What Is the Best Project Management Software?

That’s not an easy question to answer because what’s best for a project depends on the industry, project management methodology, the work style of the team and many other factors.

However, we’ve sampled the best project management software products and rated each according to what they do well and where they’re lacking for both project managers and teams. This shows which project management software is the best fit for the work.

What Key Features Make the Best Project Management Software?

These are some of the main project management tools to look for when choosing project management software for teams.

• Project planning and scheduling: Plan how the project will be executed and make a project schedule
• Team collaboration: Communicate with teams and work together using online tools such as file sharing, document management and team messaging
• Task management: Assign tasks to team members and track their progress Gantt charts, kanban boards or task lists to schedule and manage tasks
• Resource management: Allocate resources, estimate their costs and monitor your resource availability
• Time tracking: Log the time the team spends working on project tasks using tools like timesheets and dashboards
• Cost management: Estimate costs to make a budget and then use timesheets and project dashboards to track costs
• Project tracking: Monitor progress, costs and more to ensure that the actual effort is aligned with the planned effort
• Project reporting: Make project reports to keep stakeholders informed on project progress
• Work management: Balance how workload is distributed among the team
• Mobile app: Project management apps are ideal for connecting teams out in the field

Now that we know what project management is and the features essential for getting the most out of project management software, let’s take a look at the top 17 project management software solutions on the market.

2025 Best Project Management Software Rankings

Many project management tools on the market sell themselves as the go-to solution. But how do they measure up to the task? We’ve thoroughly reviewed different types of software for project management, including:

• Agile project management software
• Construction project management software
• Project planning software
• Project scheduling software
• Project tracking software
• Project portfolio management software
• Best open-source project management software

We’ve reviewed the best—here are our top picks.

1. ProjectManager

ProjectManager is an award-winning project management software that organizes teams and projects from initiation to closure. It helps plan, schedule, execute, monitor, balance resources and workload, track and report on projects in real time.

Since the tool is cloud-based, all of the features are accessible anywhere there’s an internet connection. Teams can collaborate by sitting next to one another, or on opposite sides of the globe. Automated email notifications and in-app alerts notify other team members when there’s a new task comment or update. There’s even a free trial so you try it for yourself.

Plan with Gantt Charts

No project management software worth the investment lacks the workhorse of traditional project management, the Gantt chart. ProjectManager has taken the Gantt chart into the new century, allowing teams to build, edit and share project plans. The Gantt acts as a visual project timeline while linking dependencies, creating milestones and even filtering for the critical path. Users can manage resource costs and other budget components. When a plan is finalized, setting a baseline means that project managers can track project variance in real time to keep their project on schedule and within budget.

Automate Workflows Over Multiple Views

Another reason that ProjectManager tops our list of best project management software is that it automated workflows to streamline business processes. By setting up triggers that automate actions, teams are free to focus on more important work. There’s even a task approval setting to ensure that work never fails to meet quality expectations. The automated workflow is available on all project views, from Gantt charts and sheets to kanban, list and calendar views. This is important as project managers, designers, account executives, customer service, stakeholders, et al., use different tools. With ProjectManager, they can work how they want and stay connected to everyone in the project to work better together. This flexibility allows for unrivaled productivity.

Track & Report with Dashboards

Of course, without a way to monitor the project, all of the automation and project views in the world won’t deliver success. But ProjectManager is project management software that has multiple windows into project progress and performance all in real time. A live dashboard captures project data, calculates it and displays six metrics including time, task, workload, costs, etc. Unlike other project management software, there’s no setup required to get a high-level view of the project whenever you want.

Create Reports in Minutes

Reporting is another integral facet of project management software. Reports can provide valuable real-time data to help managers make better decisions and they’re key to staying on schedule and managing stakeholder expectations. ProjectManager has customizable reports for project and portfolio status, tasks, timesheets and more. They can be filtered to show details for project managers or a more general overview for stakeholders. Plus, it’s easy to share reports in a number of formats.

Track Costs & Resources with Timesheets

Don’t overlook the importance of resource management tools that balance team workload to keep them working at capacity. ProjectManager has secure timesheets to track time on tasks, streamline payroll and tools to see team availability when making assignments. There’s an online file storage and global search that turns project management software into the project hub. With so many noteworthy features, those looking for software that meets their project needs should get started with ProjectManager for free.

Verdict: Best Project Management Tools for Planning, Scheduling and Tracking Projects Across Industries

ProjectManager Key Features & Benefits

• Offers a wide variety of tools for managing tasks, projects and workflows
• Resource management and cost-tracking features
• Online team collaboration solution
• Ideal for construction, manufacturing and professional services teams
• Mobile app for Android and iOS
• Free trial

ProjectManager Cons & Limitations

• Limited customization features
• Few native integrations
• No free plan

ProjectManager Pricing

• Team plan: $13 user/month
• Business plan: $24 user/month

ProjectManager Reviews

• Does ProjectManager offer a free trial? Yes, there’s a 30-day free trial
• Does ProjectManager have a mobile project management app? Yes, it’s available for Android and iOS

2. Smartsheet

Smartsheet is a popular project management tool that bills itself as a productivity booster. It’s easy to use and flexible enough to manage projects of different sizes. It features a Gantt chart and kanban boards as well as a dashboard to get a big-picture view.

Related: Free & Paid Smartsheet Alternatives Ranked

Like most project management software tools, Smartsheet fosters collaboration, but it comes with a high price tag. Some features are missing, even though it’s an otherwise thorough tool. For instance, there are no time-tracking capabilities.

Verdict: Best Project Management Tools for Switching from Spreadsheets

Smartsheet Key Features & Benefits:

• Ideal for switching from spreadsheets to project management software
• Files can be exported in a variety of formats which facilitates sharing them across platforms and devices
• Runs on Windows and Mac computers
• Free trial and free plan
• Mobile app for Android and iOS

Smartsheet Cons & Limitations:

• Most of its project management tools are spreadsheet-based which is not ideal
• Users need to learn formulas unique to this software, which are hard to learn for most users
• Limited resource management features
• User interface isn’t ideal for program or portfolio management as it becomes cluttered and hard to navigate
• Limited project reporting features

Smartsheet Pricing

• Pro: $7 per user/month (maximum of 10 users)
• Business: $25 per user/month (minimum of 3 users)

Smartsheet Reviews

• G2 review: 4.4/5
• Capterra review: 4.5/5

3. Wrike

Wrike positions itself as an agile project management software. It organizes tasks, facilitates collaboration with file sharing and keeps track of progress. They have Gantt charts, reporting and security features. What distinguishes the tool is its three-pane view, which shows a dashboard, an individual or new task and all tasks and subtasks.

Related: Free & Paid Wrike Alternatives Ranked

That three-pane view can be a deficit, though, as it can be hard to navigate and onboard teams. Its project tracking is limited, which can be frustrating when trying to keep to your schedule and budget. Like many of the more commercially branded products, Wrike can be expensive.

Verdict: Best Marketing Project Management Software

Wrike Key Features & Benefits:

• Allows users without a license to view projects, which helps update stakeholders on project progress
• Offers multiple project management tools for planning and scheduling
• Free trial
• Mobile app for Android and iOS

Wrike Cons & Limitations:

• High user minimums for all its pricing plans
• Can be hard to navigate due to its non-intuitive user interface
• Its project management tools like Gantt charts lack resource management or cost-tracking features
• Limited project tracking and reporting functionality

Wrike Pricing

• Pro: $7 per user/month (maximum of 10 users)
• Business: $25 per user/month (minimum of 3 users)

Wrike Reviews

• G2 review: 4.4/5
• Capterra review: 4.5/5

4. Monday

Monday is a tool that connects teams so that they can execute their tasks more efficiently. It helps teams plan, manage and track tasks on a visual interface, allowing for the creation of visual workflows. The tool can execute projects no matter their size or complexity, helping teams stay organized and productive.

Related: Free & Paid Monday Alternatives Ranked

Oddly, as it targets task management, Monday makes it difficult to track time and expenses related to tasks. The biggest omission, however, is the lack of a fully-featured Gantt chart, which is considered the standard tool when planning and scheduling tasks for teams. If you’re interested in using this software with other applications, the integration is limited. There are many apps that work with Monday, but many popular ones don’t, which has led to the development of Monday alternatives.

Verdict: Best Project Management Tools for Workflow Planning

Monday.com Key Features & Benefits:

• Ideal for users who are getting started with project management tools
• User-friendly interface
• Variety of team collaboration tools
• Free trial and free plan
• Mobile app for Android and iOS

Monday.com Cons & Limitations:

• Most of its features are geared towards work management and not project management
• Lightweight project tracking features
• Project dashboards and reports are too high-level view and lack detailed information on certain areas such as resource planning or budget tracking

Monday.com Pricing

• Pro: $7 per user/month (maximum of 10 users)
• Business: $25 per user/month (minimum of 3 users)

Monday.com Reviews

• G2 review: 4.4/5
• Capterra review: 4.5/5

5. Asana

Asana has a large user base which is a testament to its ability to manage tasks. This large user base might be due to Asana’s integrations with other apps, likely a selling point for many. It also has a full slate of features, from Gantt charts to kanban boards, though some of its features are in-app and others require plug-ins.

Related: Free & Paid Asana Alternatives Ranked

One of the main setbacks of Asana as a task management tool is the fact that tasks can only be assigned to one person. If you have a team working together on executing a task, there’s no way to assign it to multiple people. There’s also no time-tracking feature to determine how long a team member has spent working on a task, which can make staying on schedule and budget a challenge. Asana is a popular tool but has tracking drawbacks that leave many looking for an alternative.

Verdict: Best Project Management Tools for Small Teams

Asana Key Features & Benefits:

• Focuses on team collaboration and communication
• Easy-to-use tools for both team members and project managers
• Free trial and free plan
• Mobile app for Android and iOS

Asana Cons & Limitations:

• It’s Gantt chart functionality is limited compared to most project management software in this list
• Overly simplistic features that are not robust enough for certain areas of project management, like budgeting and resource planning
• It’s features are a better choice for managing simpler tasks and workflows than larger projects

Asana Pricing

• Premium plan: $10.99/user/month, billed annually
• Business plan: $24.99/user/month, billed annually

Asana Reviews

• G2 review: 4.3/5
• Capterra review: 4.5/5

6. Trello

Trello is a collaborative software tool that uses kanban boards, lists and cards to help teams organize and prioritize their work. It’s a highly visual tool that provides users with three tiers of information with drag-and-drop editing. It has real-time updates and is easy to onboard teams who will find its graphic interface intuitive.

Related: Best Free & Paid Trello Alternatives Ranked

But Trello is a bit of a one-trick pony. While it does that one trick well, there are no Gantt charts in Trello, which limits users’ ability to plan their projects or set task dependencies. Even the kanban is limited in that it can only use one board or project. Additionally, there are no customized tags and it has little email integration.

Trello isn’t a great fit for larger teams or larger projects, but luckily there are numerous Trello alternatives that not only offer kanban boards but a whole set of project management features.

Verdict: Best Project Management Tools for Kanban Boards

Trello Key Features & Benefits:

• Ideal for Atlassian users as it integrates with Jira and Confluence
• Can be used for agile sprint planning and managing scrum projects
• Free plan and free trial
• Mobile app for Android and iOS

Trello Cons & Limitations:

• Has a very limited feature set compared to most project management software
• Its functionality greatly depends on integrations and paid add-ons, which isn’t ideal compared to using just one project management tool
• There are no Gantt charts

Trello Pricing

• Standard: $5/user/month, billed annually
• Premium: $10/user/month, billed annually
• Enterprise: $17.50/user/month, billed annually

Trello Reviews

• G2 review: 4.4/5
• Capterra review: 4.5/5

7. Microsoft Project

Microsoft Project is a favorite for organizations to manage large and complicated projects. Because it’s Microsoft, the tool integrates easily with the full suite of MS software solutions. Besides MS Office 365, there are communication platforms such as Skype and Teams. It also offers a full range of project management tools, from Gantts to dashboards, to help better manage projects.

Related: Free & Paid Microsoft Project Alternatives Ranked

Because it offers so much, MS Project can be difficult for users to get a handle on. There’s a steep learning curve that often requires a lot of training to get users equipped. It’s also expensive and that price increases when licensing the product to everyone on the team. But most irritating is how poorly it works at connecting teams. There are no real-time updates without integration and it doesn’t work on Apple products; if the team uses that operating system, they’ll be locked out. However, Mac users don’t need to panic as there are many similar project planning apps or Mac that can work as an MS Project replacement.

Related: Best Project Management Software for Mac

For these and other reasons, Microsoft Project’s popularity has decreased over time. It used to be a common choice for many project managers, but now there are many different Microsoft Project alternatives that might be a better fit for your organization.

Verdict: Best Project Management Tools for Kanban Boards

Microsoft Project Key Features & Benefits:

• Ideal for organizations that use other similar Microsoft solutions like Teams, Planner or Lists
• Can be used for agile sprint planning and managing scrum projects
• Free plan and free trial
• Mobile app for Android and iOS

Microsoft Project Cons & Limitations:

• Has a very limited feature set compared to most project management software
• Its functionality greatly depends on integrations and paid add-ons, which isn’t ideal compared to using just one project management tool
• There are no Gantt charts

Microsoft Project Pricing

• Standard: $5/user/month, billed annually
• Premium: $10/user/month, billed annually
• Enterprise: $17.50/user/month, billed annually

Microsoft Project Reviews

• G2 review: 4.4/5
• Capterra review: 4.5/5

8. Primavera

Primavera is Oracle’s pony in the project management race. It’s a cloud-based tool that addresses the needs of project portfolio management. It’s used mostly by the construction and engineering industries and has a slew of features including Gantt charts, risk management tools, real-time reporting, graphical workflow modeling and progress tracking. There are also collaborative tools to connect teams on their preferred device.

As might be expected, the software isn’t the most user-friendly and can take a beginner some time to get comfortable with the tool. Like Microsoft, it’s not cheap, which might explain why it’s marketed to larger companies with the funds to invest in its product. There have also been a lot of user complaints about poor customer service, which is a shame as many new users will require some handholding to get used to working with the otherwise robust tool. Check our blog to learn more about Primavera P6.

Verdict: Best Project Portfolio Management Software for Businesses

Primavera Key Features & Benefits:

• Offers specialized features for enterprise project portfolio management
• On-premise and online project management software solutions
• Has an online version, Oracle Primavera Cloud
• Mobile app for Android and iOS
• Free trial

Primavera Cons & Limitations:

• There’s no customer support from Oracle, contact software resellers
• User interface feels outdated compared to most project management software in this list
• The software is complex and hard to use
• It’s difficult to find product documentation online
• Very expensive project management solution for small teams
• No free plan

Primavera Pricing

You may acquire a desktop license or pay a monthly subscription for the online service for any of these and other versions of Primavera.

• Primavera P6 Enterprise Project Portfolio Management: $2,750
• Primavera P6 Progress Reporter: $950
• Primavera P6 Professional Project Management: $2,500

Primavera Reviews

• G2 review: 4.4/5
• Capterra review: 4.3/5

9. ClickUp

ClickUp says it’s the only project management tool you’ll need. It does a lot: tasks, documents, chat, setting goals and more. The project management software lets one manage work and collaborate by creating groups, assigning comments for action items and linking tasks. It tracks progress in real time and has list, board and calendar views.

Related: Free & Paid ClickUp Alternatives Ranked

But there’s a lot of heavy lifting required of users to get what they want in addition to several UI issues. For example, there’s a Gantt chart builder whereas other project management software has a Gantt chart already seamlessly incorporated into the tool. The whole point of project management software is to make work more efficient. While ClickUp might be a good fit for some teams, it certainly doesn’t work for every team.

