The Imprtantce of Project Management in Your Business
The truth is, running projects without good project management is a false economy. It’s often thought to be an unnecessary burden on the budget and there’s no doubt it can be expensive – as much as the overall project budget.
Have you ever wondered “Why is project management important?” Only 2.5% of companies successfully complete 100% of their projects! The reason behind this stat is simply the lack of proper project management. Better project planning = better projects. The fundamentals of managing a project from start to finish require a team of individuals with different talents and skills. Those people are responsible for planning and executing the project objectives and that takes more than just labour and materials. Each project follows a Project Life Cycle.
Most processes that we can think of will fall under these five basic processes; for example, in the construction industry, budgeting, costing and estimating falls under planning.
5 Stages of Project Life Cycle
- Initiating Phase
- Planning Phase
- Executing Phase
- Monitoring and control
- Closing Phase
Here’s one of the challenging parts about being a boss: You don’t get to stand on the sidelines and hope that somebody else solves the problems on your team. It’s quite literally your job to resolve conflicts and help your team overcome roadblocks. Demonstrating that you’re willing to step in and provide guidance when the road gets rocky reinforces the fact that you’re in your team’s corner and as a result, boosts trust and morale.
Why does project planning matter?
No matter which industry you are in, you will realize why project management is crucial to meet deadlines. While unrealistic deadlines can make a project, arriving at a timeline interactively with team.
The world and marketplace is fast-paced and filled with uncertainties and opportunities for growth. Without the practise of project management, organisations would find themselves drowning in an ocean of failed projects and processes. All organisations need to take project management seriously in order to survive and thrive.
So, what are the practical benefits of attaining strategic alignment in an organisation?
- Improved Speed in Decision Making
- Better Employee Engagement
- Minimal Wastage of Resources
- Reduced Customer Confusion
How to Manage IT Projects
- Before a project can begin, paperwork is required. You need to define - scope, create a budget and determine the stakeholder requirements.
- Now that you’ve collected the project’s requirements, you can assemble a team with the skills and experience that fit the task at hand.
- Use a Gantt to add tasks to a timeline, link dependencies, set milestones and view the critical path.
- As the project moves forward, it’s important that the actual progress matches what was planned.
- IT projects require smart workload management.
- Projects aren’t static. You have to pivot fast when there are change requests from stakeholders.
- Track progress and keep stakeholders updated.
Technology is an important part of our lives today. Project management and project professionals are vital for delivering successful change in any organisation and business. If you’re thinking of starting a project, be it small or big, having a project professional leading the way, can help you stay on track.
