A project manager is someone who the person responsible at the company has assigned the task of leading a team of people with a view to achieving certain objectives. They are the person with complete responsibility over the planning and execution of any project. They can also be referred to as team manager, team leader, project leader or project coordinator.

In order to achieve their goals, a project manager must have a series of fundamental characteristics. They must be an organized, passionate and goal-oriented person whose main skill is an ability to recognize the risks that affect the success of a project through constant measurement of internal or external factors that could pose a risk.

After identifying these risks, a project manager must act as a facilitator of change to guide their team and convert individual or collective weaknesses into strengths with a view to completing the task.

To that end, their skills must include a high level of inquisitiveness that will enable them to know what everyone involved in the project is thinking, as well as a well-developed ability to resolve interpersonal conflict.

In short, their role is to understand the organization so its members can learn, change and achieve successful project completion.

Responsibilities of a Project Manager

The responsibilities of a project manager can be boiled down to the satisfaction of needs; task-related needs, team-related needs and the individual needs of each team member.

A project manager thus becomes the connecting link between a strategy to be followed and team that must follow it. Hence, a project manager must adapt the strategy to the team and the team to the strategy so they can both work towards project success.

Skills of a Project Manager

A project manager must combine general skills in terms of management with specific skills in the area of the project they wish to manage.

Therefore, the skills of a project manager can be categorized as follows:

• Both in terms of general project management and in terms of the aspects relating to management of the specific project.

• A project manager who is passionate about a stimulating project is an important guarantee for success. A project manager considers the project goals as personal goals and manages to convey that feeling to the rest of the team, which motivates everyone to work together and achieve the goal.

• They understand leadership skills, the ability to build interpersonal relationships and other characteristics that enable trust and communication to be developed between team members.

Besides all these personal skills, a good project manager is someone capable of using the best software tools available for streamlining their own work and that of their team. At ITM Platform, we offer a secure and reliable project management tool in which major companies have placed their trust. You can try it for free by visiting our website.

The Monte Carlo Method uses a complex mathematical simulation to estimate the results from calculations in which a precise solution cannot be obtained. It is a method used to make estimates in cases where parameters with significant variability are in play.

As far as project management is concerned, these varying parameters relate to costs and risks. A certain task may cost more or less time depending on the workers available, their physical and mental conditions, circumstances beyond our control that may influence process completion, etc. Similarly, costs are subject to constant variation. The raw material for a certain process may change in price, faulty material may exist, unforeseen circumstances may arise that require an economic response, etc.

In other words, the estimates we make - no matter how precise they may be - are always subject to a certain margin for error. Hence, rather than speak about absolute results, we should speak about probabilistic solutions with a certain degree of confidence.

To that end, a more correct and real conceptual way to make predictions about a project is to estimate average values on economic and time cost, allocate them a probability and variability, and then conduct a simulation that considers all possible scenarios.

To give an example, let’s imagine that a certain event has an 80% likelihood of occurring. This means it will happen 80 out of every 100 times, while it will not happen the other 20 times. At the same time, if it does occur, let us suppose that it generates an approximate cost of 1,000 euros with a variability margin of approximately 10% and a degree of reliability of 95%. In other words, the estimated cost will be 1,000 euros but we assume that it will vary between 900 euros and 1,100 euros in 95% of possible situations.

Let us now imagine that, at the same time, there is another process that also has a certain likelihood of occurring (or not), with an estimated average value and a certain variability, which, in turn, may occur simultaneously with the first (or not). Additional effects may be generated by the two situations arising at the same time or only one situation arising (or none).

As you can see, the possible situations begin to multiply and hence so does the variability in terms of risks, time costs and economic costs. The result after merging the combined probabilities of all the situations and their variability produces some highly unlikely combinations, which can be disregarded, but also other, more likely situations that we should indeed consider when planning a project.

To perform this mathematical process, software is needed that can simulate tasks randomly while considering the probabilities established for each situation and their variability in order to estimate as precisely as possible the various results that might arise in real life.

After conducting the Monte Carlo simulation, the results obtained reveal the likelihood - in graphic form - of achieving the goal of the project with a certain time and economic cost. The executive director of the company will be responsible for determining whether the project is viable, identifying its weaknesses and subsequently launching the project based on the results obtained.

