Why and How Project Management could be crucial for your Business?
Project management is the art of organizing a project by using all your skills, modern tools, past experiences, knowledge, and techniques to meet project requirements, it’s also teamwork that involves planning and organizing a company’s resources to maintain the high standards of a project.
It works like an adhesive that bound all the members on one platform and gives them a direction to work effectively on time and without burdening themselves because a managed project will have managed and well-defined tasks for each member within their comfort zones.
Now, the question arises why project management is important?…
Project management may eat up some of your budgets, but, it’s needed?… well, the answer is yes, it may eat up some of your budgets but it will give you a direction, a road map, or maybe called an infrastructure that will help you and your organization to move in an already mapped out plan.
Stages of Project Management:
Some of the stages of project management involve:
1. Initiation is the first step of project management, in this step a company or an organization decides to undertake a project, the company decides the purpose and the requirements of the project.
Expert project managers sit together to decide whether the project should be feasible and valuable or not, they decide whether to give the project a go or reject it and decide something else.
So in project management, this first step is very important because the right decision will take you towards success or downfall.
2. Planning is the second most important part of project management. it focuses on developing a roadmap that is followed by every member to complete a successful project. Planning mostly follows the rule of being smart.
3. Execution is the step where projects are developed and completed, it may include status reports, meetings, and development updates, etc. the tasks being completed at the development phase include team development, assigning resources, executing development plans, and setting a tracking system.
4. Closure this phase represents a completed project. The contractors and workers hired for the project are terminated with maybe an ending party for the timely completion of the project. A final project report is prepared at this stage; all related documents and deliverables are collected and saved in one place.
- Recommended read, 9 Best project management software
Why Is Project Management Important?…
It is important to manage projects because it gives leadership and direction to the projects you and your team may have in mind. Leadership is a MUST have if your goal is to set you and your team in the right direction.
Without project management, a team can be like a ship with no motor; moving but without direction, control, or purpose. Leadership inspires and assists team members to do their best work.
Project management includes leadership and vision, motivation, removal of roadblocks, coaching, and inspiration for the team to do their best job, in fact, project managers serve the team but still retain clear lines of responsibility.
There is no confusion about who in a project with a project manager in place is in charge and in control of everything (especially if you use a RACI chart or other similar tools).
Project management is important because it ensures that there is a proper plan for strategic objectives to be executed if project management is left to the team to work out on its own, you will find teams operate without proper briefs and without an established project management methodology.
Projects that lack emphasis may have ambiguous or nebulous goals and leave the team not quite sure what or why they should be doing x things. As project managers, by breaking up a project into tasks for our teams, we position ourselves to avoid such a situation and drive the timely achievement of tasks.
The foresight to take such an approach is also what differentiates good project management from bad project management.
Project Preparation Realistically
Project management is important because it ensures that proper standards are established around what can be achieved, by when, and for how much.
Budget projections and project completion schedules that are over-ambitious or lack equivalent prediction knowledge from comparable projects can be set without proper project management… this inevitably means that projects are completed late and over budget without effective project management via partners, teams, and administrators.
Successful project managers should be able to negotiate fair and realistic deadlines and milestones, and also, to put emphasis on the urgency that to put on completion too often can mean sacrificing the necessary measures, and eventually, the quality of the project quality.
We all recognize that certain projects will take longer than originally anticipated; a successful project manager will evaluate and align the resources available with the timeframe needed and create a reasonable plan.
When scheduling, project management really matters because it adds objectivity to the schedule. A successful project manager provides a transparent process that encourages everyone on the project team to function within reasonable constraints, not unrealistic requirements, with realistic deadlines.
Management of projects is important because it means that everything is produced has quality, it consistently hits the label.
Usually, projects are also under immense pressure to be done. Tasks are underestimated, schedules tightened and procedures hurried without a committed project manager, who has the help and buy-in of executive management. A bad quality performance is an outcome since there is no quality control in place.
Dedicated Project M. ensures that a project not only has the time and money to execute but also that at any point the production is quality checked.
Effective project M. calls for gated stages in which teams can evaluate efficiency, applicability, and ROI performance.
Project M. is important to quality because it allows for a staggered and phased approach, allowing time for teams to review and test their results at every step along the way.
Managing Project is important because it ensures that risks are handled and mitigated correctly to avoid problems in project performance, never speak to the customer about them and hope for the best, however, providing a robust mechanism around risk detection, management and mitigation is what helps to avoid risks from becoming problems.
In complex projects, in particular, risk management is where the good project administration practice involves project managers thoroughly evaluate all possible project risks, measure them, establish a mitigation plan against them, and if any of them materialize, a contingency plan.
In order to discover threats early, it needs to know the correct questions to ask.
Risks can, of course, be prioritized according to their probability of occurrence, and appropriate responses per risk are assigned (some PMs Use dedicated risk management software for this).
In this regard, effectively managing project matters because projects never go to schedule, and how we cope with change and adapt our project management plan is a key to successfully delivering projects’ importance of project management really comes into play.
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