Today, project management is at the core of nearly every business initiative. It is a means of achieving a strategic objective and is the key to organizational success. As the economy and the enterprise landscape become more competitive and chaotic than ever, effective project management is necessary for businesses to perform better, faster, and more efficiently. In the world of disruptive technology, the payoffs from investing time, money, and resources into effective project management can be tremendous. The opposite is true, as well.
According to the Project Management Institute (PMI), for every $1 billion that companies in the US spend on projects, they witness an estimated loss of $122 million—which means that 12% of the budget for projects, on average, goes down the drain. One of the key reasons behind this staggering loss is poor management. Not surprisingly, leading companies worldwide are embracing project management as a way to cut costs, improve efficiencies, boost customer and stakeholder satisfaction, and gain competitive advantage. For many such companies, project management has become a dedicated function. The State of Project Management report found that 85% of companies had a project management office (PMO) — a specialist team that overlooks all aspects of project management — in 2016.
In keeping with this trend, the demand for project managers is high. The Project Management Institute (PMI®) estimates that there will be 22 million new project management job openings by 2027.
This Project Management introduction guide aims to provide you with an introduction to project management, the phases involved in a project management process along with examples, as well as a lowdown on the top tools and applications in the field, and help you understand how you can power up your project management skills with practical, expert-led training.