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Project Management
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Importance of Project Management in Organisations

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Whether or not we are aware of it, project management is a part of our daily life. It now encompasses completing difficult tasks at work and organising a birthday party at home or buying groceries off your to-do list.

However, managing projects is a difficult and complex undertaking. It necessitates a thorough comprehension of project planning, scheduling, reporting, and tracking and the significance of project management as well.

To become a successful project manager, you must thoroughly understand project management, your roles and responsibilities, and the significance of project management. In this article, you will learn about all these crucial aspects of project management, but let’s first start with the basics.

What is Project Management? 

Only 2.5 per cent of companies complete 100 per cent of their projects! This statistic is merely the result of poor project management.

Project management is a process which includes the application of different skills, methods, and tools to plan, organise, and manage different projects within specific parameters. It’s all about effectively managing your projects’ flow so that each one is completed on time.

There are many factors and variables to consider when starting a new project.

The role of a project manager is: 

  • Setting project objectives or goals
  • Preparing project elements
  • Providing quality control metrics to ensure the achievement of a high level

A team can finish a project that adheres to an established timetable, budget, and desired quality by using the appropriate methods, skills, and expertise in project management.

Although project management is frequently linked to the architectural, engineering, and construction (AEC) industries, almost any business can benefit from it. According to PMI, 87.7 million project managers are estimated to be needed worldwide by 2027. Simply put, every firm needs project management.

Benefits of Project Management 

The advantages of project management won’t go unnoticed when it comes to delivering a successful project outcome that meets or exceeds the expectations of your stakeholders.

Here are the top six benefits of project management for your business.

Oversee budgets and deadlines

Due to strict budgets and deadlines, it becomes more challenging for businesses to finish a project successfully. Since they are fundamentally intertwined, if any small component threatens one, the other will follow.

With the help of a committed project management team, organisations can develop the skills and resources necessary to develop a budget and timeline strategy that supports the project. Project management teams can manage strict budgets and constrained schedules by juggling resources and supplies with an efficient workforce. 

Boost productivity and overall output quality

To increase efficiency and project quality, project managers put forth a lot of effort to better define goals and streamline operations. Teams can more easily navigate the project and complete necessary activities with a clear roadmap, ultimately improving job quality and resulting in a high-quality outcome.

Reduce Project Risks  

Every project has several risks related to costs, schedules, and performance. Project managers serve their organisation by excelling in risk analysis, communication, and prioritisation. With a committed project management team, you may reduce risks before they cause long-lasting negative effects on the project.

Optimum resource use

Whether you are working on a simple task or a complicated project, misuse of resources can cause disaster. By using the appropriate project management technique, you can realise how to use resources to a project’s best advantage can be facilitated. 

For instance, a traditional project management method works well for large-scale projects, whereas an agile approach works best for small and medium-sized projects.

Strengthen Stakeholder Connections

When working with a range of stakeholders, from investors and executives to suppliers and vendors, it can frequently feel like there are too many cooks in the kitchen.  

Establishing a core project management team helps enhance communication with all parties concerned, manage shared risks, and strengthen a company’s relationships with all stakeholders. To ensure that the project outcome accurately reflects the objectives, a project manager must consider the demands and interests of all project stakeholders.

Boost Client Satisfaction

Each project is finished as per the requirements of the client. A project management team that manages a project effectively and produces high-quality products will significantly boost your clients’ overall satisfaction.

Gain a Competitive Edge

Your company probably operates in a competitive market with little or no room for error. Utilising the advantages of project management can help you stand out from the crowd by enhancing your output and interactions with clients and stakeholders.

What is a project life cycle?

The project life cycle is a four-step structure created to assist project managers in successfully guiding their initiatives from beginning to end. The project life cycle aims to develop an intuitive framework for project management.

What are the four stages of project life cycle?

  • Understanding the project’s objectives, top priorities, due dates, and hazards is important at this point.
  • During the project planning phase, list the tasks and deadlines that must be followed to complete the project.
  • Put your plan into action and keep an eye on project performance during the project execution stage.
  • Project completion: evaluate outcomes, compile important lessons learned, and plan subsequent actions

Best Project Management Tools & Software in 2022

  • Monday.com
  • Smartsheet
  • ClickUp
  • Teamwork
  • Wrike
  • Asana
  • Airtable
  • Zoho Projects
  • Zenhub
  • Jira

Highest Paying Project Management Jobs in 2022

  • Project Managers
  • Marketing Project Managers
  • Operations Managers
  • Project Management Office Managers
  • Project Quality and Performance Managers

How to Become a Project Manager in 2022?

You can get into general project management with any degree, although business or project management courses are particularly useful. However, subject knowledge is more important for more specific project management roles, so having a Bachelor’s or a Master’s degree will prove useful.

Gain professional experience

You can anticipate helping a lead project manager at the entry level before gradually taking charge of smaller projects or particular duties for bigger projects, such as budgeting or client relations. As you gain knowledge and experience, you could be able to oversee entire project teams. 

Earn a certification

Getting industry-recognized qualifications is the next step in starting your project management career. These credentials can help you stand out in the job market and demonstrate that you have the skills necessary to thrive in a project management position.

Continue your education

You can develop your project management career and prepare yourself for future leadership opportunities by furthering your education. If you want to pursue a career in project management and want to learn more about the subject, you must consider enrolling on an MBA program. 

An MBA in Operations and Project Management from Exeed College is an ideal program designed to prepare graduates or working professionals for upper-management positions, such as general manager, department manager, team leader, operations manager, and more. 

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