What Assets Do Project Managers Need To be Successful
- Michelle M
- Jun 10
- 6 min read
Project managers are orchestrators of transformation, overseeing the movement from idea to reality. Whether managing the launch of a new app, constructing a hospital wing, implementing an enterprise software system, or coordinating a marketing campaign, project managers rely on a wide range of assets to succeed. But what exactly are these assets and how do they use them?
In project management, “assets” aren’t just physical tools or technology they include skills, systems, processes, information, templates, relationships, and platforms that contribute to effective delivery. Think of assets as the essential components that help a project manager plan, execute, monitor, and close projects efficiently.
This blog explores the key assets and resources that every project manager should have, maintain, or strive to develop to lead successful projects in today’s dynamic environments. We'll categorize these assets across several domains: personal, informational, organizational, digital, and human.
Whether you’re an aspiring project manager or a seasoned pro looking to improve, this guide offers a complete view of what it takes to build your project delivery toolkit.
1. Personal Assets: Skills and Competencies
The most critical assets a project manager has are the ones they carry internally their skills, experience, mindset, and professional behavior.
a) Leadership and Communication
Project managers must lead without authority much of the time. Strong leadership and communication skills are essential assets for gaining trust, managing stakeholders, facilitating meetings, resolving conflict, and keeping teams aligned.
b) Time Management
Knowing how to prioritize, delegate, and schedule time effectively is an essential asset. Project managers who can keep themselves and others on schedule are more likely to deliver results.
c) Problem-Solving and Decision-Making
Projects rarely go 100% according to plan. Being able to analyze issues quickly and make sound decisions under pressure is a critical asset.
d) Emotional Intelligence
Empathy, self-awareness, adaptability, and relationship management are vital assets for motivating teams and managing diverse personalities.
e) Industry Knowledge
Domain-specific understanding (e.g., IT, construction, marketing) enhances credibility and enables faster decision-making.
2. Informational Assets: Documentation and Templates
Successful project managers use and create informational assets that streamline planning, execution, and reporting. These assets ensure consistency, reduce duplication, and improve clarity.
a) Project Charter
Defines the project’s purpose, goals, scope, stakeholders, and authority. It’s a foundational asset that sets the tone for everything that follows.
b) Work Breakdown Structure (WBS)
A WBS breaks the project into manageable tasks. It’s a visual and structural asset that simplifies estimation and tracking.
c) Risk Register
Documents potential risks, their likelihood and impact, and mitigation strategies. An essential asset for proactive management.
d) Gantt Charts and Schedules
Visual timelines showing task dependencies and milestones. These assets keep the project team and stakeholders on the same page.
e) Communication Plans
Outlines who needs to receive what information and when. It's a vital asset for managing expectations and engagement.
f) Lessons Learned Database
Captures post-project insights. An often overlooked but invaluable asset for improving future projects.
3. Digital Assets: Tools and Technologies
Today’s project managers must master an ever-evolving toolkit of digital assets that facilitate collaboration, planning, documentation, and reporting.
a) Project Management Software
Tools like Microsoft Project, Asana, Jira, Smartsheet, Trello, Monday.com, and ClickUp help plan tasks, allocate resources, track progress, and visualize timelines.
b) Communication Platforms
Slack, Microsoft Teams, Zoom, or Google Meet are communication assets that ensure seamless collaboration.
c) Cloud Storage and Document Management
Google Drive, SharePoint, and Dropbox are essential assets for document sharing and version control.
d) Reporting Dashboards
BI tools like Power BI or Tableau allow project managers to generate visual reports for real-time decision-making.
e) Version Control and Audit Tools
Critical for software and document-heavy projects where tracking changes is necessary.
f) Automation Tools
Zapier, Make (Integromat), or native automation features in platforms like Jira reduce repetitive work and increase efficiency.
