Explore Courses
course iconScrum AllianceCertified ScrumMaster (CSM) Certification
  • 16 Hours
Best seller
course iconScrum AllianceCertified Scrum Product Owner (CSPO) Certification
  • 16 Hours
Best seller
course iconScaled AgileLeading SAFe 6.0 Certification
  • 16 Hours
Trending
course iconScrum.orgProfessional Scrum Master (PSM) Certification
  • 16 Hours
course iconScaled AgileSAFe 6.0 Scrum Master (SSM) Certification
  • 16 Hours
course iconScaled Agile, Inc.Implementing SAFe 6.0 (SPC) Certification
  • 32 Hours
Recommended
course iconScaled Agile, Inc.SAFe 6.0 Release Train Engineer (RTE) Certification
  • 24 Hours
course iconScaled Agile, Inc.SAFe® 6.0 Product Owner/Product Manager (POPM)
  • 16 Hours
Trending
course iconKanban UniversityKMP I: Kanban System Design Course
  • 16 Hours
course iconIC AgileICP Agile Certified Coaching (ICP-ACC)
  • 24 Hours
course iconScrum.orgProfessional Scrum Product Owner I (PSPO I) Training
  • 16 Hours
course iconAgile Management Master's Program
  • 32 Hours
Trending
course iconAgile Excellence Master's Program
  • 32 Hours
Agile and ScrumScrum MasterProduct OwnerSAFe AgilistAgile CoachFull Stack Developer BootcampData Science BootcampCloud Masters BootcampReactNode JsKubernetesCertified Ethical HackingAWS Solutions Artchitct AssociateAzure Data Engineercourse iconPMIProject Management Professional (PMP) Certification
  • 36 Hours
Best seller
course iconAxelosPRINCE2 Foundation & Practitioner Certificationn
  • 32 Hours
course iconAxelosPRINCE2 Foundation Certification
  • 16 Hours
course iconAxelosPRINCE2 Practitioner Certification
  • 16 Hours
Change ManagementProject Management TechniquesCertified Associate in Project Management (CAPM) CertificationOracle Primavera P6 CertificationMicrosoft Projectcourse iconJob OrientedProject Management Master's Program
  • 45 Hours
Trending
course iconProject Management Master's Program
  • 45 Hours
Trending
PRINCE2 Practitioner CoursePRINCE2 Foundation CoursePMP® Exam PrepProject ManagerProgram Management ProfessionalPortfolio Management Professionalcourse iconAWSAWS Certified Solutions Architect - Associate
  • 32 Hours
Best seller
course iconAWSAWS Cloud Practitioner Certification
  • 32 Hours
course iconAWSAWS DevOps Certification
  • 24 Hours
course iconMicrosoftAzure Fundamentals Certification
  • 16 Hours
course iconMicrosoftAzure Administrator Certification
  • 24 Hours
Best seller
course iconMicrosoftAzure Data Engineer Certification
  • 45 Hours
Recommended
course iconMicrosoftAzure Solution Architect Certification
  • 32 Hours
course iconMicrosoftAzure Devops Certification
  • 40 Hours
course iconAWSSystems Operations on AWS Certification Training
  • 24 Hours
course iconAWSArchitecting on AWS
  • 32 Hours
course iconAWSDeveloping on AWS
  • 24 Hours
course iconJob OrientedAWS Cloud Architect Masters Program
  • 48 Hours
New
course iconCareer KickstarterCloud Engineer Bootcamp
  • 100 Hours
Trending
Cloud EngineerCloud ArchitectAWS Certified Developer Associate - Complete GuideAWS Certified DevOps EngineerAWS Certified Solutions Architect AssociateMicrosoft Certified Azure Data Engineer AssociateMicrosoft Azure Administrator (AZ-104) CourseAWS Certified SysOps Administrator AssociateMicrosoft Certified Azure Developer AssociateAWS Certified Cloud Practitionercourse iconAxelosITIL 4 Foundation Certification
  • 16 Hours
Best seller
course iconAxelosITIL Practitioner Certification
  • 16 Hours
course iconPeopleCertISO 14001 Foundation Certification
  • 16 Hours
course iconPeopleCertISO 20000 Certification
  • 16 Hours
course iconPeopleCertISO 27000 Foundation Certification
  • 24 Hours
course iconAxelosITIL 4 Specialist: Create, Deliver and Support Training
  • 24 Hours
course iconAxelosITIL 4 Specialist: Drive Stakeholder Value Training
  • 24 Hours
course iconAxelosITIL 4 Strategist Direct, Plan and Improve Training
  • 16 Hours
ITIL 4 Specialist: Create, Deliver and Support ExamITIL 4 Specialist: Drive Stakeholder Value (DSV) CourseITIL 4 Strategist: Direct, Plan, and ImproveITIL 4 Foundationcourse iconJob OrientedData Science Bootcamp
  • 6 Months
Trending
course iconJob OrientedData Engineer Bootcamp
  • 289 Hours
course iconJob OrientedData Analyst Bootcamp
  • 6 Months
course iconJob OrientedAI Engineer Bootcamp
  • 288 Hours
New
Data Science with PythonMachine Learning with PythonData Science with RMachine Learning with RPython for Data ScienceDeep Learning Certification TrainingNatural Language Processing (NLP)TensorflowSQL For Data Analyticscourse iconIIIT BangaloreExecutive PG Program in Data Science from IIIT-Bangalore
  • 12 Months
course iconMaryland UniversityExecutive PG Program in DS & ML