Verdict: Best Project Management Tools for Team Collaboration

ClickUp Key Features & Benefits:

• Offers productivity tools such as document editors and whiteboards for brainstorming with teams
• AI task management features for marketing and sales teams
• Good alternative for product development projects
• Mobile app for Android and iOS
• Free plan and free trial

ClickUp Cons & Limitations:

• Most of its tools are not related to project management
• Lacks cost and resource management features and tools
• It’s feature set can be confusing for most users which complicates team onboarding and implementation of the software
• While it offers a variety of tools and features, most of them have limited functionality compared to most project management tools in this list

ClickUp Pricing

• Unlimited: $7/user/month, billed annually
• Business: $12/user/month, billed annually
• Enterprise: contact sales

ClickUp Reviews

• G2 review: 4.7/5
• Capterra review: 4.7/5

10. Kantata

Kantata has recently joined Kimble, a professional services automation app, to focus on staff optimal teams and real-time data to boost operational performance. This project management software looks at resources to help teams get better results by scaling and deploying tasks in real time to pivot as things change in the market. It’s all about streamlining to boost efficiency.

What caused us to think twice was the price as it’s always worrisome when no pricing is listed. That’s the first red flag. Second, this project management tool has a learning curve that you have to overcome before enjoying any benefits. Many other project management software products we reviewed were plug-and-play, which might cause some to steer clear of this option. They have a mobile app but it has a lot of improving to do.

Kantata Key Features & Benefits:

• Can be used for resource planning and operations management
• Time tracking, billing and payment processing features for large organizations
• Financial management tools
• Free trial

Kantata Cons & Limitations:

• Doesn’t have kanban boards, project calendars and other basic project management tools
• Not ideal for agile project management methodologies
• Lacks features for managing everyday project tasks
• Limited collaboration features compared to most project management software in this list
• No mobile app
• No free plan

Kantata Pricing

• Custom pricing depends on company information

Kantata Reviews

• G2 review: 4.1/5
• Capterra review: 4.2/5

11. Basecamp

Basecamp is a project management software that organizes projects and teams by giving users visibility into what everyone is working on. This fosters collaboration and keeps everyone productive. Basecamp is pushing itself as the remote project management tool that helps teams work together anytime and anywhere.

Related: Free & Paid Basecamp Alternatives Ranked

As with any other project management software, there are advantages and disadvantages when it comes to using Basecamp to manage projects. One thing that might get in the way of that organization is a lack of tags and labels to quickly identify tasks. More problematic is that the project management software has no time tracking. Even though it can bring remote workers together, there aren’t any advanced features that can help them, such as analytic tools for insights into the project. Even chat functionality, which is a benefit, is poorly thought out. Topics and conversations can’t be archived, which is frustrating.

Basecamp Key Features & Benefits:

• Low-cost project management tools for larger teams
• Guest users can visualize project views without a plan
• Mobile app for Android and iOS
• Free trial

Basecamp Cons & Limitations:

• Lacks Gantt charts and other basic project planning tools that most project management software in this list have
• Limited resource tracking and cost management features
• Overly simplistic tools and features
• No free plan

Basecamp Pricing

• Basecamp: $15 user/month
• Pro Unlimited: $299/month

Basecamp Reviews

• G2 review: 4.1/5
• Capterra review: 4.4/5

12. Jira

Jira, which is a product of Atlassian, started as a tracking tool for software developers. It has grown since then and has great features for tracking all types of issues, tasks and work items. This project management software helps to plan and track projects, generate reports and automate processes. It has enterprise-grade security and the Atlassian Marketplace is rich with plugins to further the tools’ reach.

Related: How to Make Gantt Charts Using Jira

With a product that grew out of software development, the setup is challenging for first-time users. There’s a steep learning curve and so many configuration options as to make one feel dizzy. While there are email notifications, there’s no messaging in the tool. Although it can use integrations for notifications, this just adds a layer of complexity to an already complex project management tool. The biggest complaint is that this is more a tracking tool than a full-service project management software. There’s no way to manage costs or assess risks. Plus, it’s not ideal for any methodology outside of Agile.

Verdict: Best Project Management Tools for Software Development Projects

Jira Key Features & Benefits:

• Offers specialized tools for software development teams
• Free project management software for teams of less than 10 people
• Free trial
• Mobile app for Android and iOS

Jira Cons & Limitations:

• Short free trial period
• Kanban boards are harder to use than most project management software in this list due to their agile software development features
• Good for agile and scrum projects, but not compatible with other project management methodologies
• No free plan

Jira Pricing

• Free for up to 10 users
• Standard: $7.75 per user
• Premium: $15.25 per user
• Enterprise: Custom pricing

Jira Reviews

• G2 review: 4.3/5
• Capterra review: 4.5/5

13. Zoho Projects

Zoho Projects is online project management software that does the expected, helping teams to plan, track work and improve collaboration. One advantage users will immediately notice is the price as it’s certainly competitive. The billing and time tracking features are also going to make users take a second look. There are task and project tracking features that add up to an attractive package.

Before putting all of the work into this project management software, though, one should know that the search function is limited to only tasks in a project. There’s no global search. There is, however, a dashboard, but its functionality could use improvement. Besides the features, the whole tool will take a lot of time and effort to set up and use with any level of skill and comfort.

Verdict: Best Project Management Software for Small Teams

Zoho Projects Key Features & Benefits:

• Low-cost project management tools
• Free plan for up to three users
• Offers a variety of third-party integrations
• Mobile app for Android and iOS

Zoho Projects Cons & Limitations:

• Its project planning views such as Gantt charts and kanban boards have limited functionality in comparison to most project management tools in this ranking
• There are navigability and usability issues across its tools that affect the user experience
• Short free trial period

Zoho Projects Pricing

• Premium: $5/user/month, billed monthly
• Enterprise: $10/user/month, billed monthly

Zoho Projects Reviews

• G2 review: 4.3/5
• Capterra review: 4.4/5

14. ProofHub

ProofHub sells itself as collaborative project management software, controlling teams and projects to improve timely delivery. Like many others on this list, they have various project tools, such as kanban boards and Gantt charts in addition to custom workflows. Unlike others, they have proofing and markup tools as well as chat for collaboration. There are resource and workload reports and timesheets, too.

While this might seem like a fully loaded project management software, it isn’t. There’s no budgeting function for one, which is a glaring omission. There’s no way to set up budget or tracking requirements during project execution. Less annoying but still a problem is the lack of recurring tasks, which would make work more efficient.

Verdict: Best Low-Cost Project Management Software for Creative Teams

Proofhub Key Features & Benefits:

• Has specialized tools for creative projects such as document management and image proofreading features
• Special pricing plans for nonprofit organizations
• Project management reports and templates
• Free trial
• Mobile app for Android and iOS

Proofhub Cons & Limitations:

• Gantt charts and other project management tools don’t offer built-in resource planning, cost tracking or resource management features
• Expensive solution for smaller teams
• No free plan

ProofHub Pricing

• Essential: $45 per month, flat pricing
• Ultimate Control: $89 per month, flat pricing

ProofHub Reviews

• G2 review: 4.5/5
• Capterra review: 4.5/5

15. Hive

Hive is a leading project management tool that helps thousands of teams work faster in today’s hybrid work environment. Hive brings all your workplace tools to one dashboard, so you can manage projects, chat with coworkers, send emails, and even start Zoom calls without ever leaving the window.

Hive is the first and only democratic project management platform. Via the Hive Forum, customers have access to a public roadmap and can submit and vote on the features they’d like to see in Hive. It’s a tool built by users, for users. Some of Hive’s key features include 6 flexible project views, including Gantt, Kanban, Calendar & Table views. It also offers an AI-powered writing tool and a native chat application for private and group messaging.

Hive Key Features & Benefits

• Has a library of predetermined project management templates that can help project managers save time with routine tasks
• Free trial
• Mobile app for Android and iOS

Hive Cons & Limitations:

• The setup process for some of its tools like Gantt charts is time consuming compared to other software for project management in this list
• The free plan is limited to a number of uses
• Must purchase add ons to get the same features as with other free editions on this list

Hive Pricing

• Teams: $12 user/month

Hive Reviews

• G2 review: 4.6/5
• Capterra review: 4.5/5

16. nTask

nTask is a project management software that focuses on task management. It provides transparency into the process and fosters collaboration for teams. Beyond assigning tasks, users can set recurring work, create progress reports, share files and more. It helps monitor the budget, allocate resources and even risks—all important aspects of managing the team’s tasks.

That doesn’t mean nTask is without its problems. One thing that blocks collaboration is that the project management tool doesn’t have a Zoom integration. While it has other communication tools, if the team is already using Zoom, this can be a problem. The tool also has limited customization and formatting options. A big hole in the app, especially for agile users, is that there’s no kanban board. That’s an odd omission for a project management software that specializes in task management.

Verdict: Best Project Management Software for Managing Every Day Project Tasks

nTask Key Features & Benefits:

• Multilingual support
• Offers a variety of task management tools like to-do lists and kanban boards
• Free trial
• Mobile app for Android and iOS

nTask Cons & Limitations:

• Short free trial period
• No program and project portfolio management tools
• Limited resource management and cost-tracking functionality
• No free plan

nTask Pricing

• Essential: $45 per month, flat pricing
• Ultimate Control: $89 per month, flat pricing

nTask Reviews

• G2 review: 4.5/5
• Capterra review: 4.5/5

17. Adobe Workfront

Adobe Workfront is work management software that focuses on enterprise businesses. This project management software helps teams connect and collaborate on workflows. It streamlines intake, automates workflows and creates custom forms to help enterprises execute strategy. The tool has resource management, configurable dashboards and integrations to help with planning. Some features measure progress and productivity.

This might sound ideal until you try and unravel its complicated pricing structure. It’s certainly not going to attract smaller businesses, and even enterprise customers might find it hard to understand the price structure of the tool. While this is project management software, it looks more like Excel. It’s not the easiest tool to use, which leaves many project managers and team members looking for a Workfront alternative.

Verdict: Best Project Management Software for Strategic Planning

Adobe Workfront Key Features & Benefits:

• Strategic planning and roadmapping tools
• Helps large organizations manage workflows and project portfolios
• Mobile app for Android and iOS

Adobe Workfront Cons & Limitations:

• Limited project planning, scheduling and tracking features
• Doesn’t specialize in project management like most tools on this list
• No free plan
• No free trial

Adobe Workfront Pricing

• Enterprise, business and pro license types available, pricing upon request

Adobe Workfront Reviews

• G2 review: 4.1 / 5
• Capterra review: 4.4 / 5

18. Celoxis

Celoxis is a strong project management software for mid-sized to large organizations that need robust tools for planning, tracking and reporting across complex projects. It excels with features like dynamic Gantt charts, advanced resource management, time tracking, financial forecasting, and custom dashboards. Its ability to handle portfolio management, workflows and project requests in a single platform makes it ideal for organizations managing multiple interdependent projects. The software’s scalability and real-time insights offer strong visibility into performance, helping teams stay aligned and executives make data-driven decisions.

On the downside, as a project management software, Celoxis can be overwhelming for smaller teams or businesses without dedicated project management professionals. The user interface, while functional, is not as intuitive or modern as some competitors, which may result in a steeper learning curve. Customization options can require technical skill and integrations with third-party tools are limited compared to more flexible, API-driven platforms. Additionally, Celoxis is more enterprise-focused, so its pricing and complexity may not be a good fit for startups or teams looking for lightweight, agile-friendly solutions.

Verdict: Best Project Management Software for Scalability

Celoxis Pros & Key Features

• Dynamic Gantt charts
• Custom dashboards
• Portfolio management

Celoxis Cons & Limitations

• Steep learning curve
• Poor interface
• Customization requires technical skill

Celoxis Pricing

• Essential: $25/user/month (billed annually)
• Professional: $35/user/month (billed annually)
• Business: $45/user/month (billed annually)
• Enterprise: Contact sales

Celoxis Reviews

• G2 review: 4.5/5
• Capterra review: 4.4/5

Highlighted User Reviews

• “It includes many features like: task manager, cost tracking, resource tracking. You can calculate allocation of resources, build reports, etc.” Enrique L. – from Capterra
• “I really like the dashboards offered by Celoxis for streamlining the IT industry as well as i really like the use case of Tuskr for test case management” Ujjwal S. – from Captterra

19. Teamwork

Teamwork is project management software for teams that need robust task management, time tracking and client collaboration features. It shines in professional services and client-facing industries thanks to its built-in billing, workload management and the ability to manage multiple projects across teams. The interface is clean and supports different project views, including Gantt charts and kanban boards, allowing for both high-level planning and detailed execution. It also integrates with tools like Slack, Google Drive and HubSpot, making it easy to embed into existing workflows.

However, Teamwork can be less ideal for teams looking for simplicity or modern UX design. Yet, it can take a while to figure out how to use the software–especially for new users or teams transitioning from simpler tools. Add to that complaints about performance issues such as slow lead times and lag when managing large projects. Additionally, certain advanced features—like full reporting or granular time tracking—are locked behind higher-tier plans, which may not suit startups or budget-conscious teams. As a result, while Teamwork is comprehensive, it may not be the best fit for all organizations, particularly those seeking lightweight, intuitive solutions.

Verdict: Best Project Management Software for Client-Facing Industries

Teamwork Pros & Key Features

• Client collaboration features
• Built-in bill
• Many integrations

Teamwork Cons & Limitations

• Many features can be overwhelming
• Steep learning curve
• Advanced features behind higher tier subscription

Teamwork Pricing

• Grow: $19.99/user/month billed annually
• Scale: $54.99/user/month billed annually
• Enterprise: Contact sales

Teamwork Reviews

• G2 review: 4.4/5
• Capterra review: 4.5/5

Highlighted User Reviews

• “What I enjoy most about working in a team is when we have a set plan for how to accomplish our goals. It encourages team members to work together toward a single objective, and it establishes some semblance of order and predictability in the process.” Rachel M. – from Capterra
• “I really liked the burn down reporting Teamwork offers.” Blake C. – from Capterra

FAQs

Those are 17 of the top project management software products. Which one is best depends on what an organization is looking for. Our top choice is ProjectManager, an award-winning project management software that helps plan, schedule and track costs, resources and more. Many tools help plan and collaborate, but what sets ProjectManager apart is its real-time tracking capabilities that help remain on track and on budget.

What Is Project Management?

Whether a seasoned professional and an accidental project manager, it’s best to define the term project management before diving into project management software. Project management is simply using various processes, methodologies, skills, knowledge and experience to plan, execute and track projects.

There are a number of different methodologies used to manage projects that influence what the best project management software is for an organization. They range from the traditional waterfall methodology, which plans, to agile environments that are more iterative. Project management has grown from a specialized industry to applications in everything from construction and manufacturing to IT and marketing.

What Is the Best Free Project Management App?

Ideally, look for a project management app that manages team workload and tracks progress and costs. Additionally, it should help teams collaborate whether in the office or out in the field.

For example, workers across industries can take ProjectManager’s project management app to their workplace to report on their progress, keep track of tasks, log work hours, share files and much more. These and other features make ProjectManager one of the best project management apps for construction, manufacturing and professional services teams.

Other project management apps in the list above include:

• Smartsheet
• Monday
• Asana

What Are the Best Free Project Management Software Alternatives?

Some project management tools have a free plan which, in most cases, allows users a limited version of their software. Here are some examples:

• Jira
• ClickUp
• Basecamp

Or, to evaluate various alternatives to help make a decision, most project management tools offer a free trial to try all their features.

