Project management can be defined as the process of consolidating the way changes are implemented within a business or organisation. No matter your role, it is likely that you’ll play an active role in managing a project at a point in your career. Having a good understanding of how to juggle multiple tasks, responsibilities, deadlines, and people will allow you to build a reputation for yourself and will improve your chances of promotion.
Many managers face something known as triple constraint. This is the competing demands of scope, quality and time on a project manager’s list of things-to-do and how well he or she will manage these constraints will determine if their project will be successful or not. Without project management, organisations and managers would find themselves having to deal with chaotic and unpredictable environments that they have very little control over. As such, project management is both essential and necessary to the success of any project.
Here, GBS Corporate Training explains the top 8 reasons why project management is important to businesses:
1. Managing Change
Managing changes is a daunting and complex task. Projects are often handled in environments where nothing is constant except for change. Proper project management helps manage change efficiently.
2. Calming the Chaos
The main function of project management in businesses is planning and organising projects to calm the chaos change brings.
3. Managing Risk
Project management pinpoints, mitigates and controls risk. When uncontrolled, risk will usually end up leading to compliance issues and asset destruction.
4. Maintaining Quality
Not managing quality is equivalent to producing things of random value. Project management allows you to identify, control and manage the quality of deliverables.
5. Integrating Projects With Existing Businesses
Integration is one of the main aspects of project value. As projects do not happen in nothingness, it is vital that they are integrated with already existing business structures, systems, and processes.
6. Removing Barriers to Progress and Improving Decision Making
Business initiatives often encounter issues that need to be managed for objectives to be achieved. By implementing project management methodologies, some of these problems can be effectively highlighted, making it easier to manage things hinder that progress while improving decision making.
7. Efficient Knowledge Transfer
Management of projects ensures that project knowledge is recorded, managed and transferred to all relevant areas of business.
8. Mistakes Are Learning Opportunities
Some projects will fail, and when they do, it is crucial that you learn from the process. Allowing yourself to learn from failure is important to quality improvement and business innovation. Project management allows you to learn lessons from both project failure and success.
Project Management Training Options
Managing a project requires a mixture of patience, art and science, especially when it comes to reaching an agreement with a virtual or diverse team consisted of external stakeholders and peers.
The science here consists of planning techniques and the use of logic diagrams, critical path analysis, and network analysis. The art involves getting your project team maintaining … Read More