Importance of Project Management

Importance of Project Management

Project management is a growing field used increasingly by businesses of all sizes. As entrepreneurs and company executives deal with the daily responsibilities of managing an organisation, it is important to use dedicated project managers to oversee projects from conception to completion. Understanding effective project management techniques helps organisations carry out large-scale projects on time, on budget and with minimal disruption to the rest of the business.

Temporary and Unique Venture

While a business is a continuous and ongoing operation, a project is a temporary venture aimed at producing a unique product, service or process. In many cases, this uniqueness means there aren’t any blueprints or steps in place to develop the end product. Project managers have expertise and experience in creating plans to deliver these items. In addition, they seamlessly integrate resources across a company’s departments and utilise communication, planning and budgeting skills to bring projects to completion.

Project Management Skills

Many business projects involve large-scale planning that affects every department or aspect of a business. Implementing the project may mean dealing with human resources, budgetary and supply constraints. Accredited project managers are skilled in project management techniques specific to dealing with one-time projects. They can create plans to manage interdependence and address resource conflict. Organisations that use project management to monitor and control processes and schedules can more effectively complete their projects on time and on budget.

Timeline

Creating a project timeline requires coordinating project activities in conjunction with the ongoing business activities. A project manager will identify and detail activities required in each phase of a project and lead teams with members of your staff to carry out each phase. Working within the parameters of a project management plan, a schedule sets out target dates for completion of tasks within each phase. The time line directly correlates with the scope of a project.

Scope

Project management is imperative for organisations implementing wide-ranging or comprehensive projects. Scope refers to the breadth of a project, or how much of the business will be affected; the bigger the project, the more details and planning are required to successfully bring it to fruition. Carrying out a wide-scale business endeavor requires careful coordination to ensure minimal impact on ongoing sales and production.

Budget

Project management helps keep projects on budget. A good project management plan identifies anticipated costs early on to develop a realistic budget. Using resource conflict solutions, project managers can minimise the effect of funding a new project on operating capital by optimising the allocation of workers. Coordinating tasks and clearly identifying goals or deliverables within phases reduces inefficiencies in time management that can result in being over-budget.

Basil Jackson

Basil Jackson

Managing Director at Vemco Consulting
VEMCO was established in 2012 by Basil Jackson, a chartered civil engineer with more than 20 years’ experience in local government. Designations: BEng, MSc(Eng), CEng, MICE, DMS Managing Director, Vemco Consulting
Basil Jackson

@VemcoConsulting

Highway, Traffic & Transportation Consulting
SMEs can win public sector contracts. Learn more by visiting our website. https://t.co/ZB2jWxB4Ye - 3 months ago
Basil Jackson
Basil Jackson

Latest posts by Basil Jackson (see all)

Comments are now closed for this article.