Project management and its Importance in Organizations

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By Jithin Raj CK

Project management is a growing field used increasingly by businesses of all sizes. As entrepreneurs and company executives deal with the daily responsibilities of managing an organization, it is important to use dedicated project managers to oversee projects from conception to completion. Understanding effective project management techniques helps organizations carry out large Managing a project is about understanding a team of individuals with different talents and skills and using all these things as good as it’s possible scale projects on time, on budget and with minimal disruption to the rest of the business. Different people use different words for explaining project management but the basic definition or core concept of project management always remains same. It can be defined as any action plan or program that makes use of every strategy and technique that may help in the successful completion of any project. It may also refer to planning, organizing, leading and controlling the resources both human and physical to achieve the project goals efficiently and effectively.

Project management is a very broad term as it covers various techniques, methods, process and strategies and the main purpose of all of them is same that is to minimize the chances of loss or failure of any project. Highly skilled professionals known as professional managers do project management. They keep an eye on every matter ranging from the resources to the deadlines given for any project. Now when we have come to know about project management then the next question, which arises in our mind, is that why it is so important.

According to the data’s provided by various organizations Project management is important and worth learning for several matters as they say:
Defines a plan and organizes chaos –. The primary business function of project management is organizing and planning projects to tame this chaos. A clear path mapped out from start to finish ensures the outcome meets the goals of your project.
Establishing a schedule and plan – Without a schedule, a project has a higher probability of delays and cost overruns. A sound schedule is key to a successful project.
Enforces and encourages teamwork – A project brings people together to share ideas and provide inspiration. Collaboration is the cornerstone to effective project planning and management.
Maximizes resources – Resources, whether financial or human, are expensive. By enforcing project management disciplines such as project tracking and risk management, all resources are used efficiently and economically.
Manages Integration – Projects don’t happen in a vacuum. They need to be integrated with business processes, systems and organizations.
Controlling costs –some projects does not get finished under the planned estimate, project management would make it work under the estimate effectively.
Manages change –there will be several change in schedules, environment and different other problems might occur but an efficient project management could help in completing the task under these situations.
Quality –Project management identifies, manages and controls quality. This results in a high quality product or service and a happy client.
Learning from failure –as they always say failure is the stepping stone to success. When they do, it is important to learn from the process. Project management ensures that lessons are learned from project success and failure.
 
While a business is a continuous and ongoing operation, a project is a temporary venture aimed at producing a unique product, service or process. In many cases, this uniqueness means there aren't any blueprints or steps in place to develop the end product. Project managers have expertise and experience in creating plans to deliver these items. In addition, they seamlessly integrate resources across a company's departments and utilize communication, planning and budgeting skills to bring projects to completion. Many business projects involve large-scale planning that affects every department or aspect of a business. Implementing the project may mean dealing with human resources, budgetary and supply constraints. Accredited project managers are skilled in project management techniques specific to dealing with one-time projects. They can create plans to manage interdependence and address resource conflict. Organizations that use project management to monitor and control processes and schedules can more effectively complete their projects on time and on budget.
Implementing project management across the organization helps create a strategic value chain that gives companies an edge on their compete-tors, particularly in high-risk sectors and markets. Being able to deliver projects on time and within budget often determines whether a company will get the next job or whether its new product hits the market. Ninety percent of global senior executives ranked project management methods as either critical or somewhat important to their ability to deliver successful projects and remain competitive, according to the Economist Intelligence Unit survey.
“Good project management discipline stopped us from spending money on projects that fail,” says Ron Kasabian, general manager at global IT giant Intel, Folsom, California, USA. In conclusion, Project Management and the practice of the same have become indispensable to the modern day projects and they form the basis of much of what is achieved during the course of a project. Thus, the idea of a project being managed professionally lends itself to the concepts and processes laid out for the practitioners of the art of Project Management. Finally Without it, teams and clients are exposed to chaotic management, unclear objectives, a lack of resources, unrealistic planning, high risk, poor quality deliverables, projects going over budget and delivered late.
 
Great project management matters because it delivers success. Project management creates and enables happy, motivated teams who know their work matters, so do their best work. And that project management enabled team ensures the right stuff is delivered; stuff that delivers real return on investment, and that makes happy clients.
 
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