Project Management
Table of Contents
What is Project Management
Project management is one of the most important part in project life cycle. In simple language, we call it as “managing the project task efficiently and effectively by using different process and procedures to achieve the project objectives or results”. Following Figure 1 shows the key requirements of Project Management.
Why Project Management is important
Considering the fact that the project is a temporary task that must be accomplished within the accepted time, approved budget, and scope.
Project management is very important because project management approach will help to use appropriate process, and project will be completed successfully. The benefits of project management are explained in below paragraph.
What are the benefits of effective Project Management and
There are multiple benefits of effective use of project management are as follows.
- It will help Individuals, Companies, Clients, and society at large
- Customer satisfaction and built good trust in the market
- Meet the business objectives and
- The project was completed as per the schedule, within the budget, and the agreed scope
- Maintain the project budget and profit as planned.
- Proper Utilization of resources (manpower and equipment)
- Minimizes risk in all phases of the project.
Poor Project Management will negatively impact such as
- Delay the project duration for e.g. If a project needs to be completed within 15 months but due to poor project management, it is completed in 18 months (3 months delay)
- Cost overruns due to the extension of project duration
- Increase the rework due to poor workmanship and poor quality
- Customers complain and Impact on future businesses
- Most importantly, the project objective is not achieved on time.
As we are aware that, nowadays project businesses are growing very fast and proper project management will create more value and benefits to the organization. On the other side market competition is also very high; to get the project, the organization will take the project with a competitive budget, a tight schedule.
Therefore, effective and efficient Project management is very important in this competitive environment, and it will help organizations to rapid growth in the revenue of the organization
Project management is one of the most important part in project life cycle. In simple language, we call it as “managing the project task efficiently and effectively by using different process and procedures to achieve the project objectives or results”. Following Figure 1 shows the key requirements of Project Management.
Why Project Management is important
Considering the fact that the project is a temporary task that must be accomplished within the accepted time, approved budget, and scope.
Project management is very important because project management approach will help to use appropriate process, and project will be completed successfully. The benefits of project management are explained in below paragraph.
What are the benefits of effective Project Management and
There are multiple benefits of effective use of project management are as follows.
- It will help Individuals, Companies, Clients, and society at large
- Customer satisfaction and built good trust in the market
- Meet the business objectives and
- The project was completed as per the schedule, within the budget, and the agreed scope
- Maintain the project budget and profit as planned.
- Proper Utilization of resources (manpower and equipment)
- Minimizes risk in all phases of the project.
Poor Project Management will negatively impact such as
- Delay the project duration for e.g. If a project needs to be completed within 15 months but due to poor project management, it is completed in 18 months (3 months delay)
- Cost overruns due to the extension of project duration
- Increase the rework due to poor workmanship and poor quality
- Customers complain and Impact on future businesses
- Most importantly, the project objective is not achieved on time.
As we are aware that, nowadays project businesses are growing very fast and proper project management will create more value and benefits to the organization. On the other side market competition is also very high; to get the project, the organization will take the project with a competitive budget, a tight schedule.
Therefore, effective and efficient Project management is very important in this competitive environment, and it will help organizations to rapid growth in the revenue of the organization