Value of Project Management

Some companies view project management as a waste of time, money, and energy. When project management is done incorrectly, it is worse than that. If a company sees the value of project management, it will bring significant benefits to all areas of the company. If you work for a company that does not see the benefits of project management, you should educate your team, costumers, stakeholders, and your management. If you do not educate them, you will have a constant battle over deadlines, details, and information requested. When you start to educate your company, you should look at what is important, since all companies are different, and stress those points. For example, some companies value cost above everything else. In that case, build an example where mismanagement has cost the company much money and show where project management would have saved the company a lot of money and this should get the point across about project management being good for the company.

There are many benefits and project management is a valued skill for many reasons. Better management of cost occurs with tight control of the budget. Reduced expenses can occur when resources are shared for additional projects. Organizational learning opportunities can be captured through better documentation, opportunities for reflection, and learning through project reviews. Focused group managers can concentrate on the problems to be solved rather than the activities and deliverables to solve them. They can give clear direction to the team, and actively manage satisfied project teams will be filled with the right people, and the team members receive the leadership they need to deliver the projects results. They will have clear expectations, helpful communications and knowledge sharing, consistent management, and an improved work environment.

With more and more companies using project management techniques, project management is becoming a unique career path to take. “Project Management is rapidly becoming one of the most important processes within a company. The number of PMs has risen considerably as companies have begun to realize the valuable benefits they bring to the business (Kneram, 2007).” Companies who use PMs have an advantage over their competition without PMs and they pay off for the cost. “Statistics show there is a higher risk of failure without a PM, and oftentimes there can be more cost overrun and repeated projects. This is why PMs are important when resources are scarce and time is limited, and they cut down on the waste and conflict because they “provide good planning up front and improved communications between different groups” (Kneram, 2007).” All types of jobs are improved by PMs from construction, building cars, software development, to product development. Taylor and Associates can provide your organization with a project manager to help ensure a successful project.

J. Taylor
Taylor and Associates