One of the interesting topic in the planet of business is project management. If you are wondering, why is project management important? Well, that is a fair question for some people who are in their first steps in business world. So, they usually ask, can we just brief the teamwork doing the work and manage them by ourselves?
Is the project management essential for business, it looks, on paper, like an needless tax and operating cost as project managers do not really provide anything and often get in the way of what they want the team to do. Therefore, if all that is true, why is project management important?
The fact is, running your projects without the proper project management is a false economy. It is often believed to be an unnecessary burden on the financial plan, and there is no hesitation it can be pricy – as much as 20% of the overall project financial plan. However, can anyone run his project without having project management plan? In case of the absence of it, what holds the team and client together? In case of the absence of it, who is left to navigate through the ups and downs, clashes and disasters of projects?
Successful project management means much more than ensuring project management’s iron triangle in check, providing on time, financial plan, and range; it joins clients and teams, creates a strategic for success and gets everyone on the same page of what’s needed to stay on way for success. If projects are managed correctly, will be a positive impact that will reverberate beyond delivery of the stuff.
The Importance of Project Management?
This section provides board insight into the 10 factors that offer the benefits or the importance of project management, the factors are showed and explained as follow:
The first factor is strategic alignment. Project management is significant as it ensures what is being delivered, is accurate, and will deliver real values against the business opportunities
Each client or customer has strategic goals and the projects that we do for them advance those goals. Project management is important because it ensures there’s exactness in architecting projects properly so that they suit well inside the broader context of the client’s strategic frameworks. Good project management ensures that the goals of projects neatly align with the strategic aims of the business.
In recognizing a solid business case, and being systematic about calculating ROI, project management is important as it can help to ensure the correct thing is delivered, that’s going to deliver actual value.
Naturally, whereas projects progress, it is possible that hazards may stand out, that become issues or even the business strategy might be change. However, a project manager the person who is in charge of ensuring that the project is a part of that realignment process. Project management truly matters here as projects that deviate from course, or which fail to fit in the business needs that might be expensive and/or superfluous.
The second factor of Project management is leadership. Project management is significant as it brings leadership and direction to projects world.
Any project team without project management can be like a ship without a rudder. The ship is moving but without direction or control. Leadership concept means allowing and enabling a project team to do their best work. Project management offers leadership and vision, motivation, removing barriers , training and inspiring the team to do their best.
Project managers help the team and ensure clear lines of responsibility. With a project manager in place there’s no misunderstanding about who be in charge and in control of whatever’s going on in a project. Project managers implement process and keep everyone on the team in line too as eventually they carry accountability for whether the project succeeds or fails.
Clear Focus and Objectives
The third factor of project management is clear focus and objectives. Project management is significant as it ensures there’s a correct plan for implementing on strategic goals.
As long as project management is left to the team to work out by themselves, the teams will end up working without correct briefs, projects lack focus, may have problems or unclear aims, and leave the project team not pretty sure what they’re supposed to be doing and why.
Project managers put themselves to avoid such a situation and drive the timely achievement of tasks, by breaking up a project into tasks for project teams. Often, the forethought to take such an approach is what distinguishes good project management from bad. Breaking up into smaller chunks of work allows teams to continue concentrated on clear objectives, direct their efforts to achieving the final goal through the completion of slighter steps and to speedily classify risks, as risk management is significant in project management.
Often a project’s goals have to change in line with an appearing risk. Once more, without dedicated management, a project could quickly falter however good project management and a good project manager are what allows the project team to concentration, and when needed refocus, on their objectives.
Realistic Project Planning
The fourth factor of project management is realistic project planning. Project management is significant as it ensures correct prospects are set around what can be delivered by when and for how much.
Unless using correct project management, budget estimations and project delivery timelines might be set that are excessively ambitious or lacking in equivalent estimating vision from similar projects. Eventually this means without good project management, projects will be delivered late and over budget.
Active project managers should be able to transfer sensible and reachable targets and deadlines across participants, teams, and management. Often times, the urgency located on delivery compromises the essential steps, and eventually, the quality of the project’s final outcome.
Knowing that most tasks will take longer than initially expected; a perfect project manager should be able to analyze and balance the available resources, within the required timeline, and improve a realistic plan or schedule. Project management indeed matters when scheduling as it brings objectivity to the planning.
A perfect project manager generates a clear process, with attainable deadlines, that allows everyone within the project team to work within sensible bounds, and not completely unreasonable expectations.
The fifth factor of project management is quality control. Projects management is significant as it ensures the value of whatever is being delivered, constantly hits the mark.