  • 12 Months
course iconMaryland UniversityCertificate Program in DS and BA
  • 31 Weeks
course iconIIIT BangaloreAdvanced Certificate Program in Data Science
  • 8+ Months
course iconLiverpool John Moores UniversityMaster of Science in ML and AI
  • 750+ Hours
course iconIIIT BangaloreExecutive PGP in ML and AI
  • 600+ Hours
Data ScientistData AnalystData EngineerAI EngineerData Analysis Using ExcelDeep Learning with Keras and TensorFlowDeployment of Machine Learning ModelsFundamentals of Reinforcement LearningIntroduction to Cutting-Edge AI with TransformersMachine Learning with PythonMaster Python: Advance Data Analysis with PythonMaths and Stats FoundationNatural Language Processing (NLP) with PythonPython for Data ScienceSQL for Data Analytics CoursesAI Advanced: Computer Vision for AI ProfessionalsMaster Applied Machine LearningMaster Time Series Forecasting Using Pythoncourse iconDevOps InstituteDevOps Foundation Certification
  • 16 Hours
Best seller
course iconCNCFCertified Kubernetes Administrator
  • 32 Hours
New
course iconDevops InstituteDevops Leader
  • 16 Hours
KubernetesDocker with KubernetesDockerJenkinsOpenstackAnsibleChefPuppetDevOps EngineerDevOps ExpertCI/CD with Jenkins XDevOps Using JenkinsCI-CD and DevOpsDocker & KubernetesDevOps Fundamentals Crash CourseMicrosoft Certified DevOps Engineer ExperteAnsible for Beginners: The Complete Crash CourseContainer Orchestration Using KubernetesContainerization Using DockerMaster Infrastructure Provisioning with Terraformcourse iconTableau Certification
  • 24 Hours
Recommended
course iconData Visualisation with Tableau Certification
  • 24 Hours
course iconMicrosoftMicrosoft Power BI Certification
  • 24 Hours
Best seller
course iconTIBCO Spotfire Training
  • 36 Hours
course iconData Visualization with QlikView Certification
  • 30 Hours
course iconSisense BI Certification
  • 16 Hours
Data Visualization Using Tableau TrainingData Analysis Using Excelcourse iconEC-CouncilCertified Ethical Hacker (CEH v12) Certification
  • 40 Hours
course iconISACACertified Information Systems Auditor (CISA) Certification
  • 22 Hours
course iconISACACertified Information Security Manager (CISM) Certification
  • 40 Hours
course icon(ISC)²Certified Information Systems Security Professional (CISSP)
  • 40 Hours
course icon(ISC)²Certified Cloud Security Professional (CCSP) Certification
  • 40 Hours
course iconCertified Information Privacy Professional - Europe (CIPP-E) Certification
  • 16 Hours
course iconISACACOBIT5 Foundation
  • 16 Hours
course iconPayment Card Industry Security Standards (PCI-DSS) Certification
  • 16 Hours
course iconIntroduction to Forensic
  • 40 Hours
course iconPurdue UniversityCybersecurity Certificate Program
  • 8 Months
CISSPcourse iconCareer KickstarterFull-Stack Developer Bootcamp
  • 6 Months
Best seller
course iconJob OrientedUI/UX Design Bootcamp
  • 3 Months
Best seller
course iconEnterprise RecommendedJava Full Stack Developer Bootcamp
  • 6 Months
course iconCareer KickstarterFront-End Development Bootcamp
  • 490+ Hours
course iconCareer AcceleratorBackend Development Bootcamp (Node JS)
  • 4 Months
ReactNode JSAngularJavascriptPHP and MySQLcourse iconPurdue UniversityCloud Back-End Development Certificate Program
  • 8 Months
course iconPurdue UniversityFull Stack Development Certificate Program
  • 9 Months
course iconIIIT BangaloreExecutive Post Graduate Program in Software Development - Specialisation in FSD
  • 13 Months
Angular TrainingBasics of Spring Core and MVCFront-End Development BootcampReact JS TrainingSpring Boot and Spring CloudMongoDB Developer Coursecourse iconBlockchain Professional Certification
  • 40 Hours
course iconBlockchain Solutions Architect Certification
  • 32 Hours
course iconBlockchain Security Engineer Certification
  • 32 Hours
course iconBlockchain Quality Engineer Certification
  • 24 Hours
course iconBlockchain 101 Certification
  • 5+ Hours
NFT Essentials 101: A Beginner's GuideIntroduction to DeFiPython CertificationAdvanced Python CourseR Programming LanguageAdvanced R CourseJavaJava Deep DiveScalaAdvanced ScalaC# TrainingMicrosoft .Net Frameworkcourse iconSalary Hike GuaranteedSoftware Engineer Interview Prep
  • 3 Months
Data Structures and Algorithms with JavaScriptData Structures and Algorithms with Java: The Practical GuideLinux Essentials for Developers: The Complete MasterclassMaster Git and GitHubMaster Java Programming LanguageProgramming Essentials for BeginnersComplete Python Programming CourseSoftware Engineering Fundamentals and Lifecycle (SEFLC) CourseTest-Driven Development for Java ProgrammersTypeScript: Beginner to Advanced