Related Content

There are many things to consider when deciding which is the best project management software for your team. Here are some related blogs that can help you make an informed decision and pick the best choice for your projects.

• Best Project Planning Software
• Best Task Management Software
• Best Work Management Software
• Best Resource Management Software
• Best To-do List Apps
• Best Kanban Software
• Monday.com vs. ProjectManager: Which Is Best for Project Management?
• Smartsheet vs. ProjectManager: Which Is the Better Project Management Software?

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One way is to deliver more value to your customers while creating less waste for the business. This is commonly called lean project management.

What Is Lean Project Management?

Lean project management is just like traditional project management in that it follows a structured project life cycle, uses formal project management documentation, and aligns with core principles, procedures standards for project initiation, planning, execution, monitoring, and closure.

However, what sets it apart is the integration of Lean manufacturing principles and techniques to enhance efficiency and value delivery. Lean project management emphasizes the elimination of waste (muda), the continuous improvement mindset of Kaizen, and the use of tools like value stream mapping to visualize and streamline workflows.

It also adopts pull systems and just-in-time (JIT) practices to reduce excess inventory and unnecessary delays, ensuring work is pulled based on actual demand. By combining the discipline of project management with the agility and efficiency of lean thinking, this approach helps teams deliver projects faster, with fewer resources, and greater alignment to customer needs—all while maintaining full control over project scope, time, cost, and quality.

Lean manufacturing was developed by Toyota, which is why it uses Japanese words to refer to the elimination of waste in a manufacturing system (muda), waste created by overburden (muri) and waste that comes about because of uneven workloads (mura).

The lean manufacturing methodology has five lean principles, value, value stream, pull system, continuous flow and perfection. We’ll learn about those below.

Key Areas of Lean Project Management

Now, let’s define the key concepts and techniques from lean manufacturing that lean project management has adopted and how they can be used throughout the project life cycle.

• 5 Lean principles
• Lean waste types
• 5S Method
• Kaizen
• Pull system
• Just-in-time production

The 5 Lean Principles

These principles have been around for a while but were codified in 1997 by the Lean Enterprises Institute (LEI). When it comes to project management, the lean principles focus on defining what deliverables or requirements matter most to the project client and prioritizing all efforts and resources into achieving them, while eliminating unnecessary work.

• Value: Value is defined by your customer, client or stakeholder. Value can be the quality, timeline or price point of your deliverable—though it’s likely a bit of all three. Know what requirements you need, and what expectations to meet.
• Value Stream: You have defined value, now it’s time to map all the steps and processes in your manufacturing cycle. That sequence of steps is known as a value stream in lean project management. Identify every action that must take place in the project, including design, procurement, production, HR, admin and more. It’s helpful to draw this value stream map on one page to illustrate the flow of resources.
• Continuous Flow: There shouldn’t be any points that will create bottlenecks or interrupt production. According to LEI, “Make the value stream steps occur in tight sequence so that the product or service will have a continuous flow toward the customer.” It often requires cross-functional teams but results in greater productivity.
• Pull System: This is when the customer, client or stakeholder “pulls” the product or service from the project as needed. In other words, the improvements of the prior step lead to faster time-to-market. The advantage of the pull system is no warehousing or stockpiling. That saves money for the business that can then be passed on to their customers.
• Perfection: The final step is spreading the philosophy throughout the entirety of your business. Lean is about continuous improvement. Therefore, everyone in the business must always strive to better themselves and the processes they’re involved with. Often it takes several go-throughs to get to the value and really reduce the waste.

Lean Waste Types

Lean waste types refer to the seven categories of non-value-adding activities that hinder efficiency and productivity in a process. These include overproduction, waiting, transportation, overprocessing, inventory, motion and defects—collectively remembered by the acronym TIMWOOD. By identifying and eliminating these wastes, organizations can streamline workflows, reduce costs and improve customer satisfaction.

5S Method

The 5S method is a workplace organization technique that enhances efficiency and safety through five Japanese principles: seiri (sort), seiton (set in order), seiso (shine), seiketsu (standardize) and shitsuke (sustain). By implementing 5S, teams create clean, well-organized environments that support continuous improvement and make problems easier to detect and correct.

Kaizen (Continuous Improvement)

Kaizen is the lean principle of continuous, incremental improvement involving all employees. It focuses on small, daily changes that collectively lead to significant enhancements over time. Kaizen fosters a culture where feedback and innovation are encouraged, driving long-term growth and quality in processes, products, and services.

Just-in-Time Production

Just-in-Time (JIT) production is a Lean principle aimed at reducing inventory costs by producing only what is needed, when it is needed and in the exact quantity required. This approach minimizes waste, improves cash flow and enhances responsiveness to customer demand, but requires tight coordination with suppliers and accurate demand forecasting.

When to Implement Lean Project Management?

Lean project management is best implemented when organizations aim to improve efficiency, reduce waste and maximize customer value. Whether you’re launching a new product, managing a complex build, or streamlining operations, Lean principles can help drive better results with fewer resources. It’s especially useful in industries where timelines, budgets and quality are tightly interlinked.

Manufacturing

Lean project management originated in manufacturing, making it a natural fit for this industry. By focusing on eliminating waste (like excess inventory or idle time) and optimizing production flow, manufacturers can boost productivity, reduce costs and deliver higher quality products with fewer defects.

Construction

In construction, lean project management helps minimize delays, reduce material waste and improve coordination across teams. Lean methods encourage just-in-time delivery, standardized work processes and continuous feedback, all of which contribute to more predictable project timelines and lower overall costs.

Product and Software Development

Lean is highly effective in product and software development, where agility and responsiveness are key. By applying Lean principles such as continuous improvement and customer-focused design, development teams can reduce cycle times, prioritize high-value features and release better products faster while staying aligned with stakeholder needs.

The Definition of a Lean Project

Lean was developed in manufacturing, but the lean principles have spread to many different industries such as project management and construction. A lean project is simply one in which there is continuous improvement.

That makes it part of the larger agile project management environment, in that it’s flexible and willing to change as needed. It’s all about delivering value to the customers and stakeholders, which is the same whether you’re manufacturing a car or an app.

One of the aspects of lean that makes it unique from traditional project management methodologies is that it applies the five principles of lean project management. That’s the first step in a lean project: identifying the five lean principles, then applying them to your project.

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What Are the Benefits of Lean Project Management?

When the Toyota Production System (TPS) was first introduced, it allowed the car company to improve value for its customers. The proof is in the pudding; the (then) small car manufacturer has become one of the largest automakers in the world. While the term lean manufacturing didn’t appear until the 1990s, the benefits of lean project management were evident. Here are some:

• Greater visibility into the manufacturing process
• More control, better decision-making and empowers teams
• Boosts productivity and morale
• Provides alternative ways to get deliverables out the door
• Faster projects due to having to respond to fewer issues
• Boosts profits, as more value is added and waste is reduced
• Increased customer satisfaction

As companies reap these benefits, they have more funds to invest in workers, tools and equipment. This creates a snowball effect of creating even more value and reducing even more waste from the production system. It’s a win-win situation in the best business sense.

To reap all these benefits, you need project management software that provides visibility and connection. ProjectManager is cloud-based software that shares data across multiple project views. For example, the list view can tag tasks, add priority and display the current task status. Try ProjectManager today for free.

What About Lean Program Management?

Projects don’t occur neatly, one after another. More likely, project managers are responsible for overseeing a number of projects. A portfolio is a lot of projects, but a program is a lot of related projects. These can benefit from a lean approach, too.

You can use the five lean principles when managing a program. By looking at all your projects through the lens of lean program management, you find areas where there is waste among the projects. Then, you can pinpoint the value and share resources to help all the projects flow better together.

While it’s not as well-known as lean project management, lean program management is just another example of the fifth lean principle of perfection. If lean principles help a project, they will help a program. Continuous improvement means expanding the reach of your lean approach and having it inform all aspects of your business.

How ProjectManager Helps With Lean Project Management

Mapping your value stream on paper is a good start, but project management software can help you find and eliminate waste. ProjectManager is cloud-based software that connects teams and delivers real-time data for better decision-making.

Create Start-to-Finish Project Plans

Finding value and removing waste requires that you see the entire project in one place. View all the tasks and determine which are keepers and which are unnecessary. ProjectManager’s online Gantt chart lets you map the project and identify task dependencies that can cause bottlenecks. There’s also a filter to chart the critical path, which allows you to see the most efficient way to execute the project and avoid those steps that aren’t adding value.

Create Flexible Workflows on Kanban Boards

Transparency is key to lean project management. Dynamic kanban boards allow project managers a window into the production cycle without getting in the way of their teams. Meanwhile, teams can manage their backlog of tasks and plan how to execute their work. They can comment on tasks and get notifications by email or in the app when there is a response or update to the work.

Balance Your Team’s Workload On-the-Fly

Balancing workload is also bedrock to lean project management. Our resource management features let you see your team’s assignments in a color-coded chart that shows who has too many or too few assignments. Then, you can re-allocate right from the workload chart to keep your team working at capacity.

Ensure Efficiency is Met with Dashboards

Teams can work how they want with our multiple project views, project managers can get data on their progress with one-click reports and a high-level view from the real-time dashboard. There are even lean program management reports and tools, such as the roadmap, which shows all the projects in your program in one place. You need a flexible tool such as ProjectManager to run a lean project.

Related Content

• What Is Lean Construction?
• What Is Lean Manufacturing?
• What Is Lean Portfolio Management? A Quick Guide
• The 5 Lean Principles: Definitions & How to Use Them

ProjectManager is award-winning software that organizes tasks, teams and projects to boost productivity and streamline your processes. The tool is designed to add value and reduce waste, just as lean project management mandates. Join the tens of thousands of teams at businesses as varied as the Bank of America to Ralph Lauren who use our tool to work better together. Try ProjectManager for free today.

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In this roundup, we’ve gathered a selection of the best roadmap templates designed to support different functions and project types. These free roadmap templates provide structure while remaining flexible enough to adapt to your unique planning needs, so you can focus more on execution and less on formatting.

Why Use a Roadmap Template?

Using a roadmap template streamlines the process of planning and visualizing a project or strategic initiative. Instead of starting from scratch, teams can rely on a structured format that ensures all critical elements—such as goals, milestones, timelines and resource needs—are included. This helps reduce planning errors, saves time and ensures consistency across different projects or departments.

A roadmap template also improves communication and alignment. Whether you’re presenting to executives, stakeholders or team members, a clear and well-organized roadmap makes it easier to convey progress, upcoming initiatives and strategic priorities. It supports transparency and helps manage expectations by showing how short-term tasks tie into long-term goals.

Moreover, roadmap templates can be customized to suit specific methodologies or industries, from IT and product development to marketing and operations. This adaptability makes them a practical tool for guiding teams, tracking execution and adjusting plans based on feedback or changing circumstances—all without losing the strategic big picture.

That doesn’t mean a template is ideal. There are limitations to using a static document to manage something as dynamic as project planning. Templates can’t provide real-time data. Everything must be manually updated, which means the information is always at least a step behind. Templates are also poor collaboration tools. However, there’s a solution: use project management software.

ProjectManager is award-winning project and portfolio management software with powerful roadmaps with automated updates, drag-and-drop editing and seamless integration with tasks, timeline and resources. Unlike templates, our roadmaps can link all four types of task dependencies to avoid cost overruns, filter for the critical path to identify essential tasks and slack, plus set a baseline to track progress in real time. Get started with ProjectManager today for free.

1. Roadmap Template for Excel

Download this free roadmap template for Excel to help teams plan, visualize and communicate project goals, timelines and milestones over a specific period. It includes rows for tasks, start and end dates. This structure allows users to map out project phases and deadlines in a linear, visual format.

Excel’s native features like conditional formatting, color coding and cell merging make it relatively easy to customize a roadmap to reflect priorities, statuses, and team responsibilities. These templates are particularly useful for high-level planning across departments or for presenting strategic overviews to stakeholders.

While Excel roadmap templates are popular for their accessibility and familiarity, they also have limitations. As noted above, they are static by nature and require manual updates, which can be time-consuming and prone to human error, especially as project details evolve.

Collaboration is also limited in Excel unless used in an online platform like OneDrive or Google Sheets, and even then, version control, which is included in ProjectManager, can become a challenge. Despite these drawbacks, Excel roadmap templates remain a widely used solution for teams that need a quick, straightforward way to organize and present project or product plans without specialized software.

2. Product Roadmap Template

This free product roadmap template for Excel is a strategic planning tool used to visually outline the development and evolution of a product over time. It typically includes key elements such as product goals, features, releases, timelines and responsible teams or stakeholders.

By organizing this information in a clear, linear format—often segmented by quarters or development phases—product managers and cross-functional teams can align their efforts around shared objectives. A roadmap template provides a high-level overview that helps prioritize features, communicate progress and coordinate tasks across departments like engineering, marketing, sales and customer support.

Product roadmap templates are valuable for both internal planning and external communication. Internally, they serve as a reference point to keep development teams focused on short-term deliverables while working toward long-term product vision. Externally, they can be shared with leadership, customers or partners to provide visibility into the product’s future direction.

Our free roadmap templates are also highly customizable, allowing teams to tailor them to specific methodologies, such as agile, scrum or waterfall, or to categorize by themes, epics or customer segments. With a well-structured product roadmap template, organizations can ensure alignment between business goals and development priorities, making it easier to deliver a cohesive and value-driven product experience.

3. Strategic Roadmap Template

This free strategic roadmap template for Excel is a planning tool designed to outline an organization’s long-term vision and the key initiatives required to achieve it. Unlike project or product roadmaps that focus on deliverables and timelines, a strategic roadmap provides a high-level overview of business objectives, priorities and the phased actions necessary to meet those goals. It often spans multiple years and is divided into major categories like operations, marketing, technology, finance or customer experience, helping stakeholders see how efforts align across departments.

This roadmap template includes a timeline segmented into quarters, along with strategic goals, key initiatives, responsible teams and performance indicators. A strategic roadmap template helps leadership communicate direction clearly, maintain alignment across the organization and track progress toward long-term objectives. Strategic roadmap templates are especially useful during annual planning, business transformation or when launching new corporate strategies, providing a structured yet flexible format to visualize and adjust strategy execution over time.

4. Program Roadmap Template

Download this free program roadmap template for Excel to outline the strategy, schedule and key deliverables of a program that consists of multiple related projects. It helps program managers coordinate efforts across different teams and initiatives by clearly mapping out timelines, milestones and high-level goals. Unlike a project roadmap that focuses on a single initiative, a program roadmap captures the broader view, aligning several projects under one strategic umbrella to ensure they collectively contribute to organizational objectives.

This template includes time-based sections in months, rows for individual projects or workstreams and visual markers for major milestones and phases. It allows stakeholders to see how various projects interrelate, when critical deliverables are expected and how resources are allocated across the program.

A program roadmap template is particularly useful for long-term initiatives such as digital transformation, product portfolios or cross-functional strategic goals. It facilitates communication, risk identification and alignment across departments, making it easier to adjust plans as priorities evolve.

5. IT Roadmap Template

Use this free IT roadmap template for Excel to visually outline the direction, priorities and development phases of an organization’s information technology initiatives. It helps IT leaders align technology investments and projects with broader business goals by mapping out plans across categories like infrastructure upgrades, system integrations, cybersecurity enhancements, application development and digital transformation.

Organized by a monthly timeline, an IT roadmap template gives stakeholders a clear view of what’s coming, what’s in progress and how technology will support organizational growth.

