Ultimate Guide: Project Management Best Practices & Examples

Reported by: Shahirah Abdul Aziz

Project management is the backbone of successful business operations—ensuring that goals are met on time, within budget, and with minimal risks. Whether you're launching a new product, upgrading IT systems, or managing a large-scale construction project, the right strategies can make the difference between success and costly failure.
In this guide, we’ll explore:

• Common project management mistakes (and how to avoid them)
• Best practices every manager should know
• Real-world examples across industries
• Key questions to assess your current PM setup

What is Project Management?
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Project management (PM) is the process of planning, executing, and completing work to achieve specific goals within constraints. In 2025, successful organizations take this further by implementing Portfolio Project Management (PPM) to align all projects with strategic objectives.

Modern project management combines:

• Strategic planning (tying projects to business goals)
• Structured execution (from demand intake to reporting)
• Industry-specific approaches (like Agile for finance or safety-first methods for energy)
• Powerful tools (like Smartsheet for centralized management)

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Want to go beyond single projects? Learn how PPM can transform your strategy.

Common Mistakes in Project Management
Even seasoned managers fall into these traps:

Poor Scope Definition

• Problem: Vague objectives lead to scope creep.
• Fix: Use a Project Charter to document deliverables upfront.

Ignoring Risk Management

• Problem: Unanticipated delays or costs derail projects.
• Fix: Conduct a risk assessment during planning.

Overlooking Stakeholder Communication

• Problem: Misalignment causes rework and delays.
• Fix: Schedule regular check-ins and use collaboration tools.

Relying on Manual Processes

• Problem: Spreadsheets cause errors and inefficiencies.
• Fix: Automate workflows with PM software like Smartsheet.

Failing to Adapt Methodologies

• Problem: Using Waterfall for fast-moving IT projects (or Agile for rigid construction plans).
• Fix: Match the methodology to the project type.

Project Management Best Practices Every Manager Should Know

Start with a Clear Plan

• Define SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound).
• Use Gantt charts for timeline visualization.

Prioritize Risk Management

• Maintain a risk register and update it weekly.
• Assign mitigation owners for high-impact risks.

Leverage Technology

• Use real-time dashboards (e.g., Smartsheet) for tracking KPIs.
• Automate approvals, reporting, and task assignments.

Communicate Proactively

• Hold 15-minute daily stand-ups for Agile teams.
• Share visual progress reports with stakeholders.

Leverage Automation

• Replace manual retrospectives with AI-driven summary to analyse project outcomes.
• Set up auto-triggered improvement workflows for recurring issues.

Project Management Industry Examples

Different sectors face unique challenges—here’s how top industries optimize PM:
🏦 Finance

• Challenge: Regulatory compliance + cybersecurity risks.
• Solution: Agile + automated audit trails.
• 🔗 Read more: Project Management Best Practices for Finance (2025)

🏭 Manufacturing

• Challenge: Supply chain delays + resource shortages.
• Solution: Real-time production tracking + QC automation.
• 🔗 Read more: The Ultimate Guide to Manufacturing Project Management

⚡ Energy

• Challenge: Safety risks + budget overruns.
• Solution: Centralized dashboards + compliance tracking.
• 🔗 Read more: Project Management in the Energy Sector

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(Explore more industry-specific guides in our blog!)

Is Your Project Management Setup Effective?

Take our quick quiz to evaluate your current work processes and find out whether your project management tools are truly supporting your team. See if your current software still fits your team’s needs—or if it’s time to consider an upgrade.
👉 Project Management Tool Quiz

Conclusion

Great project management isn’t just about checklists—it’s about strategy, adaptability, and the right tools. Whether you’re in finance, manufacturing, energy, or another sector, refining your approach can save time, cut costs, and boost success rates.

Want a head start?

At 57Network, we help businesses optimize project execution with Smartsheet integrations, cybersecurity, and workflow automation. Ready to transform your PM processes? Contact us today!