With thousands of organizations switching towards project management, doesn’t it raise the question that why is project management important, or what is project management? Project Management is an important aspect to successfully accomplish any goal. Project management provides the overall structure and skeleton, on which one can implement and reach the desired results. At its core, it guides the project from a vision or concept to completion, providing the oversights needed to complete the project, like budget, risks, outcomes, and resources etc and it ensures to keep the project inline with the organization’s objectives.
This might raise the question what exactly is project management and how does it benefit one’s outcome.
What is Project Management?
Project management sums up as the process of planning, organizing, and overseeing the execution of a project from the beginning till its completion to the very end. The key factors of project management are that it defines the project’s goals, creates an applicable plan, evaluates and allocates all the needed resources, and also helps in managing the project teams.
Effective project management requires strong communication, attention to detail, and adapting to the constantly changing conditions. It has become critical in various industries across all niches, example: construction, engineering, software development, marketing and many others.
Components of Project Management
- Time
Time is the most important thing in any project. If managed poorly, time can become the killing factor for a project. It involves identifying the required tasks, and carefully estimating the time for each assignment, and then creating a proper schedule that fulfills all the necessary tasks and within their respective time limit, increasing the overall project efficiency. It also consists of constantly adjusting the time for each task as per the necessary circumstances.
- Scope
The scope of the project specifies all the tasks, objectives, and deliverables. A well-defined scope allows to plan, execute, and control the overall projects efficiently. It can also help manage the stakeholders’ expectations and ensure the project’s completion within the allocated time, budget, and resources.
- Cost
Cost is a critical factor to keep in mind with the project management. The budget and resources required should be clearly evaluated before starting the project in order to complete a project successfully and ensure quality outcomes. The cost can include labor, materials, and equipment, overheads, contingency, and risk management.
It is important to ensure that a project is completed within its allocated budget and that the cost is managed effectively throughout the process. Failure in cost management will result in delays, quality issues, and even project failure.
The benefits of good project management
There are various benefits of good project management like, cost and time efficiency, better communication between team members, and it can result in ultimately better decisions that derive the growth of an organization.
Cost and time efficiency
A good project management plan can really enhance time consumption. It can help save time from unnecessary tasks and improve overall project time. Similarly it can also improve cost of the project, when briefly evaluating the resources it can help save cost on unnecessary resources or help reduce resources for cost effectiveness
Improve internal communications
A good project management plan will definitely improve the communication between team members and the head of the projects. This will directly impact the efficiency of the project. With every one on the team on the same page, it will definitely improve outcomes.
Make better business decisions
Better communication will also ultimately result in properly analyzed and efficient decisions that don’t just benefit the organizations but also benefit on the individual level to every person involved.
Do I Need a Project Manager
It depends on the type and the scale of your projects. Many projects are handled by small teams with less resources and less risks which can be effectively managed by anyone. But if the project is on a large scale, with loads of resources, multiple teams, limited time, and prominent risks, the best option will be to find the perfect project manager that can comply with all the teams and deliver the best possible outcomes using the resources in the given time.
The importance of effective project manager
Project managers make sure everything actually goes according to plan. They steer the whole project towards its goals. They are the ones that bring multiple teams, departments and stakeholders all together for the project’s success.
A project manager gets resources for the project, communicates the changes, understands how to get the best out of everyone, and steers the project from beginning to end. They not only plan and organize the work, but evaluate the importance of planning for projects for other members to realize its importance. The right project manager will turn a good project management strategy to a great project management strategy.