By no means is project management a new phenomenon. In some form or another, the concept of project management can be traced as far back as the construction of the Giza Pyramids, constructed over 4,500 years ago. The Egyptians used the same project management principles and tools to manage a large team to erect what we now recognize as one of the original seven wonders of the world.
While the discipline has developed exponentially, thanks largely to advancing technology, the results are just as grand as the pyramids.
The potential of project management within a company is virtually limitless. At its foundation, the basic principles of project management can assist an organization in planning, organizing, managing, and leading teams and resources to achieve a desired goal or objective.
But the reality is that effective project management improves business operations from the inside out. This is why it should come as no surprise that some of the most successful companies around the world rely on project management to improve output and grow their bottom line.
Let’s take a closer look at the role of project management within an organization and the many benefits of project management a company can obtain from their team.
What is Project Management?
There are so many elements and variables that must be considered when embarking on a new project, and this is where project management comes into play.
The goal of a project manager includes the following:
- Defining project goals or objectives
- Planning project components
- Issuing quality control metrics to ensure a high standard outcome is achieved
By applying the right methods, skills, and experience through project management, a team can achieve a completed project that meets an agreed upon timeframe, budget, and desired quality.
Though often associated with architecture, engineering, and construction (AEC) industries, the benefits of project management can be leveraged by just about any organization. In fact, according to PMI, by 2027 the demand is expected to skyrocket to an astounding 87.7 million project managers. Simply put, project management is critical to every organization.
Benefits of Project Management
When it comes to delivering a successful project outcome that meets or exceeds the expectations of your stakeholders, the benefits of project management will not go unnoticed.
Here are six key benefits of project management for your organization.
1. Manage Budgets and Timelines
Strict budgets and timelines make it increasingly difficult for organizations to complete a successful project. Interconnected at their core, if any small element threatens one, the other is consequently affected.
With a devoted project management team, organizations gain the tools and experience needed to create a budget and timeline strategy that supports project priorities. Juggling resources and supplies with effective employee management helps project management teams manage hard budgets and tight timelines.
2. Improve Productivity and Overall Quality of Work
Project managers work diligently to better define goals and optimize workflows to improve productivity and project quality. With a clear roadmap in hand, teams can better navigate the project and perform the required tasks, ultimately improving the overall quality of work and producing a high-quality product.
3. Mitigate Project Risks
All projects pose a variety of risks that range from costs to schedules to performance. Analyzing, communicating, and prioritizing project risks are all areas in which project managers excel and support their organization. With a dedicated project management team, you can mitigate risks before they cause lasting damaging effects to the project (or worse, to the company).
4. Improve Relationships With Stakeholders
Working with a variety of stakeholders, from investors and executives to suppliers and vendors, can often feel like there are too many cooks in the kitchen.
Creating a core project management team can improve the flow of communication to all involved parties, manage mutual risks, and improve an organization’s relationship with all stakeholders. A project manager must acknowledge the needs and interests of each stakeholder to ensure the project outcome is an accurate reflection of the goals.
5. Increase Customer Satisfaction
Every project is completed to suit the needs of the consumer. A project management team that keeps a project on task and develops a high-quality product or service will go miles to increase your overall satisfaction of your customers.
6. Gain a Competitive Advantage
Chances are your organization is in a competitive marketplace, which means there’s often little to no room for error. Leveraging the benefits of project management can help give you an edge over the competition, improving your product and relationship with customers and stakeholders alike.
Enroll in our PMP Certification Training Course today and develop a strong foundation in the principles of project management.
Want to Maintain Your PMP Certification and Earn 60 PDUs?
Simplilearn’s PMP Plus bundle helps you earn 60+ PDUs to keep your PMI certification active. It also helps in developing the key skills necessary for becoming a project manager, along with enhancing your knowledge in various domains. You have the option of taking your pick from six courses:
- Project Management
- Lean Six Sigma Green Belt
- Microsoft Project
- Agile Scrum Master
Regardless of the task at hand, deploying a project management team can help ensure success for your next venture. As the demand for project management continues to grow, so does the continuous need to upskill your project management workforce. Find the resources and courses your team needs to stay ahead of the curve and reap the benefits of project management.