Whether you are maintaining the efficiency and productivity of your household or managing a multi-million dollar construction project, common project management skills come into play. Budgets must be set and adhered to. Workflow must be planned and maintained. Bills must be paid. Goals and deadlines must be met.
Understanding the definition of project management is not hard. But carrying out the duties of project management can be difficult.
"No matter how large or demanding projects are, you need someone who will reliably and consistently maintain efficiency and productivity," according to an article on ActiveCollab. "Project management is indispensable to successful businesses, and business owners need leaders with the right vision, the right skills, and the right know-how to face the biggest challenges and ensure projects are completed successfully and according to schedule."
Without project management, the website continues, work teams fail to understand the objectives and focus, causing projects to fall into confusion and chaos.
The Project Management Institute defines project management as "shorthand for project, program and portfolio management." The white paper notes that many companies are realizing the benefits of investments in project management expertise, which include higher efficiencies, lower costs, greater customer and stakeholder satisfaction, and added competitive advantage.
Activecollab.com lists other reasons project management is important:
- Proper project planning allows successful outcomes because the right expectations can be set around realistic deadliness and cost.
- Proper project methodology allows for efficient and correct use of resources.
- Proper project planning recognizes and plans for risks that could adversely affect a project.
- Deadlines, budgets, compliance standards and quality control put tremendous pressure on project participants unless project management sets realistic standards and procedures.
Benefits of Project Management
Who benefits from project management? Everyone, when it is done right, according to Bright Hub Project Management.
"The manager actually gets to manage … as they lead their team and institute a strategy that will see a specific project reach fruition," Bright Hub says. In addition, well-managed projects include opportunities for client feedback and production refinements.
But without ownership by a leader well-versed in project management techniques, major and minor projects can be doomed. Grooming career-minding professionals for project management are advanced degree programs like the online MBA with a concentration in Project Management offered by the University of Southern Indiana. The program develops skills for time management and problem-solving with an eye to quality control and resource optimization. Aligned with Project Management Institute (PMI) best practices, the program curriculum also prepares students to pursue project management certifications.
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