This time management strategy is based on the economic principle of Pareto efficiency. Pareto Efficient is any result that cannot be optimized without reducing a variable. For project management, these two variables are effort and result; according to the Pareto principle, the manager should strive for a situation in which effort and result stagnate. Theorists have found that eighty percent of the result is produced by about twenty percent of the work, resulting in a 20/80 rule. For your personal time management and general project management this means that you should concentrate on twenty percent of the tasks. Because this part, the tasks, ultimately decide on the main part of the overall result. The 20/80 principle is the only efficient way to work, it increases the quality of the result and reduces stress.
The waterfall strategy is a classic project management method that divides the entire project into different phases. The project as a whole includes the initiation, planning, analysis, resource planning, implementation, monitoring, controlling and finalisation phases. When applying the Waterfall Strategy, new tasks should only be started once previous ones have been completed. This is not a flexible project planning method and therefore not open to change or feedback after the project has started. The method is therefore ideal for short and simple projects where each task depends on the previous one. However, it should not be used for complex projects where many tasks can change during the entire process.
Agile Project Strategy
This strategy challenges traditional project management by incorporating flexible, innovative principles that focus on the customer experience. One of the leitmotifs is direct and open communication. Broad and short communication channels should inform each team member about all important topics. Furthermore, agile project management often involves short-term changes. This is due to a consistent feedback process to optimize the project. After all, a particularly flat hierarchy is used to create a collaborative atmosphere and to increase work motivation. Stiff hierarchies often hinder quick and flexible reactions to changes.
In this strategy, four categories and three priorities guide the entire project management process. The goal is to achieve an optimal relationship between effort and outcome of the project. Each task is prioritized and assigned to a specific category. The first category, Priority A, comprises important and urgent tasks. This is the highest priority level and means that necessary resources and know-how must be made available so that the task can be completed. The second category is for tasks that are important but not urgent, so they have priority B. This type of task still has time and serves more as a guide for later actions. The third category includes tasks that are urgent but not relevant. They have priority status C because they should not be postponed, but they are not important either, for example answering e-mails. Finally, the fourth category contains tasks that are neither important nor urgent and therefore have no priority.
Implementing projects successfully with Falcon
The Falcon project management software developed by us was specially developed for the implementation of strategy projects. With intelligent tools and smart functions, the software facilitates planning, progress control and reporting in an intuitive way. This saves all participants valuable time and allows them to concentrate on their tasks. With Falcon, each member gets a simple overview of the overall project, goals and progress.