. - Stakeholder Breakdown : Stakeholders, including clients, investors, and project team members, expect projects to be completed within the proposed budget. Cost overruns can lead to a loss of trust and dissatisfaction among these stakeholders.  Clients may question the competency of the team or the effectiveness of the project management, damaging the client-developer relationship. For internal stakeholders, cost overruns can lead to decreased morale, increased stress, and a perceived lack of stability or control. It could also lead to turnover and further delays. #PMP #software_engineering #Budgeting #agile #Project_mangement

This is an insightful article on cost estimation for fixed-price projects. What's your go-to strategy?

One of the most challenging aspects of software development is estimating the cost of fixed-price projects. We are facing such client requests more often this year for obvious reasons so the approach is refined and we accept the challenge. Backed by our famous neo tech blogger & COO/C++/PMP/PHP/PhD/etc Vitaly Hornik as usual (you know him, connect if not). #softwaredevelopment #fixedprice #waterfall #agile #projectmanagement #businessanalysis #costestimation #customsoftwaredevelopment #frontenddevelopment #xbsoftware https://lnkd.in/dgB9P8km

If most of your software projects are late or over budget, then it's likely that you either don't have excellent project managers, or else you're not listening to them.

It's astonishing how often integration nightmares can derail a construction project. We've seen it time and again with ungrouped submittal items creating chaos and uncategorised meeting notes, leading to costly miscommunications. So, what's the game plan for businesses looking to navigate these treacherous waters? Here's a transformational strategy that could save your bottom line and keep your projects afloat: 1. Audit Your Software Ecosystem: Take a hard look at your current project management tools. Are they meeting your needs? If not, it's time for a change. 2. Prioritise Integration: Opt for software with robust integration capabilities. The goal is to have a seamless flow of information across all platforms. 3. Focus on Usability: Deploy tools that are intuitive and user-friendly. Complex systems lead to resistance and errors. 4. Train Relentlessly: Invest in comprehensive training for your team. Proficiency in software is a non-negotiable for project success. 5. Monitor and Adapt: Stay vigilant. Keep an eye on how the software is being used and be ready to adapt your processes as needed. By being proactive about the tools you use and how you use them, you can prevent integration nightmares and ensure that your project management software supports, rather than hinders, your project's success. Remember, the right strategy isn't just about avoiding inconvenience. It's about safeguarding your project against any threat that could impact your schedule and budget. Make the smart choice for your construction business and turn potential disasters into successful completions. If you're grappling with these challenges and looking for a tailored solution, get in touch! Let's build a foundation for success, together. #ConstructionManagement #ProjectSuccess #BusinessStrategy #RiskMitigation #SoftwareIntegration

A Project can go off-track for many reasons. The reasons can be vendor or customer-related issues, but ultimately putting pressure on the Project Manager to act swiftly to bring the project back on track. What should a Project Manager do in such situations? Do comment with your views! #projectmanagement #projectmanager

💲 Stay on Budget in Software Development Projects: 4️⃣ Key Tips 💰 Managing finances in software projects can be tricky. Here's how to stay on track: 1️⃣ Clear Scope & Requirements: Define what's in & out of the project to avoid surprises. 💫 2️⃣ Collaborative Budget Planning: Work with your team to estimate costs and resources. 📅 3️⃣ Agile & Monitoring: Break down work into sprints and track progress to adapt as needed. 💻 4️⃣ Communication & Transparency: Keep stakeholders informed about the budget and potential adjustments. 🗣 💢 What are your best practices for budget management? Share in the comments! #softwaredevelopment #projectmanagement #budgeting