Good project management makes sure we have the right people with the best skills to succeed and that we have a strong handle on risk and opportunity, roles and goals.
However, there are lots of acronyms, terminology and jargon associated with project management and its processes. This blog helps to make sense of some of these to help you achieve your goals and objectives.
We can see project management as a framework used to build a path between where we are today and where we aim to be in the future. Within this frame are various progress points or milestones to break the project down into manageable, timebound activities.
This is particularly important for work aimed at getting innovation to the frontline of health and social care. This type of project will typically involve multiple partners from various sectors with different priorities, and a multitude of risks and challenges. A strong steer and approach to project management can help control all of these variables and keep the work on track.
What does PID stand for in project management?
The most effective project proposals start with an essential need for intervention and improvement, often known as am problem statement. This framing of the ‘why’ we need to drive change is a critical step and makes sure our resources are prioritised and focussed on the right opportunities at the right time. This is often captured in a Project Initial Document (PID).
A PID helps to frame the need and details why change is required. It builds a picture of how to deliver something new. Within the PID we scope the project. Scoping a project opportunity makes sure that we understand the problem we are trying to solve and the current landscape within which we are operating. It helps us to recognise what is already being explored and trialled within the healthcare ecosystem and where we can support, or lead.
What does RACI stand for in project management?
We often build a team using a RACI approach. This means we can understand:
- Who’s responsible (R): the people directly involved in doing the work.
- Who’s accountable (A): the people responsible for making sure the project meets its objectives.
- Who needs to be consulted (C): the stakeholders who should be consulted for input and feedback.
- Who can influence (I) the outcomes.
What does RAG mean in project management?
A project team is a temporary organisation built to deliver a particular set of objectives. Keeping roles and goals clear ensures we remain on track. Projects should be timebound and supported by a well-defined plan of activities and actions. This makes sure that the team remain on track and that scope creep or project drift are recognised at an early stage and effective adjustments can be made.
There’s a range of excellent tools available to support project management. These include dedicated project planning software and various visual management tools that help to keep a team on track. We often colour code activities using a Red, Amber or Green (RAG) status that identifies if they are on track (green) or otherwise (red/amber).
How can Life Sciences Hub Wales support your project management?
Our organisation has resources dedicated to project delivery. Many of our team are PRINCE2 trained with extensive experience of the life sciences sector. Our team works cross-functionally, with experts in sector intelligence, business case authorship and funding.
We have a broad and deep network across the health and life sciences sectors in Wales to support our programmes. Our project teams are often a mix of external and internal roles and can represent many organisations and business partners. Our clients are national, regional or local organisations who need support to deliver innovative solutions that offer a better tomorrow.
Access our support
Our team is on hand to provide project management support and help progress your work. Get in touch to find out how we can work with you by emailing hello@lshubwales.com.