The life cycle of a project, especially a successful one, involves continual analyzing and processing of numerous data, which is precisely where the crucial role of project management charts comes into play.
These tools are not only cherished for their simplicity but are also universally applicable across diverse industries due to their ability to provide accurate data. And the use of data in making business decisions is crucial.
While project management may sometimes allow for flexibility and spontaneity, decisions based on reliable parameters and data lead to project completion.
In this article, we take a deep dive into the world of project management charts, exploring their importance and presenting a selection of the most effective ones. So, let’s not waste another moment and dive right in!
What is a Project Management Chart?
Project management charts are visual representations of data related to a project. Understandably, a project, from its initial phase to execution, involves a vast amount of data and information used to track task progress and make informed decisions.
Should you increase investment in a specific area? Should you hire additional workers? Decisions regarding these and many other questions are largely based on relevant parameters.
Using graphs gives you access to such data and information, allowing decision-making to flow naturally. The significance of project management charts is that they are essential to a project manager’s, stakeholder’s, and project management team’s arsenal.
Why Are Project Management Charts Important?
Having understood what a project management chart is, let’s explore why this visual tool is widely used through the following benefits:
- Track progress: You can easily and effectively track project progress using project management charts. Graphs can show the level of activity and the current phase on each task, the resources utilization, whether activities align with the project schedule, and many other important project-related information.
- Resource optimization: Graphs indicate whether resource utilization is at an optimal level or not. Based on such data, the project management team can make decisions regarding allocating financial resources, workforce scheduling, hiring new employees, purchasing new equipment, and more.
- Transparency: With precise data, there is no room for deception. Statistics show the time spent on specific tasks, the value of deliverables, achieved milestones, and various other data points.
- Issue identification: If the progress curve is not advancing at the expected pace, it indicates the presence of a problem or bottleneck. Using a combination of different project management charts makes it easier to pinpoint the root cause of the problem.
These are just a few benefits of using project management charts. Using these tools allows the team to know what is happening with the project and its current stage. It enables data-driven decision-making and gives relevant stakeholders insight into the project’s status.
10 Best Project Management Charts to Use
We have prepared a list of the 10 most commonly used project management charts that provide you with information from various segments of project management:
#1. Gantt Chart
Gantt charts are commonly used in project management as they simplify activity tracking by providing a visual and easy-to-follow overview of tasks and their status. The name comes from its inventor, Henry Gantt, who created this tool to monitor employee productivity.
Characteristics:
- Consists of a horizontal line representing the timeline or duration
- Tasks are arranged vertically along the chart
- Shows tasks’ start and end dates
- Displays completion status as a percentage
- It can indicate delays or missed deadlines using distinct markers
- Includes milestones to mark significant project achievements
- Shows the critical path, highlighting vital tasks in project completion
Best Suited For:
- Smaller teams or individuals
- Less complex projects
Pros:
- Easy to understand
- Clear overview of activities and their scheduled timeframes
- Useful for identifying potential delays and bottlenecks and tracking progress
Cons:
- Not suitable for projects with numerous iterations or high complexity
#2. Flowchart
Flowcharts enhance understanding of a process by breaking it down into individual components. Each component is analyzed separately, highlighting their interconnections. That allows for a comprehensive understanding of the entire process and enables improvements.
Flowcharts visually guide through complex processes, enhancing clarity and facilitating process optimization.
Characteristics:
- Helps break down a process into manageable parts for analysis and understanding
- Illustrates the interconnectedness of process components, enabling a comprehensive view of the entire process
- It’s excellent for analyzing processes, identifying deficiencies, and developing strategies for process improvement
Best Suited For:
- Manufacturing, production, project management, service-oriented sector, and other industries
Pros:
- Enhances understanding of the overall process flow
- Facilitates process improvement and increased efficiency
- Supports problem-solving activities
- Improves communication within teams
Cons:
- Analyzing flowcharts and implementing process changes can be time-consuming
- Continuous updates and modifications to flowcharts can require significant effort
#3. Kanban Board
A Kanban board is based on the principle of transparency, aiming to improve workflow processes and limit what is commonly known as work in progress.
The board consists of three sections: one showing requested tasks, one displaying tasks in progress, and one indicating completed tasks. Each section contains cards representing the tasks, which are moved from one section to another as the tasks progress.
Characteristics:
- Emphasizes visibility and transparency of work items and their status
- Sets limits on the number of tasks that can be in progress
- Encourages delivering work just in time
- Allows for change and adaptation based on customer requirements
- Tracks status and progress
- Pulls work from one stage to another based on the capacity and availability of the team
Best Suited For:
- Smaller or medium-sized teams
Pros:
- Easy to use
- Can be customized
- Clear overview of track progress
- Promotes collaboration
- Improves team efficiency
Cons:
- Not suitable for complex projects
- Does not show the timeframe
#4. PERT Chart
A PERT chart, which stands for Project Evaluation and Review Technique, is a tool used to plan, schedule, and manage tasks within a project. It is composed of nodes and arrows, where nodes represent tasks or milestones, while arrows indicate the flow and sequence of those activities.
Characteristics:
- Graphical representation of project tasks, milestones, and interdependencies
- Shows logical relationships and flow of activities
Best Suited For:
- Project with interdependent activities
- Project with strict deadlines and dependencies
Pros:
- Visualizes project timeline, tasks, and milestones
- Helps identify critical activities
- Allows for effective resource allocation
- Facilitates coordination and communication among project team members
Cons:
- Can be time-consuming to create and update
- Requires accurate estimates for activity durations
- May not be an ideal method for long-term projects
#5. Work Breakdown Structure
If you are working on a complex project or task that requires breaking down into smaller components, the Work Breakdown Structure (WBS) is a good choice. The WBS consists of levels that are further subdivided.
