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  • KTRLB Consulting

Importance of Project Management

What would happen if all projects were handled as we go? No plans, no strategy, no organization whatsoever. Just a short brief on what needs to be done and then let your team go on their merry way and expect them to bring in results.

The truth is, running projects without good project management is a false economy. You are investing both of your financial and human resources to give results without any clear picture on the work itself.

So, what is project management and why is it important?

Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters. Project management has final deliverables that are constrained to a finite timescale and budget.

In order to clarify why project management is important let’s start first from what actually is a project. Project is defined as temporary endeavor undertaken to create a unique product, service, or result. The two most important keywords within that definition are: Temporary and Unique.

Temporary means that the project has a fixed beginning and end. Because of this, there are two factors that come into play in virtually every project: Time (deadlines) and money (budgets). These two factors are also fixed, and the muddier these boundaries are, the more potential there is for conflict among stakeholders.

A project is in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal. So, a project team often includes people who don’t usually work together – sometimes from different organizations and across multiple geographies.

Successful project management means much more than keeping project management’s iron triangle in check, delivering on time, budget, and scope; it unites stakeholders and teams, creates a vision for a successful project and gets everyone on the same page of what’s needed to stay on track for success. When projects are managed properly, there’s a positive impact that reverberates beyond delivery of the results.

The outlines of managing a project from start to finish requiring a team of individuals with different talents and skills. Those team members are responsible for planning and executing the project objectives and that takes more than just labor and materials. Each project follows a Project Life Cycle. Well organized project plan can mean the huge difference between success and failure.

Project management is one of those things that may look easy until you try it, but skill that is well worth learning, and here are some examples why:

Defining a plan - Projects in their nature are chaotic. The primary business function of project management is organizing and planning projects to tame and minimize this “natural state”. A clear path mapped out from start to finish ensures the outcome of the deliverables meets the goals of your project.

Establishing a schedule - Without a schedule, a project has a higher probability of delays and cost overruns. A well-organized schedule is key to a successful project.

Establishing and encouraging teamwork - Collaboration is the key pillars to effective project planning and management.

Maximizing recourses - Resources, whether their nature is financial or human, are expensive. But by enforcing project management disciplines such as project tracking and risk management, all resources are used efficiently and economically, without any unnecessary cuts or expenses.

These are a few reasons among many other factors why companies employ people with project management skills, and why project management is in fact a necessity in business growth and organization.

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