Benefits of project management

When applying project management techniques within our own organisation or within that of a client company, the first step requires promoting the value that project management offers.

For many people, the idea of a structured process represents change, which is often unwelcome; and it is thought to be overly burdensome and even costly. In reality, successful project management offers important benefits to ensure goals are effectively accomplished for the benefit of the organisation.

Establishes accountability

As part of the Project Management (PM) process, there is a person, or PM leader, who is clearly identified as being responsible for both the completion and the success of the project. Should there be a potential point of failure, for example, the project leader is responsible for identifying and correcting it so that the project remains on track. Identifying a PM also provides a designated point of contact for others to go to with questions and concerns, and likewise, the PM is able to monitor the critical action points (or responsibilities) of other team members. Having this level of structured accountability helps to ensure that the work is properly championed through until completion and stays on track and on

Manages cost

A key benefit to successfully managing any project is the ability to deliver the finished project within budget. From the time a scope of work is first developed and an estimated budget approved, to the point of completion, costs for the project can inflate quickly when the proper controls are not in place.

Effective project management provides cost containment which not only saves an organisation money on a single project, but delivering a project within budget helps ensure money remains available for other projects.

Ensures on-time delivery

Time is money, and projects that drag on unnecessarily or beyond a projected completion date can take a toll on everything from revenues to cash reserves. The value of project management is that it provides a means for setting specific goals within realistic timeframes. As part of the process, the project manager then tracks each of the deliverables to ensure on-time completion.

Provides a conduit for communication

When the process of project management is applied to an organisation it sets up an established system for communication between team members, project managers and clients. The very nature of scoping out a project offers an agreed-upon course of action to obtain the desired result. In essence, that means everyone is on the same page from the start of the project. Additionally, ensuring that a project stays on track requires constant communication with the various team members responsible for each piece of the overall project. That forced communication keeps everyone in the loop as the project evolves. And, finally, having a clearly identified project leader, means clients have a direct and known point of contact with whom to communicate.

Prevents scope creep

Whether it is time or money, or both, that eat away at the success of a project, you can be assured that both are a result of scope creep. The term, scope creep, is often used to describe what happens when a project continually evolves beyond the initial scope of work.More often than not, the uncontrollable growth of a project landscape is a result of the lack of project management and almost always guarantees the downfall of a project. Alternatively, successful project management controls the flow of a project and keeps team members focused on and working within the original scope of work as the project develops.

Manages risk

Through the proper project management process, potential risks or threats to the success of the project are identified early. Understanding the possible areas that can sabotage a project means better decisions are made from the start and, as a result, contribute to an on-time and within-budget completion.

Further, should a problem threaten to derail the project in the midst of it, project managers and team members have a clearly defined plan and scope of work in order to make timely decisions to resolve the problem or mitigate the potential risks.

Increased quality of the delivery

As a result of delivery according to the scope defined the project, In other words well managed scope, quality of the outcome of the project will increased automatically. Quality means meet or exceed the expectations of the customer or beneficiary. It can also be defined as usability to the expectations of the relevant project stake holders.

Customer/beneficiary satisfaction

When quality is achieved, customer satisfaction will be reached effortlessly.