Finding the right product strategy and project management tools proves essential when companies take on large or long-term projects with many moving pieces. In addition, many businesses rely on extensive project management teAs a result, many ques to support their business product strategy.
Project Management Tools to Consider
Finding the perfect project management tools to suit specific needs might mean trying out different options until a clear winner appears. So take a look at this list and consider these options as a starting point.
PERT Chart
The Program/Project Evaluation and Review Technique, or PERT for short, is a visual tool that allows individuals to organize various tasks and their timelines while also identifying less complex yet time-consuming tasks.
Pros
- Helps implement a complex number of strategies on different timelines
- It’s a straightforward, easy-to-learn tool
- Lends itself well to projects that have unpredictable progress
- Visualizes a high level of interdependence between projects
Cons
- The analysis necessary to create a high-functioning PERT chart requires a bit of time and effort, which gets expensive if the chart needs consistent updating.
- PERT charts are best for time-focused planning, which means that another planning tool works better for projects where tracking resources is the highest priority.
Gantt Chart
A Gantt chart seeks to layout project tasks linearly using bars. A Gantt chart puts each task in its box and connects them using arrows to mark dependencies. They are a solid way to track project status at a glance and allow individuals to set and adjust deadlines easily.
Pros
- A Gantt chart makes it easy to adjust timelines
- It creates an easy-to-read visual
- It makes it easier to assign various tasks to different individuals and teams with varying levels of detail.
Cons
- Requires a bit of labor to set up and a more detailed understanding of the exact tasks for the project.
Network Diagram
A network diagram looks visually similar to a PERT chart but scales more efficiently.
Pros
- A network diagram works wonderfully for planning out all of the tasks involved in a project, including finding the most critical components and identifying acceptable delays.
- It can change shape with the ongoing project progress and accommodate delays without needing massive updates.
Cons
- It can get tricky when the diagram gets quite large and you want a quick status update on the project.
- Network diagrams also tend to reduce transparency in some cases, but a highly skilled project manager can navigate this pitfall with a bit of extra effort.
Conclusion
The strategy and tool best suited for a particular project depend on the needs of that project and how a team uses it to succeed.
A PERT chart is perfect for tracking timelines. A network chart works very well if the project needs many updates. Another option is the well-known Gantt chart, which provides a status update for a project almost at a glance.
