Why Project Management is Important for Any Company?
Clients sometimes wonder why project management is important for a company and ask, “Can’t we just explain the team handling the project and manage them ourselves? It’ll be quite cost-effective”.For many people project management is merely an unwanted tax and overhead, along with the misperceptions that project managers never deliver anything productive and often create hurdles for the team handling the work. In reality, trying to handle projects without a sound project management practice in place is false economy. Apparently, it can be expensive, around 20% of the overall budget cost, and is evidently considered as an irrelevant burden. A quality project management is much more than catering a work and delivering within the due date, budget and scope, as we will discuss why it is important for any company in the industry. Strategic alignment Project management ensures that the work delivered is correct and holds a real value against the business opportunity. Obviously, every client comes with some defined, strategic goals and the project management team is responsible to further those goals. It ensures that every project is architected in a thoughtful and vigilant manner and it fits well within the client’s context and strategic framework. In other words, the project’s goals should clearly align with the strategic goals of the client or business. Furthermore, project management also helps you identify a genuine business case and proven methods to calculate ROI. Understandably risks emerge as the project passes through several phases, even to the point that these risks can turn into serious issues or the business strategy may change. In such cases, the project manager will see that realignment is done. In short, when a project steers off course or fails to comply with the business strategy, the project manager will keep it from getting out of the budget. Essential leadership Project management incorporates the correct leadership and actions in the projects. Without implementing quality project management practices, it is like a ship moving without a command and with no direction, purpose, and sense. Leadership tempts the team members to put in their best efforts and acquire a sense of accountability for their actions. With the right incorporation of leadership, the project manager will provide you with a vision, motivation, inspiration, and persistence to keep moving through challenges. With a defined leadership in place, there is no doubt as to who is in charge and what tasks are assigned to whom. On the whole, a project manager is responsible to keep everyone in the team inspired and directed to do their work with a clear endpoint. Transparent objectives and focus Project management makes sure that a defined plan is ready to accomplish the strategic goals. In cases where the team is led without a proper project management execution, you’ll see that the individuals will be quite confused as to what direction they are heading without relevant briefs, focus, and clearly defined objectives. As a professional project manager, you must know how to avoid such hiccups and direct the team to achieve their objectives in a timely manner. You know how to break down the project into bite-sized, manageable tasks to help others better understand the roadmap and the project’s end goal. Taking small steps and moving closer to the completion of the goal inch by inch is a great way to keep your team motivated and precisely anticipate risks along the way. Remember, risk management is an important part of project management. Realistic project planning Project planning creates realistic expectations around the stakeholders of the project: what can be done, in what timeline, and how much cost will be incurred. For any organization, it is essential to inquire the budget estimate and project delivery timelines as close as possible. This is where experienced project management activities come into play! Efficient project managers are competent enough to negotiate feasible and achievable deadlines from the clients and stakeholders. While failing a required project planning often omits some of the required steps, which hurts the project’s flow and eventual output. Understandably, there are some unavoidable hiccups where some phases or actions take longer than expected. This is where an experienced project manager demonstrates his/her expertise by clearly anticipating the obstructions and making the best use of the limited resources in hand, within the time allotted, and through a realistic schedule. Quality control Project management has the job to see that the quality of the output consistently reaches the desired expectations. Any mediocre to the complex level project in a company is under a considerable pressure given the consequences and stakes. And without a project management team in action, there is no support and consensus of executive management, activities are sidelined and often underestimated, schedules are further congested and processes haphazard. Apparently, the repercussions are severe in terms of poorly executed plans and similar quality output. A committed project manager ensures that a thorough quality inspection is done at the end of each sprint, phase, or task and the deliverables are met as intended. This is why project management places so much emphasis on quality assurance and control procedures.