The IT roadmap template includes key sections for strategic objectives, current and future initiatives, milestones, responsible teams, budgets and resource requirements. It’s especially useful for managing complex IT portfolios where coordination across multiple teams and systems is essential.

By using an IT roadmap template, organizations can ensure better alignment between IT and business units, prioritize critical projects, reduce duplication of efforts and anticipate infrastructure or security needs. Whether you’re planning cloud migrations, enterprise software rollouts or IT governance enhancements, a well-structured IT roadmap template brings clarity and focus to your technology strategy.

ProjectManager Is Better Than a Roadmap Template

We’ve already listed why a roadmap template is a poor tool for planning and visualizing a project or strategic initiative. While anyone can download these free roadmap templates and try them out, they’ll quickly conclude that a more interactive planning tool that goes beyond the basic visualization of a roadmap template is in order.

ProjectManager is award-winning project and portfolio management software with robust roadmaps that are live and collaborative. There are also other project views, such as Gantt charts, kanban boards, sheet, task and calendar views, all of which track progress, adjust timeline and reallocate resources as priorities shift.

Stay Productive With Resource Management Features

Use our resource planning and tracking tools to keep teams working at capacity, but avoiding burnout. This begins by scheduling resources on the roadmap and then onboarding the team, where their availability can be set to ensure resources are allocated efficiently. Use the color-coded workload chart to track allocation. See who is overallocated or underutilized and balance their workload without leaving the chart.

There’s also a team page that offers a daily or weekly summary of their activities. It can be filtered by progress and priority and users can update tasks from the same page.

Track Progress and More With Real-Time Dashboards and Reports

Resources are only one metric that needs to be monitored. For a high-level overview of key project metrics, toggle to the real-time project or portfolio dashboards. They don’t require any setup and automatically collect live data that’s displayed on easy-to-read graphs and charts showing time, cost, workload and more.

One-click reports go deeper into the data and can be filtered to also provide a more general view of progress that can be shared with stakeholders. Secure timesheets streamline payroll, but also track labor costs to help keep on budget.

Related Roadmap Content

• How to Create a Project Roadmap (Example Included)
• How to Create a Product Roadmap: Examples & Templates Included
• What Is a Program Roadmap (Example & Template Included)

ProjectManager is online project and portfolio management software that connects teams whether they’re in the office or out in the field. They can share files, comment at the task level and stay up to date with email and in-app notifications. Join teams at Avis, Nestle and Siemens who are using our software to deliver successful projects. Get started with ProjectManager today for free.

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In fact, they can strengthen it. The key is spotting them and making adjustments to stay on the right path. One of the best ways to avoid cost overrun is by calculating cost variance.

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What Is Cost Variance in Project Management?

Cost variance (also referred to as CV) is the difference between project costs estimated during the planning phase and the actual costs. In other words, it’s how much actual costs vary from budgeted costs. Calculating cost variance is how project managers track expenses to see if a project is under or over budget.

These calculations are part of a technique called earned value management (EVM). In an EVM system, the goal of cost management is to establish whether a variance is positive, negative or zero.

When project managers have this earned value analysis information, they can make the necessary adjustments to stay on track. If a variance is extremely high (negative), changes need to be made. If there’s an extremely low-cost variance (positive) or zero variance, they can take it as a sign of effective cost management.

Positive Cost Variance vs. Negative Cost Variance

Cost variance (CV) is a key performance metric in project management that measures the difference between the budgeted cost of work performed (earned value) and the actual cost incurred. It helps project managers assess whether a project is under or over budget.

Positive cost variance indicates that the project is under budget. This happens when the earned value is greater than the actual cost. For example, if your project has earned $50,000 worth of work but you’ve only spent $45,000, your cost variance is +$5,000. A positive CV suggests efficient cost management and resource use.

Negative cost variance means the project is over budget. This occurs when the actual cost exceeds the earned value. For instance, if you’ve completed $40,000 worth of work but spent $45,000, your cost variance is -$5,000. A negative CV flags potential issues such as scope creep, underestimation, or misallocated resources, and usually requires corrective action.

Understanding and tracking cost variance is crucial for maintaining financial control and ensuring project profitability.

How to Calculate Cost Variance in Project Management

Cost variance is exactly how much a project is over or under budget. This is calculated using the cost variance formula.

Cost Variance Formula

In the earned value management (EVM) methodology used in project management, cost variance (CV) measures the difference between the value of work performed and the actual cost incurred.

It is calculated using the formula below, where EV stands for earned value and AC is actual cost. A positive CV indicates under budget; a negative CV signals cost overruns.

Cost Variance (CV) = Earned Value (EV) – Actual Cost (AC)

• Actual Cost (AC): The total cost incurred for work performed on a project up to a specific point. It includes all direct and indirect expenses, such as labor, materials, and equipment, regardless of the project’s progress.
• Earned Value (EV): The budgeted value of the work actually completed at a given point in time. It reflects project progress in monetary terms and is used to compare planned versus actual performance.

Cost Variance Calculation Methods

Cost variance calculation methods are techniques used to measure the difference between a project’s planned and actual costs at various points in time.

There are three main cost variance calculation methods, cumulative cost variance method, period-by-period cost variance method and variance at completion method.

These three methods apply the cost variance formula (CV = EV – AC) at different stages of the project.

Cumulative Cost Variance Method

The cumulative cost variance (CV) method calculates the difference between the earned value (EV) and actual cost (AC) of a project up to a specific point in time. It reflects the overall cost performance across the entire project duration to date.

Formula: CV = EV – AC

This method provides a high-level overview of whether the project is under or over budget, making it useful for ongoing budget tracking and trend analysis. It helps stakeholders assess long-term project performance rather than isolated cost issues.

Period-by-Period Cost Variance Method

The period-by-period cost variance method focuses on short time intervals—typically weekly or monthly—calculating the cost variance for each specific period.

Formula (per period): CV = EV (for the period) – AC (for the period)

This method allows project managers to pinpoint when cost deviations occur, offering a more detailed and immediate insight into spending issues. It’s ideal for identifying short-term trends or sudden spikes in costs that may not yet be reflected in cumulative data.

Variance at Completion (VAC) Method

Variance at completion (VAC) forecasts the expected cost variance at the end of the project. It compares the total project budget, known as the budget at completion (BAC), with the forecasted cost, or estimate at completion (EAC).

Formula: VAC = BAC – EAC

This method helps project managers anticipate whether they are likely to complete the project under or over budget, enabling better long-term financial planning and corrective action before project closure.

What Are the Main Causes of Cost Variance In Project Management?

Cost variance in project management refers to the difference between the estimated cost and the actual cost of a project. While small variances are expected, significant differences often signal deeper issues that can affect project success. Understanding the root causes of cost variance is essential for controlling budgets, managing expectations and delivering value.

Inaccurate Cost Estimates

Poor initial cost estimates can derail a project’s financial trajectory from the start. This usually occurs when estimates are based on incomplete data, guesswork, or overly optimistic assumptions. Without thorough research and expert input, budget baselines may not reflect the true scope or complexity of the work.

Scope Creep

When new features, tasks or deliverables are added to a project without corresponding budget adjustments, it leads to scope creep. This often results from unclear requirements or lack of change control processes. The more the scope expands, the more costs rise—often unexpectedly.

Schedule Delays

Delays in project timelines can significantly increase costs due to extended resource use, contract penalties or the need to accelerate later work phases. Time-sensitive costs like equipment rentals or staff salaries often become inflated when a project runs behind schedule.

Resource Cost Fluctuations

The price of labor, materials and subcontractor services can change due to market conditions, availability or external economic factors. If a budget doesn’t account for potential price shifts or inflation, it can cause substantial cost overruns.

Project Risks

Unexpected events such as regulatory changes, weather delays or technical issues can disrupt progress and incur additional costs. Without a robust risk management plan, projects may struggle to absorb the financial impact of such events.

Low Productivity or Resource Utilization Inefficiency

When teams aren’t operating efficiently—due to poor training, unclear direction or lack of coordination—project tasks take longer and require more resources. Inefficient resource usage drives up labor costs and affects overall cost performance.

Cost Variance Analysis Examples

To better understand the concept of cost variance analysis we have created an example in a couple of different industries. This should help to show how the process works in a real-life scenario.

Construction Cost Variance Analysis Example

This cost variance analysis example is for the construction industry. Here, the project is working on the foundation of an office building.

Project: Office Building Construction

Task: Foundation Work

• Planned Value (PV): $80,000
• Earned Value (EV): $75,000
• Actual Cost (AC): $90,000

CV = $75,000 – $90,000 = –$15,000

Analysis: The foundation work is $15,000 over budget. Although 75 percent of the work has been completed (EV), actual spending exceeded expectations due to unforeseen soil stabilization issues and higher-than-estimated concrete costs. This unfavorable variance highlights a need to revise cost estimates for future phases and assess vendor pricing accuracy.

Manufacturing Cost Variance Analysis Example

In this cost variance analysis example, we’re dealing with a manufacturing company. They have a run of steel frames that require welding and assembly.

Project: Production of 500 Steel Frames

Task: Welding and Assembly

• Planned Value (PV): $60,000
• Earned Value (EV): $55,000
• Actual Cost (AC): $50,000

Cost Variance (CV) = EV – AC
CV = $55,000 – $50,000 = +$5,000

Analysis: The welding and assembly task is $5,000 under budget. Although only 92 percent of the planned work has been completed, the actual cost came in lower due to higher labor efficiency and a bulk discount on welding supplies. This favorable variance suggests strong production performance and potential to reallocate savings to later stages.

Understanding Project Costs

All projects cost money, regardless of their size, scope or deliverables. We’ve all heard “there’s no such thing as a free lunch.” The same goes for projects – there’s no such thing as a project without costs. These costs come in many different forms, from the cost of materials to simply the cost of doing business (rent, salaries, etc.). It’s the project manager’s job to take all of these costs into account and create a flexible budget.

Project costs, no matter the type, need to be properly managed and tracked throughout the life cycle of a project. If project managers don’t keep a close eye on the project, it can be detrimental to the project’s success. Plus, having real-time data access is essential to helping project managers make adjustments.

Project management software is foundational in planning and tracking project costs. ProjectManager is award-winning project management software that has the resource-focused tools you need to compare your planned and actual costs in real time. Use our in-depth Gantt chart to set a baseline once you’ve scheduled your tasks, costs and resources. Use it to understand your project costs at a glance and make adjustments as needed in real time.

Different Types of Project Costs

To fully understand project cost variance, it’s helpful to be familiar with the main types of project costs. Take a look at the four you’re most likely to see. Most projects have all four, and each can contribute to overall cost variance:

• Direct Costs: Think of direct costs as costs that go straight to the project to achieve deliverables. A helpful example of a direct cost is the cost of the material needed to build something. The cost of these materials is going toward creating an end product.
• Indirect Costs: Indirect costs, on the other hand, go toward funding “behind the scenes” expenses incurred throughout the life of a project. They’re also known as overhead costs. For example, the cost of renting an office space is a common expense fixed overhead. This expense must be paid to complete the project, but it also goes toward supporting other projects.
• Fixed Costs: Fixed costs are expenses with set prices that aren’t subject to any kind of change. These are dependable costs that will not fluctuate and potentially throw off a budget. Both direct and indirect costs can also be fixed costs (or variable costs). A fixed cost, for example, might look like the flat fee a contractor charges for their services.
• Variable Costs: Variable costs, on the other hand, are not as predictable. For example, the cost of equipment rental may go up or down depending on the vendor, the demand or how long the equipment is needed.
• Overhead Costs: Overhead costs are indirect expenses required to run a project or business, such as utilities, rent, and administrative salaries. They support operations but aren’t tied to specific deliverables or tasks.

Related: Free Project Budget Template for Excel

Other Types of Cost Variance In Project Management and Cost Accounting

Besides the cost variance formula that’s used in earned value management, there are other types of cost variance that are used in project management and cost accounting, especially in manufacturing and construction projects.

Material Cost Variance (MCV)

Material cost variance (MCV) is a key metric in cost accounting and project management used to measure the difference between the expected cost of materials (based on standard costs) and the actual cost incurred.

MCV is most useful in manufacturing and construction projects where material expenses make up a significant portion of the total cost. It helps managers identify pricing issues, supplier performance problems, procurement inefficiencies or market-driven cost changes.

Material Cost Variance Formula

MCV = (SQ × SP) – (AQ × AP)

• SQ= Standard Quantity
• SP= Standard Price
• AQ= Actual Quantity
• AP= Actual Price

Labor Cost Variance (LCV)

Labor cost variance (LCV) is a project and cost management metric that measures the difference between the standard cost of labor and the actual labor cost incurred during a project or production cycle.

LCV is especially important in labor-intensive industries such as construction, manufacturing, and service-based projects. It is used to monitor efficiency, wage rate fluctuations and workforce productivity.

Labor Cost Variance Formula

LCV = (SH × SR) – (AH × AR)

• SH= Standard Hours
• SR= Standard Rate
• AH= Actual Hours
• AR= Actual Rate

Overhead Cost Variance

Overhead cost variance is a financial metric used to assess the difference between the budgeted (or standard) overhead costs and the actual overhead costs incurred during a project or production period.

This metric is particularly useful in environments with fixed budgets and recurring indirect costs, such as in manufacturing plants or large-scale infrastructure projects. Overhead cost variance helps managers understand how well they are controlling indirect spending and can highlight inefficiencies like underutilized facilities, inaccurate cost allocation methods, or unexpected increases in overhead expenses.

Variable Overhead Variance Formula

VOHV = (SH × SR) – (AH × AR)

• SH= Standard Hours
• SR= Standard Rate
• AH= Actual Hours
• AR= Actual Rate

Fixed Overhead Variance Formula

FOHV = Budgeted Fixed Overhead – Actual Fixed Overhead

Other Cost Variance Analysis Formulas Used in EVM

While the formula explained above is the main one used to calculate cost variance in project management, there are other earned value management (EVM) formulas that can help with cost variance analysis.

Cost Performance Index Formula

Cost Performance Index (CPI) = Earned Value (EV) / Actual Cost (AC)

A cost performance index (CPI) is a metric used to judge how well resources are being used in a project. When solving for a CPI, the value will be one of two things:

Less than or equal to 1 (resources are not being used efficiently)
Greater than or equal to 1 (resources are being used efficiently)

To solve for CPI, you must divide the earned value by actual costs.

To Complete Cost Performance Index Formula

To Complete Cost Performance Index (TCPI) = (Total Budget – EV) / (Total Budget – AC)

Solving for a complete cost performance index (TCPI) is extremely helpful, especially if you’re experiencing a high (negative) project cost variance. A TCPI is an index that shows how resources must be used for the rest of a project to come in under or on budget.

To find your TCPI, begin by subtracting your earned value from your total budget. Then, subtract your actual cost from the total budget. Last, divide the first quotient by the second quotient.

Free Cost Benefit Analysis Template

Before cost variance comes into play, you need to determine if the project expenses are justified. Download our free cost-benefit analysis template for Excel to quickly crunch the numbers and determine if the project makes sense from a cost perspective. Access to this data makes it easy for project managers to determine if a project will be successful.

How ProjectManager Helps Calculate Cost Variance in Real Time

Throughout the life of a project, you’ll want to have each of these cost variance formulas at your disposal. Thankfully, there are cost management tools that make keeping your eye on variances effortless so that you don’t have to manually crunch the numbers.

ProjectManager fills formulas with the correct values automatically and prevents any human error that can lead to major budgeting mistakes. Factors like total budget, actual costs, earned values and more are updated in real-time so that you’re always seeing the most current data.

