This interesting question is asked by almost every client! Actually this is not their fault! Usually, it looks like an unnecessary tax and overhead to clients. Reality is, without good project management running a project is like running distorted economy. It’s often thought to be an avoidable burden on the budget, and there’s no doubt it can be expensive – as much as 20% of the overall project budget. But can we afford to not have project management? Without it, what holds the team and client together? And without it, who is left to guide through the ups and downs, clashes and catastrophes of projects?
Great project management means delivering on time, maintaining budget, creating scope and resources. It unites clients and teams, creates a vision for success and gets everyone on the same page of what’s needed to stay on track for success. When we are working on a project there are four main elements that must work together seamlessly. These are the:
Scope: Scope refers to the project size, requirements and goal. It is the reciprocity between the target to be adapted and the budget allotted to reach those goals. It’s imperative to reflect it with other components as well, especially when it comes to the time, budget, and resources and the project has to be changed.
Resources: Resources have three aspects: people, material, and equipment. First, it’s important to ensure the right number of people is employed to a project and they carry the appropriate skills and knowledge to facilitate their assigned tasks. Next, procuring the correct materials and equipment, at the right place and time, is crucial for your team to operate efficiently.
Time: When doing a project, time management is a crucial aspect. Each task must be listed (others may overlap while others must be in chronological order), scheduled with a set duration, and allocated with the right resources. Managing critical paths (tasks with zero float or no flexibility) is one of the most challenging aspects of this scope.
Money: All tasks come with a certain cost which must be estimated and totaled. However, not all estimates are as accurate as others; that’s why there is “contingency allowance” allocated the estimated budget. Another important aspect is the profit or the amount of money that a company wants the project to earn.
Importance of Project Management
1. Strategic Alignment
Project management is important because it ensures what is being delivered and will it deliver real value against the business opportunity? Every client has strategic goals and the projects that we do for them advance those goals. Project management is important because it ensures there’s rigor in architect projects properly so that they fit well within the broader context of our client’s strategic frameworks Good project management ensures that the goals of projects closely align with the strategic goals of the business.
Project management is important because it brings leadership and direction to projects. Without project management, a team can be like a ship without a rudder; moving but without direction, control or purpose. Leadership allows and enables a team to do their best work. Project management provides leadership and vision, motivation, removing roadblocks, coaching and inspiring the team to do their best work.
3. Clear Focus & Objectives
Project management is important because it ensures there’s a proper plan for executing on strategic goals. Where project management is left to the team to work out by themselves, we’ll find teams work without proper briefs, projects lack focus, can have vague or nebulous objectives, and leave the team not quite sure what they’re supposed to be doing, or why.
4. Realistic Project Planning
Project management is important because it ensures proper expectations are set around what can be delivered, by when, and for how much. Without proper project management, budget estimates and project delivery timelines can be set that are over-ambitious or lacking in analogous estimating insight from similar projects. Ultimately this means without good project management, projects get delivered late, and over budget.
5. Quality Control
Projects management because ensures the quality of whatever is being delivered, consistently hits the mark. Projects are also usually under enormous pressure to be completed. Without a dedicated project manager, who has the support and buy-in of executive management, tasks are underestimated, schedules tightened and processes rushed. The result is bad quality output. Dedicated project management ensures that not only does a project have the time and resources to deliver, but also that the output is quality tested at every stage.
6. Risk Management
Project management ensures risks are properly managed and mitigated against to avoid becoming issues. Risk management is critical to project success. The temptation is just to sweep them under the carpet, never talk about them to the client and hope for the best. But having a robust process around the identification, management and mitigation of risk is what helps prevent risks from becoming issues.
7. Subject Matter Expertise
Project management is important because someone needs to be able to understand if everyone’s doing what he or shey\ should. With a few years’ experiences under their belt, project managers will know a little about a lot of aspects of delivering the projects they manage. They’ll know everything about the work that their teams execute; the platforms and systems they use, and the possibilities and limitations, and the kinds of issues that typically occur.
8. Managing and Learning from Success and Failure
Project management is important because it learns from the successes and failures of the past. Project management can break bad habits and when you’re delivering projects, it’s important to not make the same mistakes twice. Project managers use retrospectives or post project reviews to consider what went well, what didn’t go so well and what should be done differently for the next project.
Businesses have goals and objectives to be achieved which can be used to measure its level of success and growth. In order to reach them, a certain range of tasks must be accomplished. This can be done through an effective project management. Since it is arduous, complex, and time-consuming, implementing a project management (PM) software streamlines the process. Now that we have the resources and the work under control, the project is destined to go smoothly, right? Again, the answer is not necessarily what we would like it to be. There are these things called issues that can get in the way of your project getting done. They can be all sorts of things (external vendor delays, staffing changes, business process changes that affect your new software.
Training Courses & Offerings:
Do we find ourselves asking why project management is important? Do we agree with this list of why project management is important? Are there any other reasons that should be included? I would love to hear what others think! Therefore, Right Attitude.