Importance Of Project Management
A Project can be defined as a Unique Task to be performed within the expected budget and timeframe.
People and agencies affected by the outcome of the project are the stakeholders. The key stakeholders play important role in the success of the project.
The Project management is nothing but the ensuring the project success as per the stakeholder satisfaction. The project success can be defined as execution and completion of
- Defect-free outcome
- Within the budget
- Within the timeframe
- Satisfy customer
The Project Manager is responsible for ensuring above throughout the project i.e. during planning, execution and completion. In other words, project manager plays a critical role in project successes. As per the data, 70% project failed due to poor project management.
Project management processes are the scientific processes to manage the project from the beginning (i.e., initiation, planning) to the project closure. Project Management Plan (PMP) is the document, where these processes and measurement of process performance is defined. PMP is normally considered as project bible. The project management processes are applicable to any kind of project like a construction of new road, Construction of new hospital, Development of new IT application for the hospital, etc.
The top 5 benefits of having project management processes in the organisation are as follows:
- Project outcomes are aligned and tracked to the business needs of the organisation
- Enhanced stakeholders satisfaction
- Improve efficiency & enhance the confidence of the team
- Consistent delivery throughout the project duration
- Tracked for Defect-free, in-time and within the budget delivery