Level 1 represents the main task, and all sublevels represent tasks that contribute to completing the main task.
Characteristics:
- Hierarchical decomposition of project deliverables and work
- Breaks down project scope into manageable components and tasks
Best Suited For:
- Complex projects and tasks that require a structured breakdown
- Project with multiple interdependent components or workstreams
Pros:
- Provides clarity and organization in project planning and execution
- Helps in defining and controlling project scope
- Facilitates resource allocation and task assignment
- Enables accurate estimation of time and costs
Cons:
- Requires time and effort to be created and maintained
- Can become overly detailed or complex if not properly managed
- May need adjustments as project requirements change
#6. Workflow Diagram
A workflow diagram visually represents the business process and the flow of tasks, information, and work in general, from start to finish. It provides a clear overview of the sequence and dependencies of activities.
Characteristics:
- Visual representation of the workflow and process
- Clear description of the sequence and relationship between tasks
- Decision points, branches, and loops in the workflow
Best Suited For:
- Processes or workflows with multiple steps or tasks
- Repetitive processes that benefit from visualization
Pros:
- Enhances understanding of the workflow and process
- Identifies bottlenecks, inefficiencies, and areas for improvement
- Helps in standardizing procedures
- Assists in training new employees on the workflow
Cons:
- Can become messy or confusing if not designed clearly
- May require regular updates as processes evolve or change
- Does not provide detailed instructions for individual tasks
#7. Risk Matrix
A risk matrix displays a project’s potential risks during its life cycle. Risk assessment requires using historical data, experience, and external information. The risk matrix consists of two factors—the probability of the risk event occurring and the impact it can have on the project.
Characteristics:
- Visual tool for assessing and prioritizing risks
- Grid-based structure with likelihood and impact levels
Best Suited For:
- Project management, risk management, and decision-making
Pros:
- Clear visual representation of risks
- Comparisons and prioritization of risks
- Identification of high-priority risks
- Enhanced risk transparency and accountability
Cons:
- Subjectivity in assigning scores
- Limited consideration of interdependencies
- Potential oversight of critical factors
#8. Bar Chart
A Bar Chart is a graphical representation that uses rectangular bars to present data. It is commonly used in project management due to its ease of use and data interpretation.
Characteristics:
- It uses rectangular bars of varying lengths to represent data
- The length of each bar corresponds to the quantity or value being measured
- The bars are usually plotted horizontally or vertically along an axis
- Comparing and visualizing different categories or groups of data
Best Suited For:
- Various day-to-day project management tasks
Pros:
- Provides a clear and straightforward visual representation of data
- Allows for quick and easy comparisons between different categories or groups
- Display trends, patterns, and variations in data
Cons:
- Limited in representing data that doesn’t lend itself well to a bar format
- Difficulties arise when dealing with overlapping or closely spaced bars
#9. Pareto Chart
There is a high chance that a project will encounter problems and complications during its life cycle. However, this does not necessarily mean the project is bad; on the contrary, such data should be used to draw lessons and improve.
That is why you have the Pareto chart at your disposal. The task of the Pareto chart is to identify the reasons behind the problems, determine which issue is a priority, and enable the project management team to take action to eliminate them.
Characteristics:
- Allows the visual representation of data using vertical bars and a line graph
- Helps identify the vital issues that contribute to a majority of problems
- Organizes data in descending order of importance or frequency
Best Suited For:
- A wide range of projects across various industries
Pros:
- Provides a clear and concise overview of the most significant issues
- Enables focus on high-impact problems for effective resource allocation
- Helps teams make informed decisions and solve problems
Cons:
- It does not offer direct solutions
- It may require additional research and investigation to understand the issues
#10. Burn Up Chart
A burn-up chart is a graph used within the Agile methodology, specifically Scrum, to show the extent of project or sprint completion and compare it to the total project scope. By comparing these two values, you can gather information about the project’s velocity and determine if any adjustments to the plan and work are necessary.
Characteristics:
- Visual graph that tracks project or sprint progress over time
- Compares completed work with the total project scope
- Typically displayed as a line graph
Best Suited For:
- Agile project management methodologies, particularly Scrum
- Projects with a defined scope and incremental delivery
Pros:
- Provides a clear visual representation of project progress and scope completion
- Enables stakeholders to see if the project is on track to meet the desired goal
- Highlights any deviations from the planned trajectory
Cons:
- Can be time-consuming to maintain and update regularly
- Requires proper interpretation by stakeholders to avoid misinterpretation
- May oversimplify complex project dynamics
Conclusion
Projects and their management can get pretty complex, right? You’ve got to juggle all sorts of decisions—from planning and resource management to team collaboration. And trust us, making all these decisions is no walk in the park.
Right in the middle of it, a project management chart lies. This comprehensive tool, combined with user-friendly project management apps like Trello, Asana, or Microsoft Project, will simplify the whole decision-making process and guide you and your team toward your project goals.
So, when you combine these insights with some practical knowledge, wisdom, skills, and a bunch of handy project management tools, you’ll be surprised at how much it can elevate your decision-making. It’s like giving your projects a powerful boost, setting you on the path to success.
