Project management is not a new phenomenon. The concept of project management can be traced back to the construction of the Giza Pyramids over 4,500 years ago in some form or another. The Egyptians used the same project management principles and tools to manage a large team in order to build what is now known as one of the world’s seven wonders.
While the discipline has grown exponentially, owing largely to advances in technology, the results are as impressive as the pyramids.
Within a company, the potential for project management is virtually limitless. The fundamental principles of project management can help an organization plan, organize, manage, and lead teams and resources to achieve a desired goal or objective.
However, effective project management improves business operations from the inside out. As a result, it should come as no surprise that some of the world’s most successful companies rely on project management to increase output and grow their bottom line.
Let’s take a closer look at the role of project management within an organization and the numerous benefits that a company can obtain from its team.
What exactly is project management?
When starting a new project, there are numerous elements and variables to consider, which is where project management comes in.
A project manager’s objectives include the following:
Defining project objectives or goals
Project components must be planned.
Issuing quality control metrics to ensure a high-quality outcome
A team can complete a project that meets an agreed-upon timeframe, budget, and desired quality by using the right methods, skills, and experience through project management.
Though project management is frequently associated with the architecture, engineering, and construction (AEC) industries, the benefits can be reaped by virtually any organization. According to PMI, the demand for project managers is expected to skyrocket to an astounding 87.7 million by 2027. Simply put, project management is critical to the success of any organization.
The Advantages of Project Management
The benefits of project management will not go unnoticed when it comes to delivering a successful project outcome that meets or exceeds the expectations of your stakeholders.
Here are six major advantages of project management for your company.
1. Keep track of budgets and timelines
Organizations are finding it increasingly difficult to complete successful projects due to strict budgets and timelines. At their core, they are interconnected, and if any small element threatens one, the other suffers as a result.
Organizations gain the tools and experience needed to develop a budget and timeline strategy that supports project priorities when they work with a dedicated project management team. Project management teams can manage hard budgets and tight timelines by juggling resources and supplies with effective employee management.
2. Increase Productivity and Work Quality Overall
Project managers work hard to improve productivity and project quality by better defining goals and optimizing workflows. With a clear roadmap in hand, teams can better navigate the project and complete the necessary tasks, ultimately improving overall work quality and producing a high-quality product.
3. Reduce Project Risks
Every project involves a number of risks, ranging from costs to schedules to performance. Project managers excel and support their organizations by analyzing, communicating, and prioritizing project risks. With a dedicated project management team, you can mitigate risks before they have long-term negative consequences for the project (or worse, to the company).
4. Strengthen Stakeholder Relationships
Working with a diverse set of stakeholders, ranging from investors and executives to suppliers and vendors, can frequently feel like there are too many cooks in the kitchen.
Putting together a core project management team can improve the flow of communication to all parties involved, manage mutual risks, and strengthen an organization’s relationship with all stakeholders. To ensure that the project outcome is an accurate reflection of the goals, a project manager must acknowledge the needs and interests of each stakeholder.
5. Boost Customer Satisfaction
Every project is finished to meet the needs of the customer. A project management team that keeps a project on track and creates a high-quality product or service will go a long way toward increasing your overall customer satisfaction.
6. Develop a Competitive Advantage
Your company is most likely in a competitive market, which means there is often little to no room for error. Leveraging the benefits of project management can help you gain a competitive advantage by improving your product and relationships with customers and stakeholders.
Do you want to keep your PMP certification and earn 60 PDUs?
Simplilearn’s PMP Plus bundle allows you to earn 60+ PDUs to maintain your PMI certification. It also aids in the development of key skills required for becoming a project manager, as well as the expansion of your knowledge in various domains. You have the option of selecting one of six courses:
ITIL Lean Six Sigma Project Management PMI-RMP Green Belt
Master of Microsoft Project Agile Scrum
Regardless of the task at hand, assembling a project management team can help ensure your next venture’s success. As the demand for project management grows, so does the need to continually upskill your project management workforce. Find the resources and courses your team requires to stay on top of project management and reap the benefits.
