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Why project management is so important for business results?
Business is a long-term, ongoing process but projects are temporary in nature, put in place for delivery of unique products or services or process. Often, these projects do not come with set specific frameworks. It is the responsibility of the teams undertaking these projects to start from scratch and develop the framework. Projects in business need to be managed from planning to execution stage in an efficient and effective manner, accomplishing set goals and objectives, building and management of teams and delivering quality in the process. This is where project management comes in. It is the application of tools, methods, techniques, skills and knowledge to deliver on standards set for the project and to meet the specific needs of the project while keeping sticking to the predefined budget and envisioned timeframe. Typically, project management begins with planning, followed by initiation, execution, monitoring and ends with closing. Business leaders and industry experts agree that the difference between completing a project and completing it successfully is the efficiency and effectiveness of its management.
The realization of the importance of project management amongst organizations has led to a surge in demand for qualified project managers. Project management skills are not easy to self-learn or master without experienced trainers and academic experts. This is the reason why the demand for project management courses online has seen an increase amongst working professionals and senior executives. This, in turn, has led to an increase in the number of courses offered by high-ranked universities and institutions in project management.
Let us take a closer look at why project management is so important for business results.
Strategic alignment: Projects have specific goals and objectives that need to be accomplished. Project management helps in developing a framework and setting strategic milestones that align with the overall goals and objectives of the project. With its focus on delivering real value, it helps businesses strategize to achieve high Return on Investment (ROI).
Focus and Clarity: Project management lays down a clear roadmap for the accomplishment of goals and objectives. This ensures clarity on what outcomes are to be achieved and how this is going to be done. Project managers ensure that there is a clear focus and whenever it wavers, they know how to bring back focus to the project’s goals and objectives.
Leadership: Without leadership, there will be no vision or direction and teams will be operating without a purpose or control or accountability. Project management brings leadership to projects, fostering teamwork, responsibility and discipline in the accomplishment of strategic milestones of the projects, contributing to overall business success. Project managers ensure processes and schedules are adhered to and establish a line of accountability. They motivate and coach teams to give their best.
Effective and realistic planning: As we discussed earlier, projects are temporary ventures that do not come with set frameworks and need to be planned from scratch. Project management effectively plans projects, keeping the expectations and outcomes in mind. It defines the what, when and how much of product/ service delivery. To this end, project managers prepare budgetary framework, realistic project schedule and reasonable targets. They set and negotiate milestones and deadlines with the different stakeholders in the venture. Effective and realistic planning through project management ensures objectivity in projects and that it is not overly ambitious.
Efficient utilization of resources: Project management gives high weightage to the efficient and effective utilization of resources. To this end, it carefully allocates resources and prepares judicious budgets. Project managers ensure cost minimization and profit maximization through reduction of wastage of resources (due to unforeseen risks, non-adherence to schedule, etc.)
Team building and conflict management: Projects need their people to collaborate, cooperate and work together in teams for the accomplishment of goals and objectives. Project managers engage in team building and encourage team members to share ideas and cooperate. There is bound to be conflict when people work in teams and project managers effectively manage conflicts. They bring people from other projects and departments on board and promote collaboration.
Maintaining quality: In the process of achieving deadlines and staying within the budget, quality of the product/ service cannot be compromised. A high-quality product/ service is equally important to clients as sticking to budgets and schedule. Project management maintains quality while also improving productivity and ROI.
Streamlining processes: Through continuous monitoring, project management helps streamline processes so that unproductive steps, wasteful costs and duplication can be weeded out.
Risk management: Project management understands the importance of risk management for project success and therefore, works towards mitigating them or minimizing their impact. Project managers identify and analyze potential risks. They meticulously prepare a mitigation and contingency plan.
Project review and documentation: Project managers document project activities and processes continuously and use this to ensure mistakes are not repeated by the project team and the organization as a whole.
In a nutshell, project management helps deliver success, create a happy clientele and promote collaboration. Professionals with the skills and knowledge are sought after and you should enroll yourself in a project management course online to get in on the race.
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