Create and manage project budgets, as well as see how actual costs compare to planned costs on the project dashboard. The ProjectManager project dashboard updates automatically, so you’re always looking at the most current figures and make the smartest budgeting decisions. This makes all the difference between spotting cost variances and missing crucial details. Keep your eye on cost baselines, as well as spending and where projects are at in terms of budget.

Need to share this information with stakeholders? Create a budget report in only a few clicks to keep the team up to speed and making the best decisions together. Having this information at your fingertips and being able to share it is the difference between projects staying on budget and going over budget, which can result in cost overrun and total failure.

Calculating cost variance requires project management software robust enough to calculate and organize your data in real time. ProjectManager is online project management software that keeps your project’s costs within budget. Try it today with this free 30-day trial.

The post How to Calculate Cost Variance for a Project (Formula Included) appeared first on ProjectManager.

Why do they send an invitation to tender, what is it and who uses it? We will answer those questions below. We’ll also outline what goes into a thorough invitation to tender and then illustrate the process with an example to make it clear.

What Is an Invitation to Tender?

Let’s start with a definition. An invitation to tender is a formal document issued by a company or organization to invite suppliers, contractors or service providers to submit a bid or proposal for the supply of specific goods, services or work. It’s typically used in procurement processes, especially for large or complex projects that require competitive bidding.

The reason to use an invitation to tender is that it ensures transparency and fairness in supplier selection. It also encourages competitive pricing and innovation. The process also helps to identify the most capable and cost-effective vendors. In short, this is a critical part of a structured procurement process, designed to solicit competitive and compliant offers from qualified vendors.

An invitation to tender also plays a significant role in shaping a project’s Gantt chart by defining key milestones, timelines and tasks crucial to the project’s success. When using a Gantt chart featured in project management software, the scope, deliverables and milestones outlined in the invitation to tender become a visual and dynamic tool for managing a project’s flow.

ProjectManager is award-winning project and portfolio management software with robust Gantt charts that create clear timelines and deadlines, define key milestones, scope and deliverables with risk and budget management features. Use these Gantt charts to schedule tasks, resources and costs. Plus, link all four types of task dependencies to avoid cost overruns and filter for the critical path. Get started with ProjectManager for free.

When Is an Invitation to Tender Typically Used?

An invitation to tender is commonly employed when a project requires formal proposals and competitive bidding to ensure transparency, value for money and quality. They’re typically used in industries and situations where multiple suppliers or contractors can meet the project’s requirements and the best option needs to be selected based on price, quality and capability. Below are several key areas where it is used.

• Construction Projects: Invitation to tender are frequently used in the construction industry to invite contractors to bid on building or renovation projects. These tenders help organizations select the most suitable company based on cost estimates, experience and the ability to meet deadlines and specifications.
• Government Procurement: Government agencies use an invitation to tender to ensure that public funds are spent efficiently and transparently. By inviting multiple suppliers or service providers to bid on government contracts, the process ensures fairness and accountability in procuring goods and services for the public sector.
• Infrastructure Development: Large-scale infrastructure projects such as roads, bridges or energy facilities often require an ITT to ensure contractors or vendors are selected properly. The complexity and scale of these projects make it essential to select capable suppliers who can meet the technical and safety standards required.
• IT Systems or Consultancy Services: When organizations require specialized IT systems or consultancy services, an invitation to tender is issued to invite firms to submit proposals. It typically outlines the scope of the service, technical specifications and project timelines, ensuring that only qualified professionals or firms are considered for the job.

What Should Be Included In an Invitation to Tender?

An invitation to tender must be thorough, clear and structured to ensure all potential bidders have the information needed to submit accurate and competitive proposals. A well-prepared one sets the foundation for a successful procurement process by reducing misunderstandings, ensuring compliance and attracting qualified bidders. Below are the key components that should be included.

Introduction and Background

This section provides an overview of the issuing organization and the context of the tender. It explains the project’s purpose, the business need behind it and any relevant background information that helps bidders understand the bigger picture.

Scope of Work

The scope of work outlines the specific tasks, deliverables and expectations associated with the project. It should be detailed and clearly define what the supplier is responsible for, including any performance standards, milestones or technical requirements.

Instructions to Bidders

This part of the invitation to tender offers detailed guidance on how to submit a tender. It includes the submission process, formatting requirements, deadlines, contact information for queries and any protocols for site visits or clarification meetings.

Evaluation Criteria

This section explains how the submitted tenders will be assessed. It usually outlines the weightings for cost, quality, experience, methodology and other relevant factors, helping bidders understand how their proposals will be scored and selected.

Legal and Commercial Terms

Here, the ITT should define contractual conditions such as payment terms, liabilities, warranties, confidentiality agreements and compliance with laws or standards. This ensures that all bidders agree to the same legal framework.

Required Documentation

This lists all forms, certificates and supporting documents that must accompany the bid. These could include financial statements, case studies, insurance policies, licenses or references, depending on the nature of the project.

Tender Timeline

The timeline should include all critical dates in the tendering process, including the release of the invitation to tender, deadline for questions, submission due date, evaluation period and announcement of the selected bidder. This helps all parties plan accordingly and ensures transparency throughout the process.

Invitation Tender vs. Request for Proposal

An invitation to tender and a request for proposal are both formal procurement documents used to solicit bids from external vendors or contractors, but they serve different purposes and are used in different project scenarios. Understanding the distinction between the two helps organizations choose the right method based on the project’s complexity, the clarity of requirements and the level of vendor input needed.

An invitation to tender is typically used when the project requirements are clearly defined and the organization knows exactly what it wants to procure. The focus is on price and compliance, with minimal need for innovation or input from the supplier. They are more rigid and are common in government, construction and infrastructure projects.

A request for proposal is used when the project scope is more complex or open-ended, and the organization seeks vendor expertise to define the best approach. It invites suppliers to propose creative solutions or methodologies to meet an overall goal, allowing for more flexibility and collaboration. This is best for projects requiring strategy, design, technology or custom services. They also tend to be more technical and not focused on price alone.

Invitation to Tender Example

This invitation to tender (ITT) example provides a structured format for soliciting bids from contractors for a residential construction project. It outlines the project background, scope of work, submission requirements, evaluation criteria and key contractual details.

This sample serves as a practical reference for organizations looking to issue a clear and professional ITT document in construction or similar industries. You can download this ITT sample by clicking the image below.

Related Project Management Templates

Some templates can help with the invitation to tender process. Below are three of them from the over 100 free project management templates for Excel and Word that can be downloaded immediately from our site. They cover all aspects of managing a project.

Request for Information Template

Download this free request for information template for Word to collect general information from potential vendors, suppliers or service providers before launching a formal procurement process. It helps project managers, procurement teams or decision-makers understand the market, evaluate capabilities and identify possible solutions to meet their business needs.

Request for Proposal Template

Use this free request for proposal template for Word to solicit detailed proposals from potential vendors or service providers for a specific project, product or service. It outlines the project requirements, evaluation criteria and submission guidelines to ensure consistency in vendor responses and facilitate informed decision-making.

Request for Quote Template

A request for quote is a formal document organizations use to solicit price quotations from suppliers or vendors for specific products, services or work. Unlike a request for proposal, which asks for detailed solutions, this free request for quote template for Word primarily focuses on costs, delivery terms and availability.

How ProjectManager Helps Manage Projects

Procurement is part of the larger project management process. Templates are helpful as relationships are created with vendors and suppliers. But once those services are contracted and the project is being planned, executed and tracked, templates won’t cut it. These static documents aren’t intended for that dynamic process.

Project management software, on the other hand, is designed to deliver projects successfully. ProjectManager is award-winning project and portfolio management software with multiple project views that allow teams to use the tools that are right for them, be that Gantt charts, task lists, kanban boards or calendar views.

Keep Teams Productive With Robust Resource Features

Procurement requires efficient resource management to get the most out of what you have. That includes the proper scheduling with Gantt charts, but also knowing the availability, skill sets and pay rates of the team, which is set when onboarding. This leads to more efficient resource allocation. To ensure that resources are balanced, a color-coded workload page makes it easy to see who is overallocated or underutilized.

Balance the team’s workload without leaving the chart to keep everyone working at capacity without burning them out. The team page is a valuable tool to view the daily or weekly activity of the team. It can be filtered by progress or priority, and tasks can be updated right from that page when changes are made. Plus, free guest licenses keep vendors, suppliers and contractors in the loop.

Track Projects With Real-Time Dashboards and Reports

The ability to manage project teams and the various suppliers, vendors and contractors involves powerful tracking tools. The summary dashboard can be viewed by project managers, teams and others (with free guest licenses) to get an overview and keep everyone updated in one place. It features team summary, breakdown, project pulse and workstream to stay current on comments.

A project or portfolio dashboard tracks time, cost, workload and more on easy-to-read graphs and charts and customizable reports zero in on key metrics such as status, variance, workload, timesheets and more. They can also be filtered and shared with stakeholders to keep them updated on progress. Secure timesheets help with tracking labor costs to avoid overspending on the budget.

Related Project Management Content

There’s more to project management than an invitation to tender, though that’s an important part of the procurement process. For readers who want to learn more about how procurement fits into the larger project management process, below are some recent blogs.

• Construction Bidding Basics: Mastering Construction Bids
• Contract Bidding Process: A Quick Guide
• 16 Bid Proposal Templates for Word and Excel
• How to Write a Bid Proposal (Templates Included)

ProjectManager is award-winning project and portfolio management software that connects teams whether they’re in the office or out in the field. They can share files, comment at the task level and stay updated with email and in-app notifications. Join teams at Avis, Nestle and Siemens who use our software to deliver successful projects. Get started with ProjectManager today for free.

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Have you heard of the kaizen method? It’s a set of principles and techniques for continuous improvement that helps organizations across industries be more productive. But before we dive into it, let’s begin by defining the Japanese word “Kaizen.”

What Is Kaizen?

Kaizen means improvement, but more than just that, it means continual improvement for your business operations. Improvement that is not reaching beyond what it can currently do is static.

Kaizen, more precisely, means change for the better (kai is change and zen is for the better). In terms of business, kaizen means that all activities must be continuously improving. That means everything in the organization, from employees to the CEO. But it’s not just applying to personnel, processes are also included.

The idea was codified by Masaaki Imai, an organizational theorist and management consultant, over 30 years ago with the publication of this book, Kaizen: the Key to Japan’s Competitive Success. Since then, the implications have reached beyond industry and the kaizen principles have been used to help in healthcare, psychotherapy, government, banking and even life coaching.

The kaizen methodology works at constant improvements through the elimination of waste. It’s been around in Japan since after World War II, though influenced by quality management ideas from the United States. It’s part of The Toyota Way, which is a set of principles that support the company’s management approach to production.

What Is the Kaizen Method?

Kaizen is a continuous improvement philosophy to increase the efficiency of business operations, rooted in Kaizen principles such as eliminating waste (muda, mura, muri), standardizing business processes through the 5S system, and using the Plan-Do-Check-Act cycle to implement operational and organizational planning changes.

Kaizen is a methodology that emphasizes bottom-up management, empowering employees at all levels to identify problems, offer their input and participate in solving them.

Practices like Gemba Walks encourage firsthand observation of employee performance and operations, while focused Kaizen events target rapid process improvements. Together, these tools and mindsets foster a culture of efficiency, teamwork and long-term operational excellence through small, incremental changes that drive meaningful progress and lasting results over time.

Let’s now define each of the elements that make up this continuous improvement method.

Kaizen Principles

A philosophy focused on continuous, incremental improvement in all areas of life, especially in the workplace. It emphasizes small, consistent improvements over time to achieve larger long-term gains.

Kaizen Waste Types (Muda, Mura, Muri)

Muda refers to waste in any form that does not add value, such as excess production or time spent on non-essential tasks. Mura is unevenness or inconsistency in processes, often leading to inefficiency or unnecessary stress. Muri refers to overburdening people, equipment or processes beyond their capacity, which can cause breakdowns or fatigue.

Kaizen Gemba Walk

A practice where managers and team members go to the “Gemba” (the actual place where work is done) to observe processes, understand challenges and gather insights directly from the people involved in the work.

Kaizen 5S System

A methodology for organizing the workplace to increase efficiency and reduce waste. The 5S principles are: Sort (seiri), the removal of unnecessary items; set in order (seiton), organize items for easy access; shine (seiso): clean the work area; standardize (seiketsu): establish consistent processes. sustain (shitsuke), maintain the improvements.

Plan-Do-Check-Act (PDCA)

A continuous improvement cycle used to test and implement changes. It involves planning a change (plan), implementing it (do), checking the results (check), and taking action based on the results (act).

Bottom-Up Management

A management approach where decisions are
made with input from lower-level employees, encouraging their involvement and fostering a sense of ownership in improvement initiatives.

Kaizen Events

Focused, short-term activities where a cross-functional team works intensively to make significant improvements to a specific area, often using the Kaizen principles.

Kaizen Board

A tool for visualizing and tracking the status of improvement
initiatives. It typically displays a list of ongoing, planned and completed projects or ideas, helping teams stay aligned and transparent in their improvement efforts.

Kaizen Principles

The five principles of kaizen are fundamental to any application of kaizen.

1. Know Your Customer: Knowledge of who your selling a product or service to is how one creates value. It is key that companies identify their customer’s interests to enhance their experience.
2. Let It Flow: This applies to the target of achieving zero waste. It might be an impossible goal, but that’s kaizen for you: if you could achieve that objective improvement would stop. Therefore, everyone in the organization is working towards removing any waste from their corner of the business while also in the process creating value.
3. Go to Gemba: The literal translation for gemba is “the real place.” In this context, it’s about leadership and knowing what is happening at every level of the organization. You can think of it as following the action, as value is created where something is actually happening. That’s where you want to be.
4. Empower People: This one is directed towards teams and having them organized in such a way that it supports the kaizen principles. Therefore, leadership must set goals for their teams that are not contradictory. They should offer a system and tools to help the teams achieve these goals.
5. Be Transparent: Data is the strongest determining factor. It’s the metric that measures success. Therefore, performance and improvements must be tracked with real data

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Action Plan Template

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Kaizen in Action: Practical Tips

The principles are the guiding lights; the action plan is where kaizen hits the road running. It’s all about organizing, so that the focus is always on improvement and its targets are every part of the organization. Everyone is part of the process. A consistent application of the kaizen action plan leads to continuous improvement.

First, take each corner of your organization and look at ways it can be improved. This will involve team collaboration and total involvement from everyone. Individuals need autonomy to take action on improvements themselves, which builds a culture of engagement. This is done with a continuing flow of suggestions and then implementing them to improve the organization.

Each event is outlined by the acronym PDCA, which stands for plan, do, check, act. Begin by setting goals, with documentation and background. Then review what the current state is with that part of the business and plan towards improving it. Identify what improvements will be implemented and try and fix what isn’t working. Report the results, follow up and repeat.

The idea of always making small improvements is not dissimilar to lean manufacturing, especially with the emphasis of eliminating waste. Kaizen, like a lean or agile approach, works with iterations. It keeps companies flexible.

How Kaizen and ProjectManager Work Together

Ideas are great and methodologies are fundamental to implementing those ideas. But the best plans of mice and men often go astray if they don’t have a project management tool to track their progress. ProjectManager is a dynamic and nimble software that cashes the check that kaizen writes.

ProjectManager has Kanban Boards to Track Progress

What ProjectManager.com provides is a way to monitor that improvement. Kanban is another Japanese work, which translates as signboard or billboard. It also grew from the Toyota Way of manufacturing, offering a visual workflow that increase efficiencies by making sure that the supplies you need now are always on hand, but not more than must be stored.