You will have often asked or been asked this question. The answer is frequently correct but not much use:

• “We’re at 72%”.
• “So far, so good”.
• “We’ve used half the budget”.
• “I don’t think we’ll finish on schedule”.

All these answers respond to the question but do not truly address the underlying issues:

• Will we finish according to plan?
• Are we on schedule or are we falling behind?

Only an experienced project manager can predict whether the project will fall behind, why it will do so and how to deal with the problems. However, not even the best project manager in the world can make these predictions without support from rigorous information.

ITM Platform can offer information based on data gathered in a distributed manner and tabulate it in a centralized manner based on a recognized method.

In order for this information to be reliable, it is advisable for task managers, team members and all others involved to diligently report on hours worked, task progress and the achievement of milestones. Using this, ITM Platform can generate highly valuable information for the project manager:

Let us begin with the second question:

Are we on schedule or are we falling behind?

In order to answer this, the Earned Value technique will analyze the current relationship between the cost and real progress and the cost and planned progress. This crosscheck provides valuable information for correctly answering the question and can be found in the project oversight section, where you can find such data as CRTR and the earned value curve.

Based on these data, your experience and your knowledge of the real situation in which the project is being developed, the answer to the question should be relatively precise.

Now let us look at the first question:

Will we finish according to plan?

This is more difficult to answer because it not only depends on what has already happened but on what will happen from now on into the future.

To help you, ITM Platform offers an interesting tool:

The scenarios

What will happen if things continue as they are?

The "continuity" scenario assumes that there will be no variations in performance and performs a cost and deadline estimate based on the current situation.

What would happen if, as from now, we fix things and meet the planned schedule?

The "as per budget from now on" scenario considers the performance required in order to fulfil the planned performance from this point onwards.

What would be the impact on costs if we increase performance to meet the scheduled deadline?

The "absolute correction" scenario takes into consideration the performance required to fulfill the planned values, correcting where necessary the deviation which has occurred to date.

In short, with ITM Platform, you will find the mechanisms and information needed to support your own experience and knowledge for answering the questions that arise in project management.

If intelligence is accustomed to discussing and asking questions and power is averse to discussing in favor of commanding, a contradiction arises and should be examined. It seems that power must be the enemy of both intelligence and education. How could it be otherwise?

In each new decision taken and each project undertaken, a leader has their own way of meeting and enforcing targets. Their intellectual capacity and education will be automatically reflected throughout the organization; in the attitudes of the team. At the heart of this managerial process, the educational methods and values of the leader are constraints on making the team complete the organization’s mission in the best possible manner.

Bearing in mind that there are no established criteria for doing this, strategic management becomes an art form in which resources (people) will think and communicate as designers and artists. Hence, the project manager becomes the company artist. And the art of management will be revealed through the higher or lower intellectual learning of the leader and employees.

Higher learning does not refer to the level of study reached but rather the improvement in personal management of human resources at an organization. Many project managers lack the knowledge to convey the commitment needed from all to the company’s mission, and do not communicate this effectively.

But, what is good communication?

The expression of motivation and commitment, encouragement of a sense of responsibility, a passion for active participation and a desire to take the initiative - this is good communication. The dream of any spokesperson is profitable management of human resources, and higher learning is recommended for achieving this.

Do not try to convey one single truth about the company’s past but rather increase awareness about the fact that the past is perceived differently by the employees. Tackle sensitive and controversial issues that take place in a responsible manner and foster long-term reconciliation in divided project teams. Also recognize that current education at the company is related to past experiences with customers and current challenges. Use the history of our environment as a means to express an understanding of the present and embrace the strengths of the team to develop human values, beliefs, attitudes and trends to be implemented at the company. Democracy, tolerance, respect for human rights, mutual understanding, social cohesion, solidarity, freedom, courage, equal opportunities and responsibility, but also love and friendship.

A better attitude toward oneself, a civic spirit and community. Managing with higher learning will increase understanding about the extent and depth of humanity among colleagues, leading not only to cultural awareness but also to personal growth.

Hence, strategic management introduces global perspectives and tackles multiple areas of the company. In search of commitment from the whole company, i.e. better management so that people cooperate and act more amicably. It is important that everyone at the company is clear about these factors when a leader implements them. Because if everyone acts with these factors in mind, the mission and vision will be reflected in the values.