Projects are also usually under vast pressure to be done. Once more, without a dedicated project manager, who has the support of executive management, tasks are undervalued, schedules tautened and processes hurried. The result is bad quality outcome. Dedicated project management confirms that not only does a project have the time and resources to deliver, however, also that the output is quality tested and verified at every stage or level.
Perfect project management required gated stages where project teams can evaluate the output for quality, applicability, and ROI. Project management is of key significance to Quality Assurance as it ensures for a staggered and phased process, making time for teams to test their outputs at every single step along the way of production.
The sixth factor of project management is risk management. Project management is vital as it ensures risks are correctly managed and moderated against to avoid becoming problems or issues.
Risk management is sensitive to project achievement. The enticement is just to hide them under the mat, never talk about them to the client and hope for the best. However, having a strong process around the identification, management and mitigation of risk is what assistances to avoid risks from becoming issues.
Perfect project management practice needs project managers to wisely analyze all potential risks to the project, measure them, improve a mitigation plan against them, and a emergency plan should any of them appear. Obviously, risks should be prioritized and ranked according to the probability of them happening, and suitable responses are allocated per risk. Perfect project management matters in this regard, as projects never go to plan, and how should deal with change and adapt the plans is a crucial to delivering projects successfully.
The seventh factor of project management is orderly process. Project management is significant as it ensures the right people do the right things at the right time. Also, it ensures correct project process is followed through the project lifecycle.
Amazingly, countless and famous companies have reactive planning processes. However, reactivity (as opposed to proactivity) can cause projects to go into survival mode. This is a when teams break, tasks duplicate, and planning becomes reactive making inefficiency and frustration in the project team.
Correct planning and process can make a huge change as the team knows who’s doing what, when, and how. Good process helps to clarify and identify roles and responsibilities, streamline processes and inputs, anticipate risks, and makes the checks and balances to confirm the project is persistently aligned with the general strategy. Project management matters here as without a well-ordered, easily understood process, businesses risk project failure, exhaustion of employee trust and resource loss.
The eighth factor of project management is continuous oversight. Project management is vital as it ensures a project’s progress is traced and reported accurately.
Status or position reporting might sound boring and. However, nonstop project oversight, guaranteeing that a project is tracing correctly against the original plan, is sensitive to confirming that a project stays on track.
When right oversight and project reporting is in place it makes it easy to realize when a project is beginning to veer off its planned course. The earlier you’re able to detect project perversion, the easier it is to correct the situations.
Perfect project managers will frequently create easily digestible progress or situation reports that allow stakeholders to track the project. Normally, these situation reports will offer insights into the work that was accomplished and planned, the hours used and how they track against those planned, how the project is tracking against main steps, risks, presumptions, problems and dependencies and any outputs of the project as it profits.
This information is priceless not only for tracing progress but benefits clients gain the trust of other participants in an organization, providing them easy oversight of a project’s progress.
Subject Matter Expertise
The ninth factor of project management is subject matter expertise. Project management is significant as someone desires to be able to recognize if everyone’s doing what they should.
Thru a few years of experience, project managers will know a slight about many aspects of delivering the projects they manage. They’ll understand all things about the work that their teams perform; the daises and systems they use, and the opportunities and limits, and the types of issues that naturally happen.
Having this type of subject matter expertise means they can have smart and informed chats with clients, team, stakeholders, and suppliers. They’re well prepared to be the hub of communication on a project, confirming that as the project runs between different teams and stages of work, nothing become forgotten about or unnoticed.
Without subject matter expertise over project management, you can find a project becomes unstable – the creatives ignore the limits of technology or the developers overlook the creative vision of the project. Project management retains the team concentrated on the comprehensive vision and brings everyone together making the right compromises that can render the project a success.
Managing and Learning from Success and Failure
The tenth factor of project management is managing and learning from success and failure. Project management is vital as it learns from the successes and failures of the past.
Project management can pause bad practices and when you’re delivering projects, it’s significant to not make the same faults twice. Project managers use reviews to study what went well, what didn’t go so well and what should be done in a different way for the next project.
This creates a valued set of documentation that becomes a record of “dos and don’ts” going forward, allowing the business to learn from failures and success. Without this learning, project teams will frequently keep making the same mistakes. These reviews are nice documents to use at a project beginning meeting to remind the project team about failures for example undervaluing projects, and successes for example the benefits of a solid process or the significance of preservation time sheet reporting up to date.
To recap, why is project management important? Without project management, project teams and clients are likely to be exposed to messy management, unclear goals, loss of resources, impractical planning, high risk, bad quality deliverables, projects going over budget and delivered late.
Project management matters as it delivers success. Project management makes and enables happy, inspired teams who distinguish their work matters, so they do their best effort. And that project management allowed team ensures the accurate stuff is delivered and that makes happy clients and satisfied organizations as well.