Today, everybody talks about project management, but what is it? The reality is, running projects without good project management is a false economy. It’s often thought to be a drain on the budget, and there’s no doubt it can be expensive – as much as 20% of the overall project budget. Formerly, traditional means were used for running a business or any project. Still, with time, market experts and entrepreneurs added a variety of new practices to ensure the success of every project. Today, every single organization use project management due to its extraordinary benefits. According to recent statistics, project management is a highly growing profession, and its demand will continue to increase in the future. But what is so special about project management that has led to such an increase in demand? The first principles of running a project from start to finish require a team of individuals with different talents and skills. These people are responsible for planning and executing the project objectives, which takes more than just labor and materials.
Excellent project management ensures that the goals of departmental projects closely align with the strategic goals of the overall business.
In identifying a solid business case and being methodical about calculating ROI, project management is crucial because it can help ensure the right thing is delivered, delivering real value.
Of course, as projects progress, risks may emerge that turn into issues, or even the business strategy may change. But a project manager ensures that the project is part of that realignment. Project management matters here because projects that veer off course or fail to adapt to the business needs may end up being expensive or unnecessary.
Without project management, a group can be like a ship without a rudder, moving but without direction, control, or purpose. Management allows and enables team members to do their best work. Project management offers leadership and vision, motivation, removing roadblocks, coaching, and inspiring the team to do their best work.
When project management is left to a team to work out for themselves, you’ll find teams work without proper briefs and a defined project management methodology. Projects lack focus, have vague or nebulous objectives, and leave the team unsure what they’re meant to be doing or why.
As a project manager, you position yourself to avoid such a situation and drive the timely completion of tasks by breaking up a project into tasks for our teams.
Often, the forethought to take such a tactic is what distinguishes good quality project management from bad. Breaking up into smaller pieces of work allows teams to stay focused on clear objectives, focus their efforts towards achieving the final project goal by completing smaller steps, and quickly identifying risks since risk management is vital in project management.
Often a project’s goals have to change in line with an emerging risk. Once more, without dedicated oversight and management, a project could swiftly falter. Still, good project management (and a good project manager) enables the team to focus, and when necessary, refocus on their objective.
Project management is a broad term as it covers various techniques, methods, processes, and strategies. The primary purpose of all of them is to minimize the chances of losing or failing any project. As skilled specialists, they keep an eye on every matter varying from the resources to the deadlines given for any project. When we have come to know about project management, then the next question, arising, is why is it so important.
It’s a complex skill to master but well worth learning. And here are 10 justifications why (according to Project Management.com):
- Defines a plan and manages chaos – projects are inherently chaotic. The primary commercial function of project management is organizing and planning projects to tame this chaos. A clear path planned out from start to finish guarantees that the outcome meets the goals of your project.
- Creates a schedule and plan – Without a schedule, a project has a higher likelihood of delays and cost overruns. A good schedule is a key to a successful project.
- Enforces and encourages teamwork – A project brings people together to share ideas and provide inspiration. Collaboration is the cornerstone of effective project planning and management.
- Maximizes resources – Resources, whether financial or human, are expensive. By enforcing project management disciplines such as project tracking and risk management, all resources are used efficiently and economically.
- Manages Integration – Projects don’t happen in a vacuum. They need to be integrated with business processes, systems, and organizations.
You can’t build a sales system that doesn’t integrate with your sales process and sales organization. It wouldn’t add much value. Integration is often crucial to project value.
- Controls cost – some projects can cost a significant amount of money, so budget performance is essential. Using project management strategies dramatically reduces the risk of budget overruns.
- Manages change – projects always happen in an environment in which nothing is constant except change. Managing change is a complex and daunting task. It is not optional. Project management manages change.
- Managing quality – Quality is the value of what you produce. Project management identifies, manages, and controls quality. This results in a high-quality product or service and a happy client.
- Retain and use knowledge – projects generate knowledge, or at least they should. Knowledge represents a significant asset for most businesses. Left unmanaged knowledge tends to fade quickly. Project management ensures that knowledge is secured and managed.
- Education from failure – projects do fail. When they do, it is essential to learn from the process. Project management confirms that lessons are learned from project success and failure.
Related Content: The Project Management Process: 7 Tips for Success
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