Project Management Concepts: Communication is Key
As many credit unions embark on creating or revising strategic plans, there will undoubtedly be new projects and initiatives created to move the credit union forward into the future. As you contemplate these projects, ask yourself: Have our projects been successful this year? Have they been completed on time, within budget and met stakeholder expectations? Why or why not?
In our work with credit unions on enhancing project management procedures, one of the more prevalent drivers of projects falling behind, or not meeting budget or stakeholder expectations, is breakdown in communication.
The single biggest problem in communication is the illusion that it has taken place. —George Bernard Shaw
A critical component of any project management process is an internal communication plan. Setting expectations in advance for regular, relevant communication will only strengthen the project team’s relationship with stakeholders and enhance the management of expectations and commitments. Agree in advance on format, audience and frequency. Any variance from original project scope, budget or timeframe should be clearly documented and communicated per the plan’s guidelines and requirements, including the extent of variance and rationale, approvals, etc. Clear, transparent, effective communication plans can make the difference between project success and project failure.