It’s an elegant system of columns and cards. Each column can have a to do, doing and done heading. Under each of those column headings are cards, which capture the individual task. These cards are then moved from column to column as they’re identified, worked on and completed.

These boards are a great way to track the progress of the improvements. With ProjectManager.com, the kanban boards are even more useful, as they can be assigned to specific team members or a whole group. Then, because the software is online, as teams update their status that information is instantly reflected across the software.

ProjectManager’s Real-time Dashboard Tracks Progress

Kaizen encourages collaboration and ProjectManager supports teamwork by giving teams a platform to communicate at the task level. Documents and images can be attached to the card in the board view of our software, so these important files are easy to access. There is a conversation box to dialogue with other team members. When a comment is added, all those assigned the task are notified. It’s especially helpful if your teams are distributed on different sites.

But teams aren’t the only ones who benefit from ProjectManager. Just as kaizen involves the whole organization in making continuous improvements, ProjectManager also gives managers the tools they need to assign easily and monitor the progress of the improvements as they’re implemented.

While project managers can view the progress of the kaizen implementation on the kanban board, they probably are going to want more detailed information. ProjectManager has a real-time dashboard that collects all the data team members input and then crunches those numbers into a series of project metrics that are displayed all in one place.

The real-time dashboard has colorful and easy to read graphs and charts that track progress, workload, timelines and more. These can be shared or printed out for presentation. But in ProjectManager.com, the graphs and charts can be filtered to show just the amount of data you need. This means when a project manager is discussing items with the team, they can go deep into the data, but if the stakeholders need a more general overview, that can be displayed in a click.

Kaizen and ProjectManager.com are a match made in project management heaven. But ProjectManager can do so much more than help you implement change. Our cloud-based project management software can plan, monitor and report on any kind of project. Online Gantt charts make scheduling collaborative and teams love our easy-to-use task lists and timesheets. See how ProjectManager can improve your project management today by taking this free 30-day trial.

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You may feel you can control risk in your organization and construction management team—but what happens when you’re working with independent contractors? Suddenly, the success of the construction project rests on the shoulders of those who are less accountable to you. However, you can minimize and mitigate contractor risks through a process known as contractor risk management.

Just as contract administration, contractor risk is important to understand. It requires screening and protecting yourself from issues that might arise in your relationship with the general contractor and their work on the project. That leads to contractor risk management, a risk register and a risk management plan, which can help you manage contractor risk on your projects.

What Is Contractor Risk in Construction Management?

A general contractor (GC) usually oversees a construction site and manages the work of subcontractors. A GC also manages the vendors and trades associated with the construction project. They serve as a central communication point between all involved parties.

An independent contractor, on the other hand, is also any non-salaried employee that is hired for a job on a temporary basis. Therefore, they are not given benefits and often are paid at a higher rate because of that.

While there are benefits to hiring a general contractor and subcontractors, they can also be a risky venture. Any risk management process should include sharing the risk between the contractor, project manager and construction project management office.

That means the general contractor must have his own risk mitigation process that works jointly with the construction project manager. They must conduct risk identification and analysis throughout the project and have a risk management plan in place.

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Risk Tracking Template

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What Is Contractor Risk Management

Contractor risk management is the process of identifying, assessing and controlling the risks associated with an organization’s contractors. It is used to manage the work of general contractors and subcontractors.

Risk is part of any construction project, but managing that risk becomes more difficult when that risk is shouldered by independent contractors, not under the full authority of the organization.

Contractor risk management defines the parameters of the relationship and explains who is responsible for what when it comes to setting up a risk management process. That includes identifying and mitigating risks that may become active issues in the construction project.

In order to manage risk, project managers and contractors have to stay connected to coordinate their work. ProjectManager is online software that connects everyone on the project team in real time. Risks can be created as tasks that are assigned to relevant team members. Add any important documents and determine the ideal response from a dropdown menu. You can track your construction risk from the project menu in real time to keep the lines of communication open and clear. Get started with ProjectManager today for free.

Contractor Risk Management Process

The contractor risk management process is a systematic approach used to identify, evaluate and control potential risks associated with hiring and working with third-party contractors. This process ensures that contractors meet safety, compliance, financial and performance standards before and during project execution. Effective contractor risk management protects an organization’s assets, timeline, budget and reputation.

Contractor Prequalification

Contractor prequalification is the initial screening phase where potential contractors are evaluated for their suitability to perform work safely, legally and effectively. This typically involves reviewing the contractor’s financial stability, safety records, licenses, certifications, past performance and insurance coverage. Prequalification filters out unqualified contractors before any work begins, reducing risk exposure.

Contractor Risk Identification

This step involves identifying all potential risks associated with hiring and working with a contractor. These risks can be financial (e.g., budget overruns), operational (e.g., delays), legal (e.g., non-compliance), or safety-related (e.g., workplace accidents). Early identification allows the project team to anticipate issues that could impact scope, schedule or reputation.

Contractor Risk Assessment

In the risk assessment phase, each identified risk is analyzed based on its likelihood of occurrence and the potential severity of its impact. This prioritization helps determine which risks require immediate attention and resource allocation. Risk assessment may use qualitative or quantitative tools, such as risk matrices, to guide decision-making.

Contractor Risk Mitigation

Once risks are assessed, mitigation strategies are developed to reduce or eliminate them. This might include requiring additional safety training, revising contract terms, increasing oversight or mandating insurance coverage. The goal is to proactively address vulnerabilities before they escalate into costly issues or disruptions.

Contractor Risk Monitoring

Risk monitoring involves the continuous oversight of contractor performance and risk exposure throughout the project lifecycle. It ensures that mitigation strategies are working and that new risks are promptly identified and addressed. Monitoring may include site inspections, performance reviews, compliance audits and real-time tracking tools.

Contractor Risk Communication

Risk communication ensures that all stakeholders—project managers, contractors, safety officers and executives—are kept informed of risk status, decisions and mitigation actions. Clear, timely communication fosters collaboration, supports accountability and enables rapid response when risks change or new challenges emerge.

Types of Contractor Risks

Contractor risks refer to the various threats that arise from engaging third-party vendors or service providers to perform work on behalf of an organization. These risks can impact budgets, timelines, legal compliance and safety. Understanding the types of contractor risks helps organizations implement proactive management strategies and ensures that contractor involvement aligns with project goals and regulatory expectations.

Financial Contractor Risk

Financial contractor risk involves the potential for monetary loss due to a contractor’s inability to manage funds, maintain solvency or complete work within the agreed budget. This risk includes underbidding, cash flow issues or bankruptcy. Such problems can lead to stalled projects, additional costs or the need to find replacement contractors—disrupting timelines and increasing financial exposure for the hiring organization.

Performance Contractor Risk

Performance contractor risk refers to the threat that a contractor may not meet the expected quality, schedule or deliverables outlined in the contract. Causes can include poor workmanship, lack of resources or inadequate project management. These failures can result in delays, rework, dissatisfied stakeholders and potentially damage the reputation of the hiring organization if deliverables fall short of expectations.

Compliance Contractor Risk

Compliance contractor risk arises when contractors fail to adhere to legal, regulatory, safety or environmental standards. Non-compliance can result in fines, legal penalties or the shutdown of a project. Examples include inadequate licensing, violating labor laws or poor safety practices. Managing this risk is essential to maintain project integrity, protect workers and ensure adherence to industry regulations.

Operational Contractor Risk

Operational contractor risk refers to disruptions in day-to-day project activities caused by contractor-related issues such as equipment failure, staff shortages or poor coordination. These operational inefficiencies can hinder productivity and affect timelines and costs. Effective oversight, clear communication and integrated scheduling are key to minimizing this risk and keeping the project on track.

Contractual Contractor Risk

Contractual contractor risk stems from ambiguities or shortcomings in the contract itself. This includes unclear scope definitions, lack of performance metrics, poorly defined change management clauses or inadequate dispute resolution terms. These gaps can lead to disagreements, delays or legal battles. Thorough contract drafting and review processes are essential to reduce this risk and protect project interests.

Risk Tracking Template

This free risk tracking template for Excel allows you to list project risks, their priority level, assign them to your team members and track risk mitigation strategies.

More Free Contractor Risk Management Templates

A risk tracking template is only one of over 100 free project management templates for Excel and Word that cover all aspects of managing projects across multiple industries. Below are a few of those templates that relate to risk management.

Risk Register Template

Download this free risk register template for Excel to systematically record and track potential risks associated with a project, process or organization. It serves as a central tool in risk management, helping teams identify, assess, prioritize and monitor risks over time. The template includes fields for each risk’s description, category, likelihood, impact, risk owner, mitigation strategy and current status.

Risk Management Plan Template

Use this free risk management plan template for Word to outline how risk will be identified, assessed, monitored and controlled throughout a project or organizational process. It provides a consistent format for documenting the strategies, roles, responsibilities, tools and methodologies used to manage potential threats or opportunities that could impact project goals.

Risk Matrix Template

This free risk matrix template for Excel is used to evaluate and prioritize risks based on their likelihood of occurrence and potential impact. Formatted as a grid, the matrix helps teams quickly assess the severity of risks and determine the appropriate level of response or mitigation.

Why Is Contractor Risk Management Important?

A contractor’s risk management process is vital to the success of a project. For one, it provides safety guidelines for workers, which is important for those who work in the dangerous field of construction.

Using a contractor risk management system also streamlines your operations. You can apply the work you do on your present project as you plan future projects. It also gives your teams the tools they need to make the right decisions to avoid risk.

Having a contractor risk management plan in place will boost the overall confidence of the project team. It’s like working with a safety net and helping them to balance risk factors. That saves time and resources, which can lead to an increase in profits.

5 Simple Steps for Better Contractor Relationships

There are always ways to improve your contractor risk management. Once you start setting up a risk management process, you’ll find that, when issues arise, you’re ready for them. But regardless of how prepared you are, there is always room for improvement when managing contractor risk.

1. Construction Contractors Are Not Employees: You have set up a temporary partnership with your contractors. They are not employees, but you do want contractors to feel part of the project and that their participation is appreciated.
2. Stay Consistent: One of the most important is to keep things consistent. Having different management processes with different contractors, consultants and freelancers is bad business. Payroll, onboarding and offboarding should be consistent across external and internal workers.
3. Set Expectations: Contractors need to know what they are supposed to do. Not setting expectations is poor communication, and leads to contractors going off-track. Managers should have regular meetings with contractors and get status reports from them to make sure things are moving forward as planned.
4. Create Chain of Command: You want your contractor to report on their status regularly. But you don’t want that process to be overly complex or confusing. This will frustrate your contractor, which leads to poor productivity. Be clear about who the contractor should report to and when they need to report to them.
5. Keep the Lines of Communication Open: Communication ties all these tips together. Lack of communication is a killer on any project and more so when you’re dealing with contractors. Make sure your communication plan is clear with contractors.

Contractor Risk Management Best Practices

The contractor life cycle goes: prequalification, pre-job task and risk assessment, contractor training and orientation, monitoring of job and post-job evaluation. Following this cycle is a great framework for your contractor risk management.

Third-party companies can do prequalification, which looks at contractors’ safety statistics. They will include metrics to grade the contractor on. A passing grade provides security that you’re working with a professional.

Of course, the job task and risk assessment phase is the meat of any contractor’s risk management.  It’s good to have an internal risk matrix when starting this phase. Insurance liability, type of work and equipment used and so forth will also factor in here.

Most organizations use on-site skill and safety orientation and training. This phase can also include special permits. In order to work, the contractors must complete this training, which adds to the overall safety and reduces risk on the job site.

Contractor risk management doesn’t end once the work begins. There must be inspections, which might include a daily checklist, monthly assessment or weekly walkthrough. You should also evaluate contractors after the job for organizations to learn what went right and what went wrong. This way they can improve their contractor risk management going forward.

Things to Avoid in Contractor Risk Management

Ironically, one of the worst things you can do when managing contractor risk is hiring too many contractors. Outsourcing can get you into trouble. Whose opinion on the work is the one you should listen to, for one?

The issue is you might favor one contractor over another. This is not going to sit well with the others. It also shows a lack of leadership on your part. Managers are decision-makers. Make a decision on how to manage the project and then carry forth with it.

When you have a path forward and have clearly communicated it to the contractors you’ve selected, everything will run more smoothly. Another thing to remember is the importance of reporting. That’s how you stay in touch with the work your contractors are doing.

You need to monitor and track their progress and performance to make sure they’re meeting the benchmarks you’ve set up for the project. Tracking more than one contractor can be more difficult, but that issue is resolved with the help of project management software.

How ProjectManager Helps Manage Contractor Risk

ProjectManager is cloud-based software that allows you to monitor and track contractor risk in real time. Our tool not only captures issues as they arise but allows managers to plan how to resolve those issues before they become problems that sideline the entire project.

Create Risk Management Plans on Gantt Charts

In order to mitigate contractor risk, you need to identify risk and have a plan in place to respond quickly and effectively. ProjectManager’s online Gantt charts can create risk mitigation plans that you can share with contractors. You can determine resources and budget, too. If the issue arises, you can set the plan in motion.

Track Progress on Dashboards

The Gantt will show the percentage complete, but for a high-level view of the progress and performance of your contractors use ProjectManager’s real-time dashboard. Unlike other tools, you don’t have to spend time configuring the dashboard, it’s all set up and ready to go. The live dashboard automatically captures status updates and calculates the data, which is then displayed on easy-to-read charts and graphs.

Generate Reports With a Single Click

Managers need to report to the leadership team and stakeholders. They also need more than a high-level view of the project they’re managing. That’s where one-click reports come in handy. Get detailed reports on time, cost and much more to better monitor the project. You can filter every report to show just the information you or your stakeholders want to see. Then, you can share the reports in a variety of formats to help keep everyone in the loop.

There’s so much our software does beyond planning and tracking. Email and in-app notifications keep you updated on what’s happening in the project. The collaborative platform allows contractors and the rest of the project team to stay connected. There are even streamlined timesheets, which are secure and provide further data on how long it’s taking contractors to complete their tasks.

ProjectManager is award-winning software that plans, monitors and reports on contractor risk. Use real-time data for better contractor risk management and keep your project issue-free and on track. Try ProjectManager today for free!

The post A Quick Guide to Contractor Risk & Contractor Risk Management appeared first on ProjectManager.

We’ll break down the bowtie model and explain when to do a bowtie risk assessment, including a bowtie diagram in an example to make the concept fully understandable. We’ll also include a free template to download so you can try it on your own.

What Is a Bowtie Analysis?

The bowtie method is a risk management technique used to visualize and analyze the potential risks and their controls within a system or process. It’s called “bowtie” because the resulting diagram resembles a bowtie shape, with a central event (often referred to as a “top event”) at the center, risks and causes on the left side and consequences and controls on the right.

The bowtie diagram is made up of several key elements, listed below.

• Top Event: The central event or risk that could have significant consequences. It’s the “failure” or undesired event that the analysis aims to prevent.
• Causes (Left Side): The factors, conditions, or failures that might trigger the top event. These are typically risk factors that can lead to the central failure.
• Consequences (Right Side): The outcomes or impacts if the top event occurs. These could be financial losses, damage to reputation, legal issues, etc.
• Barriers/Controls: Measures to prevent the top event (on the left) or mitigate the consequences (on the right). These can be physical barriers, procedural controls, safety measures or training programs.

Bowtie analysis helps identify and prioritize potential risks, enabling organizations to implement appropriate mitigation strategies. It also serves as a communication tool that clearly shows both the pathways to risk and the systems in place to manage them, ensuring stakeholders understand the organization’s risk profile.

