Project Management has been established as a way to significantly increase the likelihood of the delivery of a product, service or result of a temporary endeavor or initiative. More and more companies are embracing project management because of the benefits to organizations from cost savings to significantly increasing the odds of project success. With the significant shifts taking place and with more business establishing PMOs and taking on more projects, knowing the advantage of having your projects professionally managed will go a long way to save you from stress and the other anxieties attached to dealing with uncertainties of investing in projects.
Here are a few advantages of having your projects handled by professionals:
1. Minimize the chance of project failure
According to PMI Pulse 2020 of the profession report, in organizations whose project management procedures are not mature 21 percent of IT projects fail. However, that number only represents the total failures. Of the projects that didn’t fail outright, 44 percent didn’t meet their goals, 54 percent exceeded their initial budgets, and 61 percent were late. Effective project management using standardized measures and practices significantly boosts the chances of project success.
2. Increase collaboration
With standardized project management practices in place, the project with be managed in parts, with the different parts like Scope, Resource, Risk Management contributing to ensuring overall project objectives are achieved. The project scope will be broken down to different parts to be managed and delivered by responsible resources or groups. The individuals and groups responsible for the different parts will have clear lines and channels of communication with other individuals and groups they interface with so that there will be seamless coordination between the different groups.
3. Increase the chance of project scope management and delivery
A structured approach to project management ensures the right questions are asked to understand the scope, maintain the scope, deal with change to to scope and ensure delivery meets agreed standards at the right time. Requirements will also be effectively managed with this approach.
4. Organization of work and documentation management / Integration Management
Project Management ensures the project is managed in components and that all the components seamlessly integrate for the utmost benefit of the project. This management by grouping of the different parts allows for better organization and a better organization will significantly increase the odds of project success.
5. Better control of constraints, risk and issue Management
A structured approach to project management will require coordination and effectiveness in the areas of projects constraints (scope, cost, time, quality, resources etc) management. The chance of a project’s success also significantly increases in an environment that embraces coordinated project management risk and issue management. The importance of effective risk and issue management to project success will be communicated to the team in an environment that embraces project management. Risks and issues will be identified, analysed, and mitigation strategies will be put in place on time often before they negatively affect or derail the project.
6. Better resources assignment and availability management.
Project Management ensures that human, material and financial resources are properly managed throughout the life of a project. With the availability of several Project Management Information Systems (PMIS), the usage and availability of all resources can be tracked in real time. The project manager is able to see the project’s health at any point in time and report needed information to stakeholders.