4. Organizational Assets: Processes, Policies, and Governance
Organizational assets provide structure and accountability. They shape how a project is governed and aligned with wider business goals.
a) PMO Standards and Guidelines
Organizations with a Project Management Office (PMO) often have formalized policies and procedures that support consistent delivery.
b) Governance Frameworks
RACI matrices, decision logs, and escalation procedures provide clarity on who is responsible for what and when.
c) Procurement and Contract Templates
Standardized contracts, RFIs, and SOW templates help speed up engagements with vendors and ensure legal compliance.
d) Quality Management Systems
Defines how quality will be measured and ensured, aligning the project’s outcomes with customer expectations.
e) Budget and Financial Tracking Systems
ERP systems and financial dashboards are critical assets for budget monitoring and cost control.
f) Change Control Process
Having a formal mechanism to assess and approve changes helps prevent scope creep and ensures proper alignment.
5. Human Assets: People and Relationships
People are often the most powerful and unpredictable project assets. A project manager’s ability to identify, motivate, and engage the right people can determine success or failure.
a) Project Team Members
The skills, motivation, and commitment of your team are invaluable assets. Hiring the right people and assigning them appropriately is crucial.
b) Subject Matter Experts (SMEs)
Access to internal or external SMEs accelerates decision-making and problem-solving.
c) Stakeholders
Customers, users, sponsors, and partners provide the input, validation, and funding necessary to move a project forward.
d) Mentors and Advisors
Having a network of experienced mentors can provide guidance during complex or unfamiliar situations.
e) Vendors and Third Parties
External providers often supply key components or services. Maintaining strong working relationships is a strategic asset.
f) Sponsors and Champions
An engaged executive sponsor can help remove obstacles and secure resources. Their
influence is a hidden yet powerful asset.
6. Methodological Assets: Frameworks and Approaches
Methodologies are conceptual assets frameworks that guide how projects are managed and delivered. Project managers should be equipped with a mix of approaches and know when to apply each.
a) Waterfall
A traditional linear approach suited to projects with fixed requirements and deliverables.
b) Agile
An iterative, adaptive approach ideal for fast-changing or innovation-driven environments.
c) Scrum
A specific agile framework built around sprints, standups, and iterative delivery.
d) Kanban
A visual flow-based system that helps teams manage work-in-progress and reduce bottlenecks.
e) PRINCE2
A process-based methodology with formal stages and roles, common in UK and government projects.
f) Hybrid Approaches
Many modern projects blend agile and waterfall having the flexibility to choose the right blend is a valuable asset in itself.
7. Strategic Assets: Alignment and Vision
Project managers don't just deliver tasks they deliver value. Strategic assets ensure that the project aligns with business goals and has a clear impact.
a) Business Case
Defines the “why” behind the project and connects it to organizational priorities.
b) Roadmaps and Vision Documents
Help link the project to long-term goals and communicate its importance to stakeholders.
c) KPIs and Success Metrics
Without measurable outcomes, a project’s value remains vague. Clear metrics are strategic assets for validation.
d) Organizational Strategy Knowledge
Understanding the big picture allows PMs to prioritize effectively and influence stakeholders.
e) Customer Insights
Feedback loops and user data help ensure that what is being built is what’s actually needed.
8. Certification and Professional Development Assets
Credentials and ongoing learning are intangible but powerful assets. They signal credibility, dedication, and knowledge.
a) Certifications
PMP (Project Management Professional)
PRINCE2 Practitioner
Certified Scrum Master (CSM)
Agile Certified Practitioner (PMI-ACP)
CAPM (Certified Associate in Project Management)
These open doors and provide formal structure to a PM’s knowledge base.
b) Training Programs
Workshops, online courses (e.g., Coursera, Udemy), and seminars expand a PM’s toolkit.
c) Communities of Practice
Involvement in forums, groups, or communities helps with knowledge sharing and support.
Conclusion: What Assets Do Project Managers Need
No single project manager possesses all the assets listed here but the best ones know what they have, what they lack, and how to bridge the gap.
The secret to becoming a successful project manager isn’t hoarding resources it’s leveraging the right assets at the right time.
Here’s how to start building your asset portfolio:
Audit your current assets: What tools, skills, and templates do you already have?
Identify your gaps: What’s missing that could improve your effectiveness?
Develop a plan: Focus on acquiring one new asset at a time whether that’s a new tool, a stakeholder relationship, or a certification.
Stay adaptable: Your asset needs will change from project to project. Flexibility is an asset in itself.
In the end, managing projects is not about doing it all alone it’s about being the person who knows what’s needed, when, and how to get it. By building a well-rounded set of assets, you don’t just survive projects you lead them with confidence.
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