This method is commonly used in industries where safety is critical, such as aviation, oil and gas, healthcare and manufacturing. Bowtie analysis and Gantt charts serve different purposes in project management, but they can complement each other when planning and managing risks within a project. Bowtie analysis helps with risk identification, which informs the planning of tasks to address these risks. Gantt charts also assign roles and deadlines to ensure the right people are handling risk mitigation strategies. Project management software facilitates this relationship.

ProjectManager is award-winning project and portfolio management software with Gantt charts and risk management features that help plan mitigation strategies. Risk cards can identify potential problems. They have a risk matrix to gauge the impact and likelihood of risks occurring. Then Gantt charts can schedule the tasks, resources and costs, including dependencies, filtering for the critical path and setting a baseline to track progress in real time. Get started with ProjectManager today for free.

When to Conduct a Bowtie Analysis

A bowtie analysis should be conducted in specific situations where risk management and safety are critical to the success of a project or operation. Here are some key scenarios when a bowtie analysis is most useful.

• When identifying and managing high-risk scenarios
• Before major projects or initiatives
• When introducing new processes or systems
• During safety audits or hazard assessments
• When you have complex or multi-stage processes
• In highly regulated industries
• When responding to near misses or past failures
• When developing emergency response plans

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Bowtie Analysis Template

Use this free Bowtie Analysis Template for Excel to manage your projects better.

Download Excel File

How to Conduct a Bowtie Analysis

The bowtie model is a structured method used to visualize and manage risks by identifying the causes and consequences of an event and then defining controls to prevent or mitigate these risks. The method helps in understanding both proactive and reactive measures to control risks. Here are the key steps to effectively conduct a bowtie analysis

1. Define the Hazard or Root Cause for Risks

The first step in bowtie analysis is identifying the hazard or root cause that could lead to a risk event. This might be a specific condition, activity or external factor that has the potential to cause harm. Clearly defining the hazard is crucial because it sets the foundation for the analysis and ensures that subsequent steps focus on managing the most relevant risks. This step often involves brainstorming sessions with stakeholders and subject matter experts to pinpoint the primary risk factors.

2. Identify the Top Risk Event

Once the hazard is identified, the next step is to determine the “top risk event”—the central event that could occur as a result of the hazard. This event is typically the main concern in your risk management process and is the focal point in the bowtie diagram. It’s the event you want to avoid through proactive measures and understanding this event is crucial to managing the overall risk.

3. List Threats or Contributing Factors for the Top Risk Event

After identifying the top risk event, list the threats or contributing factors that could lead to it. These are the causes or triggers that can increase the likelihood of the top risk event happening. These threats are often conditions, actions or behaviors that contribute directly to the risk event. This step helps in understanding the root causes and prioritizing areas for intervention.

4. Plan Preventive Controls to Avoid Threats

In this step, focus on planning and implementing preventive controls to avoid the threats that could lead to the top risk event. Preventive controls are designed to reduce the likelihood of a threat occurring in the first place. These may include process changes, safety measures, training programs or technological solutions. The goal is to stop the threats before they escalate into a risk event, thereby reducing the overall risk exposure.

5. List Potential Consequences for the Top Risk Event

Once you have a clear picture of the threat and preventive controls, it’s time to consider the consequences of the top risk event if it were to occur. Consequences refer to the potential outcomes or damage that could result from the risk event, such as financial loss, injury, environmental harm or reputational damage. Identifying the consequences allows you to understand the severity of the risk and helps prioritize mitigation efforts based on the potential impact.

6. Plan Mitigative Controls to Mitigate the Consequences of the Risk Event

Finally, after understanding the potential consequences, the bowtie analysis requires you to plan and implement mitigative controls. These are strategies and measures that reduce the impact or severity of the consequences if the risk event were to occur. Mitigative controls might include emergency response plans, containment procedures, insurance or additional safeguards that can help limit damage and ensure a swift recovery.

Bowtie Analysis Template

Now that we understand what the bowtie method is and how to execute it, the next step would be to try it ourselves. That requires either building a bowtie diagram from scratch or downloading this free bowtie analysis template for Excel.

The template has all the elements that one needs in place. All the user has to do is fill them out. Our free template is fully customizable and can be reused over and over again. For those who want to see how it works, we’ve shared an example below.

Bowtie Analysis Example

The best way to understand bowtie risk analysis is to look at a real-life scenario. Let’s use bowtie analysis to visualize a potential risk in a construction site.

In a job site, a common hazard might be working at height. The top event in this scenario is a worker falling from an elevated surface. Several threats could lead to this event, such as the absence of guardrails, a slippery or unstable working surface or inadequate worker training on fall protection. To prevent the fall from occurring, various control measures can be implemented.

These include installing guardrails or edge protection, requiring personal fall arrest systems like safety harnesses and ensuring workers receive proper training on working safely at heights.

Despite these efforts, if a fall still occurs, there are mitigative controls designed to reduce the severity of the consequences. These may involve placing airbags or safety nets below work areas, having trained first aid responders on site and maintaining a clear and practiced emergency response plan. Together, these measures help manage the risk effectively.

Benefits of Bowtie Analysis

Bowtie analysis offers several key benefits for risk management, particularly in industries that involve complex processes and high levels of risk. By providing a clear, visual representation of risks, their causes and consequences, bowtie risk assessment enhances understanding and decision-making. Below are some of its key advantages.

• Clear visualization of risk scenarios
• Improved risk mitigation strategies
• Facilitates compliance and safety
• Promotes a structured risk management process
• Enhanced decision making and prioritization
• Supports continuous improvement
• Improved communication and collaboration

Disadvantages of Bowtie Analysis

While the bowtie method offers many benefits for risk management, it also has some limitations and challenges that should be considered before its implementation. Here are some of the key disadvantages.

• Complexity in large-scale projects
• Time-consuming to create and maintain
• Limited scope of analysis
• Requires expertise and experience
• Over-simplification of risks
• Limited focus on interdependencies
• Subjective interpretation of controls

Related Risk Management Templates

The bowtie risk assessment is one of many techniques used to identify, assess and mitigate project risks. Just as there is a bowtie diagram, there are other templates that can help in risk assessment. We have over 100 free project management templates for Excel and Word that address all aspects of managing a project. Below are some that can be used in risk management.

Risk Assessment Template

Download this free risk assessment template for Excel to systematically identify, evaluate and manage potential risks within a project, process or organization. It provides a structured format for recording key information about hazards, their likelihood and impact and the controls in place to mitigate them.

Risk Register Template

Use this free risk register template for Excel to log and track potential risks throughout the life of a project or business operation. It serves as a centralized repository where all identified risks are documented, evaluated and monitored. The purpose of a risk register is to provide visibility into possible threats, assess their impact and likelihood, assign ownership and record mitigation or contingency plans.

Risk Matrix Template for Excel

A risk matrix is a visual tool used to assess and prioritize risks based on their likelihood of occurring and their potential impact. This free risk matrix template for Excel takes the form of a grid where one axis represents the probability (from rare to almost certain) and the other axis represents the severity (from insignificant to catastrophic). By plotting risks on this matrix, teams can easily determine which issues need immediate attention and which are less critical.

How ProjectManager Helps With Project Risk Management

Templates are risk management tools, but only to a point. They are static documents that must be manually updated and are poor for collaboration. To identify, assess and mitigate risk more efficiently, use project management software. We’ve already shown how our software has risk management features to help strategize and multiple project management views that allow for the planning and execution of that strategy. There are also resource management features and project monitoring tools to keep those plans on track.

Keep Teams Productive With Resource Management Tools

Once plans are enacted to mitigate risks, project managers need to ensure that the right resources are available and scheduled. This starts on the Gantt chart and moves to onboarding, where team availability, skills and pay rate are set. Once assignments are made, use the color-coded workload page to view resource allocation across one or multiple projects.

It makes it easy to see who is overallocated or underutilized, and the team workload can be balanced right from that chart to keep everyone working at capacity without worrying about burnout. A team page provides a daily or weekly overview of team activity, which can be filtered by priority or progress. Tasks can also be updated from that page.

Track Progress and More With Real-Time Dashboards and Reports

More than just resources, all project metrics must be monitored to control the project. For a high-level overview, toggle to the real-time project or portfolio dashboards. They display easy-to-read graphs and charts on time, cost, workload and more, all without having to do a time-consuming setup.

Customizable reports on status, variance, workload, timesheets and more go deeper into the data and can be filtered to focus on specific data points or more general information to share with stakeholders. Secure timesheets streamline payroll, but also track labor costs to keep projects on budget.

Related Risk Management Content

There’s more to risk management than bowtie analysis. For those looking to learn about the subject, below are some links to recently published articles on our blog about making a risk management plan, a risk breakdown structure and more.

• The Best Risk Management Tools & Techniques for PM Pros
• Risk Mitigation in Project Management
• How to Make a Risk Management Plan (Template Included)
• Project Risk Analysis: Quantitative & Qualitative Techniques
• What Is Project Risk? 7 Project Risks to Track
• Risk Breakdown Structure for Projects
• What Is Positive Risk on Projects?

ProjectManager is online project and portfolio management software that connects teams whether they’re in the office or out in the field. They can share files, comment at the task level and stay updated with email and in-app notifications. Join teams at Avis, Nestle and Siemens who use our software to deliver successful projects. Get started with ProjectManager today for free.

The post Bowtie Analysis for Risk Management: Example & Template Included appeared first on ProjectManager.

That planning provides a clear path forward. When you organize the various departments of your business, everyone knows what their function is—and the tasks and processes necessary to achieve your business goals.

What Is Organizational Planning?

Organizational planning is how business owners organize the day-to-day operations of a business. This can range from simple things, like the companies’ reason for existence, to more complex considerations, like setting goals to realize a specific objective. You use the organizational plan as a framework for creating tasks that, when executed, will allow the company to achieve its goal.

Organizational planning is often used to improve a company’s overall business, but a company can direct it towards its workforce, finances or products. There are, therefore, various types of organizational planning goals; from workforce development and financial planning to products, services and expansion planning.

That’s a lot of data to organize. ProjectManager has interactive Gantt charts that help you organize all that information, create a functional plan and manage it successfully. Try ProjectManager today for free!

What Is an Organizational Plan?

An organizational plan is a strategic framework that outlines how a business or entity structures its operations to achieve its goals effectively. It defines the hierarchy, roles, responsibilities and workflow within the organization, ensuring that every department and team member understands their function and how their work contributes to the broader objectives.

This plan typically includes elements such as the organizational structure (e.g., functional, divisional, matrix), staffing strategies, communication protocols and processes for decision-making and accountability. An organizational plan helps ensure coordination across departments, improves resource allocation and supports long-term planning and adaptability in a changing business environment.

Why Organizational Planning Is Important

It goes without saying that the better you organize your company, the better your company performs. Organizational planning is important because it lets companies develop effective planning and achieve their stated goals.

Having an organizational plan is also helpful because a prepared company responds better to changes in the workplace. Furthermore, organization planning clarifies the roles, responsibilities and expectations of everyone in the company. This helps management make sure they’re meeting the determined benchmarks.

Because organizational planning creates a structure where relationships between teams and managers are clearly defined, it can also reveal where there are any shortcomings, issues or liabilities. The company can then resolve these hamstringing limitations.

Key Areas of Organizational Planning

These phases of organizational planning are defined in these four processes:

1. Strategic Planning: This is the big-picture view for the company. Here, you define the company goals. The goals must align with the overall mission, vision and values of the company. This process involves upper management, though you can bring employees into the discussion.
2. Tactical Planning: Next, the discussion moves toward how to implement the developed plan. These are more short-term goals, usually no more than a year in duration. This is where middle management takes the ball, in terms of creating plans and marketing campaigns.
3. Operational Planning: Now we’ve come to the day-to-day operations necessary to execute the tactical plan. This is where you set up work schedules, policies, rules and regulations for employees. You also assign specific tasks and create a protocol for tracking work.
4. Contingency Planning: It’s important to have a backup plan or two in case of unforeseen events or issues that make the original plan impossible. Spend time thinking of possible risks and responses. Events include natural disasters, software malfunctions or the departure of a C-level executive from the company.
5. Workforce Development: Workforce development focuses on enhancing employee skills, knowledge and capabilities through training, mentorship and career growth programs. It ensures the organization remains competitive by cultivating talent, increasing productivity and preparing the workforce to meet current and future operational demands in alignment with strategic business goals.
6. Succession Planning: Succession planning identifies and develops internal talent to fill key leadership or critical roles in the future. It mitigates disruption from unexpected departures, supports long-term continuity and fosters leadership pipelines. Effective succession planning aligns with organizational strategy and ensures business resilience through proactive talent management.

Organizational Planning Process

Organizational planning is the structured effort of aligning an organization’s goals with its internal capabilities and external environment. It involves setting long-term direction, allocating resources and defining clear steps to achieve strategic objectives. This process ensures that an organization operates efficiently and remains adaptable to changing business landscapes. Below are the key components that form the backbone of an effective organizational planning process.

Define the Mission and Vision of the Organization

The mission and vision statements articulate the organization’s purpose and long-term aspirations. The mission defines what the organization does, who it serves and how it delivers value. The vision outlines where the organization aims to be in the future. Together, they serve as a compass that guides all planning and decision-making efforts.

Conduct a SWOT Analysis

A SWOT (strengths, weaknesses, opportunities and threats) analysis, also known as a situational analysis, evaluates the organization’s internal capabilities and external market conditions. It helps identify competitive advantages, areas for improvement and external challenges or opportunities. This assessment informs strategic choices and prepares the organization for proactive decision-making.

Create a Strategic Plan

A strategic plan sets the organization’s long-term goals and outlines the major initiatives required to achieve them. It addresses overarching priorities, allocates key resources and establishes performance benchmarks. The strategic plan aligns all departments under a unified direction and lays the foundation for more detailed planning.

Create a Tactical Plan

A tactical plan breaks down the strategic plan into specific initiatives assigned to departments or business units. It focuses on mid-term objectives, typically over a one–three year timeframe, and outlines the steps each team must take to support the broader strategy. Tactical planning ensures cross-functional coordination and accountability.

Create an Operational Plan

The operational plan details the short-term activities, daily operations and workflow required to meet tactical goals. It includes schedules, staffing needs, task assignments and process guidelines. This plan ensures that the organization’s routine activities are aligned with strategic and tactical goals.

Establish an Organizational Structure

The organizational structure defines the hierarchy, reporting relationships and communication flow within the organization. It specifies roles and responsibilities across departments, enabling clear decision-making, accountability and collaboration. Choosing the right structure—functional, divisional, matrix, or flat—impacts organizational agility and efficiency.

Assess Resource Needs and Make an Operational Budget

This step involves identifying the human, technological and financial resources required to execute operational and tactical plans. An operational budget allocates funds to departments based on priorities and expected outcomes. Proper resource assessment ensures sustainability and prevents resource shortages or overspending.

Establish Standard Operating Procedures

Standard Operating Procedures (SOPs) are formalized guidelines for performing routine tasks. SOPs help ensure consistency, compliance and quality across the organization. They reduce training time, prevent errors and support continuous improvement by documenting best practices.

Define Key Performance Indicators (KPIs) for All Business Departments

KPIs are measurable values used to track the effectiveness and efficiency of different departments. Each department should have relevant KPIs aligned with organizational goals, such as customer satisfaction, revenue growth or project completion rates. These metrics allow leadership to monitor progress and make informed adjustments.