How to Use Critical Thinking to Make a Project More Profitable

By Shubhranshu Agarwal

Updated on Oct 13, 2017 | 4 min read

Share:

Critical thinking for project managers is all about creative thinking without boundaries to challenge the assumptions for completing the projects on time with estimated profit. The successful project managers are the creative thinkers with special ability to lead the project team for the common goal; and, the goal is to contribute to organization’s growth by delivering 100% customer satisfaction with each project completion. Critical thinking involves logical reasoning steered by different reports; the collected information helps you decide fast on the basis of opinions and formatted database.

The following 7 smart hacks will help you manage the projects successfully with strategic critical thinking:

1. Have A Strategic Approach From Start To Finish: 

The progressive project managers endeavor to follow a “paradigm” of 5 major stages - initiation, planning, execution, monitor-control, and finishing. The task is not to complete the project successfully but it involves ensuring the estimated profitability also without any compromise with quality or customer satisfaction. 

2. Be The Master To Manage In Diverse Areas: 

As a competent project lead manager, you need to apply critical thinking skill in diverse areas like defining, integration, scheduling, quality control, HR, procurement, risk management, cost control and stakeholder management etc.

3. Use Only Tested Processes For Doing Project Estimate: 

To ensure the success of any size project, having an accurate estimate is the starting point. The estimate should be based on the time-tested processes, encompassing all the risk factors. The experienced project managers often use different techniques to cross-check the project cost: 

Master Right Skills & Boost Your Career

Avail your free 1:1 mentorship session

4. Enforce Rigid Timesheet Entry & Approval Processes:

Introduction of the culture of timesheet entry & approval improves billing accuracy that helps the project manager to minimize the budget overruns by optimized resource management. 

5. Define The Payment Process For Excess Work/Services:  

You should follow a well-defined and communicated process to pay for additional services or purchases.  

6. Facilitate Yourself For Direct Access To Any Information: 

Checking status and different activities frequently is a part of effective project management. The quick access to desired information keeps the project on the right track.

7. Fix Project Status Review Meeting At Particular Day & Time:

Reviewing the different reports periodically about project profitability, opportunity, utilization and AR aging etc., helps you focus better on all the critical factors that contribute to the financial success of the project. 

As the competition in every business sector is getting intense, strategic critical thinking is getting more importance in cost-efficient project management. But not every project manager has the much-needed expertise in critical thinking. Critical thinking is a skill that needs to be developed and refined; and, there can’t be any better way than joining the particular PMP certification training course in the line of your role in project management. 

Elevate your career with the renowned Online PRINCE2 Foundation certification. Gain project management expertise to stand out from the crowd!

Top Cities where KnowledgeHut Conduct Project Management Certification Training Course Online

Project Management Courses in London Project Management Courses in Singapore
Project Management Courses in Melbourne Project Management Courses in Toronto
Project Management Courses in Sydney Project Management Courses in Perth
Project Management Courses in Bangalore Project Management Courses in Dubai
Project Management Courses in Mumbai Project Management Courses in Brisbane
Shubhranshu Agarwal

Shubhranshu Agarwal

19 articles published

Get Free Consultation

By submitting, I accept the T&C and
Privacy Policy

SuggestedBlogs