Why is Project management important in corporation?

Reading Time: 4 minutes

Purpose of project management

The purpose of project management is to plan and manage project to complete all the goals and deliverables in specific period of time. It involves identifying risks and managing risks, resource management, budget handling, and direct communication across multiple teams and stakeholders.

Project management is truly important to clear the vision for what the project aims to accomplish and plan to achieve the target accordingly. Planning gives clear vission and responsibilities of all team members active to work in project. They also organize the project’s work from start to finish and prevent irrelevant or unrelated work from jamming the project. This concept keeps the team working together to – finish the task with excellent perfection.

What is project management:-

Before proceding further let us understand what exactly project management is.

According to EPM(Enterprise Performance Management)project management is “the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters“. A basic project management life-cycle contain four stages.

  • Initiation
  • Planning
  • Execution
  • Closure

In other words, Project management is about knowing what are the goals of the project, why it is important to achieve them, what are the required resources need to complete the project, and how much time it will take to achieve the goal.In fact, project management’s goal is to make sure that everyone involved in a project knows these and is aware of the purpose of the project.

Why is project management important ?

This is a interesting question that sometimes client ask just to brief a team the amount of work and to explain the specific work to team members and manage by themselfs.

So, if that’s the case, why is project management important in organisation?

Running projects without excellent project management is a false economy, to be sure. It’s frequently regarded as an unneeded drain on the budget, and there’s no denying that it can be costly — up to 20% of the whole project budget.

Who will binds the team and customer together without project management? And without it, who is left to guide projects? The scheduling, production, and communication are all handled by good project managers. Great project managers are deeply involved in the development of team skills as well as the tactical implementation of the strategic vision.

Importance of Project management

Goals are crystal clear

Project managers assist companies in defining their priorities and project objectives. Teams may begin working on a project without first clearly defining the project plan if project management is ineffective. A project moves forward without confusion when team members understand the focus and objectives. If you start a project the right way, you’ve already won half the battle.

Stable communication

Stable communication amongst project resources ensures that they all stay productive throughout the project cycle. Employees will have a better knowledge of their tasks and what is expected of them if they are kept informed throughout the project’s debate.

Without a good communication framework, no project plan is complete. Communication is an extremely crucial part of project management that can have a big impact on a team’s effectiveness.

Project Planning

The execution and control stages of a project are defined by a project plan, which is a set of formal documents. Risk management, resource management, and communications are all addressed in the plan, as well as scope, cost, and schedule baselines. Project managers utilise project planning software to guarantee that their plans are detailed and reliable.

Costs and Quality Control

Every job must be finished within a budget agreed. One of the most common significant project success factors is keeping the project on budget. Budget is the important resource in a project and it need to be use sharply. Cost control is important for managing project expenses and prepared for possible financial dangers

Leadership –

With strong leadership you can establish a vision and drive people to make it a reality. Leaders, with their concentration on implementing processes, control their people and the working environment, including their job assignments, timelines, deliverables, and so on. Leaders Motivate and Inspire their people on a regular basis.