How to Make an Organizational Plan

The four phases of the organizational planning process create a framework, but there are different steps when making an organizational plan:

1. Start with the goals and objectives of the company: Where do you want to be in the short- and long-term?
   Then, assemble a team to lead the execution, tracking and progress of the plan.
2. Create a chart that illustrates the organizational structure of the plan: Share it with the whole company and keep them updated on progress as you hit milestones set for the long- and short-term.
3. Define the company goals and objectives: Make this a detailed list to help everyone understand the goals and objectives, as well as their part in realizing them.
4. Create a task list with roles for everyone on your team: Assign them tasks and make sure the team understands what is expected of them.
5. Review where the company is currently: What processes are in place at this moment? Reviewing this allows the team to see what they need to do to reach the company growth targets.
6. Scenario Planning: Use scenario planning to plan future strategic initiatives, make changes to the overall business model or any other actions that will allow the company to be more competitive
7. Take what you’ve collected and put it in a document: Use this to track progress when you execute the organizational plan.

What Should Be Included in an Organizational Plan?

Now that we’ve gone over the basic steps in the organizational planning process, let’s now dive into the key elements of an organizational plan document.

1. Executive Summary

A concise overview highlighting the plan’s purpose, scope, and expected impact. It summarizes key goals, strategic priorities, and the overall approach. The executive summary is often written last but appears first to give stakeholders a clear, high-level understanding of the plan’s intent and structure.

2. Mission, Vision and Core Values

These foundational statements define why the organization exists, where it aspires to go, and what principles guide its behavior. Together, they inform decision-making, shape company culture, and unify teams around a shared identity. Clear, inspiring statements provide direction and align internal and external stakeholders.

3. Strategic Objectives

Strategic objectives are measurable long-term goals that guide the organization toward its vision. They focus on growth, performance, innovation, and market position. These objectives provide clarity, help prioritize initiatives, and align all departments with the company’s future direction. They form the basis of actionable plans.

4. Organizational Structure

This outlines how the organization is arranged, including roles, departments, and reporting relationships. It defines how authority flows and how teams collaborate. A clear structure promotes accountability, efficient communication, and operational clarity, ensuring everyone understands their role and where they fit in the organization.

5. Workforce and Staffing Plan

Details current staffing levels, projected needs, and talent strategies. It covers hiring plans, skill gaps, training programs, and succession planning. This section ensures the organization is equipped with the right people in the right roles to achieve its objectives efficiently and sustainably over time.

6. Operational Plan

Translates strategic objectives into specific actions at the department level. It includes daily operations, key initiatives, timelines, and resource allocations. This section ensures coordination across teams, tracks progress against milestones, and serves as a roadmap for executing the organization’s short- and medium-term goals.

7. Financial Plan

Outlines the budget, funding sources, revenue forecasts, and cost estimates. It includes financial strategies for sustainability and growth. This section helps manage resources wisely, evaluate investment needs, and ensure alignment between financial decisions and organizational priorities to maintain fiscal health and accountability.

8. Technology and Infrastructure Plan

Covers the systems, tools, and facilities needed to support operations. It includes current technology, planned upgrades, and IT governance. This ensures infrastructure aligns with strategic goals, supports productivity, and addresses security, scalability, and innovation to maintain competitiveness and operational efficiency.

9. Risk Management Plan

Identifies potential internal and external risks to the organization’s success. It includes assessments, impact analysis, mitigation strategies, and contingency plans. A robust risk management plan helps protect assets, ensures business continuity, and prepares the organization to respond effectively to uncertainties and disruptions.

10. Performance Metrics and KPIs

Defines how progress and success will be measured. It includes specific, quantifiable indicators aligned with strategic objectives. Tracking KPIs allows for real-time performance monitoring, informed decision-making, and continuous improvement. This section ensures accountability and enables adjustments to stay on target.

11. Communication Plan

Outlines how information will be shared internally and externally. It includes communication channels, messaging strategies, and stakeholder engagement. This ensures transparency, boosts morale, aligns teams, and helps manage change effectively by keeping everyone informed and involved in organizational developments.

12. Review and Evaluation Schedule

Defines how and when the plan’s effectiveness will be assessed. It includes review intervals, responsible parties, and feedback mechanisms. Regular evaluations allow for course correction, validate progress toward goals, and promote continuous improvement across the organization through informed strategic adjustments.

How to Communicate Your Organizational Plan to the Team

Once you’ve created an organizational plan, you need to communicate it to the team. This is a crucial step. If you implement a plan without having everyone understand it, you may have problems that might derail the whole plan.

One way to get everyone on the same page is to call a company-wide meeting. Have a tight agenda that details the organizational plan, and get feedback from those in attendance. You can also create a one-sheet, and distribute it before or during the meeting.

If your company has project management software, you can bring the whole company in on the organizational plan, assign tasks and communicate through the tool if they have any questions. Then, when you implement the organizational plan, you can track progress and ensure everyone stays in communication.

How ProjectManager Helps with Organizational Planning

ProjectManager is a cloud-based tool with multiple project views that allow managers and their teams to choose the tool that they want to work with. No matter which they use, data is shared across the platform so everyone is working from the most current data.

Lay Out Entire Plans on Gantt Charts

Begin planning by organizing tasks and adding deadlines. Gantt charts are the traditional tool to get all your work on a timeline, but not all Gantt charts are the same. ProjectManager’s Gantt chart project view lets you to filter for the critical path without any complicated calculations. You see what is essential, and what you can skip, if time and money become an issue.

Set Baselines to Track Progress

Once the schedule is completed, you can set a baseline. This captures your planned effort around tasks, resource cost and more. That means, once you start to execute your plan, you can compare the actual effort to your planned effort to make sure you’re keeping on track.

Get Real-Time Data from Dashboards and Reports

To keep an eye on progress and performance, use ProjectManager’s live dashboard. It collects data, automatically calculates it and displays it in easy-to-read graphs and charts. Unlike other software, you don’t need to configure the dashboard; it’s up and running from the start.

Related Organizational Planning Content

• Organizational Chart Template
• Scenario Planning Template
• Organizational Project Management (OPM) Basics
• What Is Organizational Strategy in Business? (Examples Included)
• Organizational Resources Basics: Managing Company Resources
• Matrix Organizational Structure – A Quick Guide
• What Is Organization Design? Types, Principles & More
• Organizational Process Assets: Definitions, Examples & Templates

ProjectManager is award-winning software that has everything you need to plan, execute and track your organizational plan. With timesheets, automated notifications and kanban boards, managers get transparency and teams have the autonomy to manage their tasks. See how ProjectManager can help you with organizational planning and take a free trial today.

The post Organizational Planning 101: How to Make an Organizational Plan appeared first on ProjectManager.

Whether you’re managing inventory, requesting quotes or scheduling maintenance, having a clear and structured template can save time, reduce errors and improve accountability. Anyone who is a small business owner, department manager or part of a larger corporate team will find these service templates helpful

Free Service Templates

Below are a selection of templates from the over 100 free project management templates for Excel and Word that users can download immediately from our site. These templates cover all aspects of managing projects across multiple industries. The ones we’ve chosen for this roundup will help improve customer service and business efficiency.

1. Service Proposal Template

Download this free service proposal template for Word to outline the scope, approach and pricing for a service offered to a potential client. This service template acts as a persuasive pitch and a formal plan, helping clients understand exactly what’s being offered, how it will be delivered and at what cost. It includes sections like an executive summary, company background, service details, deliverables, timelines, pricing and terms and conditions.

This service template saves time and ensures a polished, consistent presentation with every client opportunity. It allows service providers to customize key details while maintaining a professional format that communicates value. A well-crafted template improves the chances of winning business and sets the stage for clear expectations and smooth collaboration. Whether you’re a freelancer, consultant, agency or service-based company, a strong service proposal template is essential for closing deals and building trust with clients.

When that proposal is accepted, it’s time to move from a template to project management software. ProjectManager is award-winning project and portfolio management software designed to handle the dynamic nature of a project in a way that static templates cannot.

The agreed-upon information in the service template can inform our robust Gantt chart, which schedules tasks, resources and costs. But it can also link all four types of task dependencies to avoid cost overruns, filter for the critical path and set a baseline to track progress in real time. Get started with ProjectManager today for free.

2. Service Agreement Template

This free service agreement template for Word outlines the terms and conditions under which services will be provided by one party to another. It’s a formal contract between a service provider and a client, clearly defining the scope of work, payment terms, deadlines, responsibilities, dispute resolution methods and other relevant conditions. The main goal of a service agreement is to protect both parties by setting clear expectations and providing a framework for accountability and legal recourse if issues arise.

Using a service agreement template helps ensure consistency, professionalism and legal coverage in client engagements. It saves time by offering a ready-made structure customizable to fit different projects or industries. It’s suitable for a freelancer, contractor, agency or business owner.

A solid service agreement minimizes misunderstandings and supports smoother, more transparent working relationships. It’s a critical tool for formalizing agreements and building trust in any service-based business.

3. Service Blueprint Template

Use this free service blueprint template for Excel as a strategic visual tool to map out the entire service delivery process—from the customer’s experience to the behind-the-scenes operations that make it possible.

The service template breaks down a service into key components such as customer interactions, frontstage (visible) employee actions, backstage (invisible) processes and supporting systems. The template includes a flow of activities, with layers representing each component, helping teams understand how the service works holistically.

This service template is especially valuable for designing, analyzing or improving complex service offerings. It helps identify pain points, inefficiencies or opportunities for enhancement by connecting customer actions and internal operations.

This level of visibility is crucial for aligning teams, improving consistency and enhancing the overall customer experience. It’s useful when launching a new service, optimizing an existing one or training staff. A service blueprint template is a powerful tool for service design and delivery.

4. Service-Level Agreement Template

This free service-level agreement template is a structured document that outlines the specific commitments and performance standards a service provider agrees to meet when delivering services to a client or internal team.

It defines key metrics such as uptime guarantees, response times, resolution times and service availability, along with roles, responsibilities and procedures for monitoring and reporting on performance. The service template also typically includes provisions for penalties or remedies if service levels are not met.

This service template ensures consistency and clarity in how service expectations are set and managed. It’s a foundational agreement that helps prevent misunderstandings, strengthens accountability and supports better communication between parties.

SLAs are especially common in IT services, customer support, SaaS, telecommunications and other industries where service reliability and responsiveness are critical. Organizations can customize this well-designed SLA template to efficiently draft agreements that align with business goals and customer expectations while maintaining professional standards.

5. Service Quote Template

Use this free service quote template for Excel to offer clients a detailed estimate for requested services before work begins. The service template includes a breakdown of the services to be provided, pricing for each item or task, total estimated cost, timelines, payment terms and any conditions or disclaimers. The quote serves as a non-binding proposal, giving clients clarity on what to expect in terms of both scope and cost.

Using a service quote template helps ensure professionalism and consistency in the quoting process. It saves time by providing a repeatable structure that can be customized for different clients or projects. A well-designed quote template also helps reduce misunderstandings, facilitates client approval and can even form the basis of a later service agreement or invoice.

Freelancers, consultants or a part of a larger service business will find that a clear and accurate quote template is a key tool for winning business and setting the right expectations from the start.

6. Terms of Service Template

Download this free terms of service template for Word to outline the rules, responsibilities and conditions users must agree to to use a product, service or platform—especially common for websites, apps and software services.

The service template includes sections on acceptable use, user obligations, intellectual property rights, disclaimers, limitation of liability, privacy policies and procedures for account termination or dispute resolution. The goal of the template is to protect the service provider legally while setting clear expectations for users.

Using this service template allows businesses to create a consistent and legally sound agreement quickly, which can be customized to fit their specific operations or industry requirements. It helps prevent misunderstandings, reinforces user accountability and can serve as a safeguard in the event of legal disputes.

It should be used when launching a new online service, mobile app or digital platform. A well-drafted terms of service document is essential for operating professionally and minimizing risk.

7. Service Report Template

This free service report template for Word is used to record and communicate the details of a service job after it has been completed. It includes information such as the client’s name, service date, technician or employee involved, a description of the work performed, time spent, materials used and follow-up recommendations. The service template acts as an official record of the service provided, useful for the provider and the client.

Using a service report template helps ensure consistency, accuracy and professionalism in documentation. It streamlines reporting across teams, supports quality control and provides valuable data for internal reviews, billing or customer communication. In industries like maintenance, IT support, field services and consulting, a clear and well-organized service report is essential for accountability, customer satisfaction and operational transparency.

8. Service Invoice Template

Use this free service invoice template for Word to bill clients for work completed. The service template includes essential details such as the provider’s and client’s contact information, an itemized list of services rendered, hourly rates or fixed charges, total amount due, invoice number, payment terms and due dates.

Using a service invoice template ensures that all billing communications are clear, professional and consistent. It saves time by providing a repeatable format that can be quickly tailored to each client or job. A well-structured invoice template not only supports accurate record-keeping and timely payments but also reinforces your brand’s credibility.

9. Service Request Form

Download this free service request form for Excel to formally request specific services or support from a department, team or service provider. The service template includes information such as the requester’s contact details, a description of the needed service, urgency or priority level, preferred timelines and any relevant supporting documentation.

These forms are commonly used in IT support, maintenance, customer service, facilities management and other operational areas to streamline how service needs are communicated and addressed.

The main benefit of using this service template is that it brings structure and clarity to the request process, ensuring that all necessary details are captured from the start. This reduces misunderstandings, improves response times and supports more efficient service delivery. By centralizing and organizing requests, teams can prioritize tasks, allocate resources more effectively and maintain a clear record of service activities.

ProjectManager Delivers Service Better Than Templates

These free service templates are useful tools until it’s time to deliver that service. Then, it’s clear that these static documents are unequipped to handle the dynamic nature of managing a project. That’s why there’s project management software. ProjectManager is award-winning project and portfolio management software that delivers better service planning, execution and monitoring.

Besides our powerful Gantt chart, there are task lists, kanban boards, sheet and calendar views that allow teams to use the tools best suited to their work. Custom and automated workflows, with task approval settings, ensure quality deliverables. There are also resource management and time-tracking tools.

Manage Resources Efficiently

Keeping to the agreed service template requires allocating resources efficiently to ensure the project is delivered on time and on budget. This starts with scheduling on Gantt charts and continues when onboarding the team, when project managers can set their availability, such as PTO, vacation, global holidays, skills and pay rate. This streamlines the assignment process and puts the right resources at the right time and place.

Resource allocation can be viewed for one or multiple projects by visiting the color-coded workload chart. It shows who is overallocated or underutilised, and can balance their workload without leaving the chart to keep everyone working at capacity but not burning the team out. A team page provides a daily or weekly summary of their activities, which can be filtered by priority or progress. Tasks can be updated, too, without leaving the page.

Stay on Track With Real-Time Dashboards and Reports

Project managers need to monitor more than just resources to keep the project on its course. For a high-level overview, they can toggle to our real-time dashboards. These dashboards require no setup and automatically collect live data that’s displayed on easy-to-read graphs and charts showing metrics such as time, cost, workload and more.

For greater detail, visit the customizable reports. Generate reports on status, variance, workload, timesheets and more with a keystroke. Each report can be filtered to focus on key data points or offer a general overview of progress, which can then be shared with stakeholders in a variety of formats. Even the secure timesheets help by tracking labor costs to help stay on budget.

Related Business Operations Content

Service templates are part of the larger business operations process. For those who would like to explore this area in more detail, follow the links below. They lead to some of the blogs we’ve posted on the subject.

• The Importance of Operational Project Management for Business
• How to Make an Operations Plan
• Business Project Management Basics
• How to Write a Business Plan

ProjectManager is online project and portfolio management software that connects teams whether they’re in the office or out in the field. They can share files, comment at the task level and stay updated with email and in-app notifications. Join teams at Avis, Nestle and Siemens who use our software to deliver successful projects. Get started with ProjectManager today for free.

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