By Shikha Menwal
At some point you might have wondered: “Do I really need a project management for my company?” Well, project management is to business what food is to the body. The former is integral to the survival of the latter. So, there goes your answer! But what really makes project management such a crucial tool for thriving in the industry? The reasons are plenty, but here are some major points that make project management such a critical ingredient in the recipe for entrepreneurial success.
#1 To avoid the likelihood of reworking!
Who doesn’t like to get things done in the very first go? We all want to avoid reworking the same thing. According to a survey conducted by Carnegie Mellon, 70% – 85% of the total rework cost in projects occur due to the failure to specify all the requirements during the analysis phase. Also, 25%-40% of money gets wasted as a result of having to redo a major chunk of work.
Project management encourages collaboration. Collaboration helps enlist all the requirements right in the beginning when details are discussed. You can avoid do-overs altogether and get it right the very first time.
#2 Getting off on the right foot!
No one likes to hear things such as ‘could have’, ‘would have’, ‘should have’. With a strong work foundation, you won’t have to hear such statements. Project scope definition, statement of purpose, identifying business risks and limitations, and defining the objective of project; all this is part project management and will ensure that you get off on the right foot. Business analysis and project management let you make necessary adjustments in the plan and see if the scope of a project sounds feasible or not.
#3 Exercising control over change!
When running projects, get ready to deal with many changes in requirements because things are never as simple as they seem. This is where change management philosophy comes in. It allows managers to find an exhibit through various conflicting priorities. They are able to seamlessly integrate new changes into ongoing activities without disrupting the flow of work.
#4 Improved communication at all levels
According to one of the studies conducted by PMI, it has been observed that around 90% of problems in most projects arise due to lack of communication. With right project management, teams get to know their responsibilities, priorities, and what is expected from them. It would lay down simple and effective channels of communication. It helps to align everyone’s understanding of overall work.
#5 Documenting successes and failures
Learning never stops! This is the prime focus of project management. Project reviews documents the highlights where teams have excelled and the areas where they could have performed better. As the project reaches completion, both positives and negatives can be documented for future reference. A project manager would know which mistakes to avoid and what practices should be implemented that proved successful in the past. It’s like implementing learnings from one project for future endeavours.
#6 Selecting the optimal course of activities
There can be multiple ways to achieve the same output! But, a project manager needs to know which way is the most optimal one. A project is about implementing a series of activities in succession. But, which course of action is likely to have least possible constraints and challenges? Project management answers such questions and enables you to select the most optimal series of activities in the right sequence.
#7 For maintaining focus
Focus is the essence that makes the impossible possible. Someone who knows the art of project management inside out will keep everyone focused by helping them see the bigger picture. Project management leads the team towards the end goal. It wards off unnecessary distractions that team members might face. It’s the way to making sure that each and every thing in the process is properly planned, documented, and completed on schedule.
#8 Time and budget limit
Any project execution is challenging, because it needs to be done within certain constraints. Project managers define the deadlines and decide how much cost is likely to be incurred. Project management is about achieving goals while staying within the said timelines and budget.
#9 Keeps everyone posted!
We know that projects happen to be multi-dimensional. Several departments work collectively for the attainment of common goals. Lack of coordination brings chaos, which is the last thing a project needs. Project managers coordinate work across all the departments and ensure everyone is aware of the progress. When everyone is on the same page, communicating changes and discussing further details becomes easier.
#10 Prepares everyone for the unforeseen events
Projects are bound to come across multiple challenges and risks. Project management prepares everyone to handle most unexpected happenings in the most natural way. Being prepared for anything will keep you going in the right direction.
In conclusion, by inculcating project management principles and theories, project managers can streamline all the tasks and guide teams to work collectively towards a single goal.
About the Author: Shikha Menwal is a writer at ProofHub. Her academic credentials include a bachelor’s degree in computer sciences. From lifestyle, to technology, and management, etc. she has written about myriad of industries in her writing career during the last three years.