Why Project Management is Important?
Organizations that undervalue project management experience 50% more project failures, according to the Project Management Institute. Yes, project management is that important.
Project management involves initiating, planning, executing, and completing projects. Project managers use their knowledge, skills, and tools to manage projects during all of these stages.
In this post, we’ll take a look at the key reasons why you want to make project management a priority and why project management is important. Often, this means hiring a professional project manager and ensuring that he or she has the necessary resources to bring the project to completion. Without further ado, let’s jump right in.
1. Enables Realistic Planning
Overestimation is a common problem that organizations face. All too often, organizations expect to complete projects much too quickly while underestimating costs.
This is where project management comes in. Through a combination of research, cost estimation, risk assessment, and planning, project managers can set realistic goals and timelines.
They can help your organization balance priorities and constraints to plan projects successfully.
2. Makes Goals Clear
Without a dedicated project manager, teams may not set clear objectives. They may also lose track of objectives, leading to a lack of focus. This may lead to missed deadlines, overspending, and scope creep.
Project management brings you a bird’s eye view over a project that enables you to set clear goals and keep track of them during all stages of the project. It makes it easier to prioritize tasks and tackle them effectively.
3. Helps Better Manage Projects
Project management helps your team break down a project into manageable chunks. It’s a proactive process that uses planning and management to steer the project from its initial phases to completion.
With a project management methodology in place, your team is better prepared to handle challenges and problems as they arise following pre-planned scenarios instead of simply reacting to them when they happen.
In other words, project management helps you anticipate risks and not be daunted by them.
4. Lowers Costs
Project management can reduce project costs by mitigating risks, improving team productivity, and better managing project resources. It may require an initial investment if you don’t have a project manager or use project management tools already. But when you look at the long-term value it provides, it can be one of the best investments you can make.
5. Controls Quality
More than ensuring that work gets done on time and on budget, a project manager also looks after quality control. This can be especially important in the case of challenging projects when pressure may make your team rush to complete tasks on time, possibly sacrificing quality in the process.
Having a project manager supervise your projects is an effective way to ensure that quality won’t be compromised. One of their key roles will be to define the quality standards for each part of the project and then ensure that every team member upholds the standard.
6. Keeps Your Team Motivated
Another benefit of project management that is sometimes easy to forget about is the motivational factor. Teams work better and are more motivated when each team member knows what he or she has to do.
By making the direction of the project clearer and tracking results, a project manager can help ease some of the stress that invariably builds up during challenging projects.
At the same time, it can motivate the team to finish their tasks on time without compromising quality. Good project managers are more than organizers. They are motivators who can inspire the whole team and keep them on track.
Why Project Management is Important – Wrap Up
There’s more to project management than organization, planning, and effective resource use. When done right, it can give your team the momentum they need to accomplish their goals at the best standard of quality they are capable of.
Ultimately, it’s an investment in your team—in making it work as effectively as possible with the resources it has. If project management hasn’t been a priority for your organization so far, it’s about time you made it.
Why Project Management is Important – Summary
- Enables Realistic Planning
- Makes Goals Clear
- Helps Better Manage Projects
- Lowers Costs
- Controls Quality
- Keeps Your Team Motivated