A small business often starts on the foundation of teamwork and overlooking multiple roles to give the best of the best with limited funds and resources, however, as companies grow, a proper project management team becomes one of the most important teams in the organization. But, many still are not able to grasp the importance of project management and what factor of profitability does it offer?
To understand the importance of project management, we need to first understand what is project management?
Project management is the task of successfully and efficiently breaking down huge projects into smaller milestones and completing them within targetted time. There are tons of different ways in which one can explain what project management is, but in the end, it simply means to get things done!
As per a popular study by PWC, 97% of organizations believe that project management is critical for the functioning of their companies in a timely manner. However, many still believe that adding project management into the loop of a task is a waste of resources, money, and can be achieved successfully, these same people need to look into the importance of project management to understand the role and functioning of one.
Importance of Project Management
Let’s start with some of the most critically-acclaimed and regularly mentioned reasons behind the importance of project management.
1. Clear and Designated Objectives
More often than not, we deal with projects that have no significant meaning behind them or proper briefs attached to them, in most such cases, people often fail to perform and deliver what was initially expected from them. This happens due to the lack of a proper and good project management team whose work is to dig out what is expected from the following teams and be clear about the work that needs to go into a project.
2. Designating Work
Each project often has 8-15 people attached to it, from end to end, and without someone to properly designate the work to its respective teams and with clear objectives, then a lot of time and resources are gone to waste. To escape such a scenario, an organization needs to rely on project managers and understand the importance of project management from a milestone to a milestone level.
3. Leadership | Importance Of Project Management
Another one on this importance of project management list is leadership that gives proper guidance and direction to people involved in a project.
Without proper leadership and guidance, a project is not a project but rather a boat that is sailing to nowhere. The leadership qualities of project managers help the team to achieve their best work and enable them to deliver quality work, time, and again. Project managers also offer designated accountability, which is great for an organization that wants to grow on a month-on-basis to become a successful marathoner.
4. Orderly Work
A project manager has to assign the right task to the right person to get the desired results on time. More often than not, tasks and projects are delayed due to the wrong appointment of the team for a project which hampers both the quality and time taken to get it done. Project managers divide the task between groups and distribute accountability among different groups to eventually deliver on the project.
5. Reduced Cost & Quality Assurance
Another great importance of project management is their ability to effectively work around costing and by optimizing it according to resources, improving efficiency and reducing risks. A project manager is also accountable for maintaining the quality of work and deliver the best result.
These were some of the pointers that answered the real importance of project management. In short, project managers are the most accountable people in the organization whose entire work is effectively keeping a check on what needs to be done and get them done.