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Why Project Management Is Important For Every Business

By November 2, 2019 No Comments

“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.”

Project Management is all about knowledge, skills tools and techniques to project activities to meet the project requirements. The purpose of project management is to plan and manage a project to successfully complete its listed goals and deliverables.
I often hear people asking why project management is important for business growth.
Whether we realize it or not, nowadays project management has become a part of our lives. Projects are often complex and involve numerous stakeholders, having a project manager to lead the initiative and keep everyone on the same page is critical to project success.

IMPORTANCE OF PROJECT MANAGEMENT IN ORGANISATIONS

We can see that day by day Organizations are facing new challenges and opportunities constantly. The world and marketplace are filled with uncertainties and opportunities for growth. Without the practice of project management, organizations would find themselves drowning in an ocean of failed projects. All organizations need to take project management seriously in order to survive and compete with their competitors.
By using project management methods, organizations can gain control over the running of projects and make sure that they are keeping on track and within budget. Project deliverables need to be managed effectively so that no one loses track over what is happening. One failed project may not seem like a lot to a company, however, when we are talking about large organizations with multiple, complex and on-going projects, project management is vital.
Project management is comprised of a number of essential and basic functions that add to its importance and which are enhanced by technology and project management software such as Timed-In:
Project management plan: Project management software allows you to plan projects along with taking previous records into account.
Tracking project progress in terms of completion, time and costs: Certain warning signs that software allows you to easily spot gives way for in-time warnings.
Scheduling and time management: The importance of project schedule cannot be ignored. Each member receives their schedule and is aware of what is expected and when.
Resource allocation: Certain software such as Timed-In, measures resource spending and also allocates resources for each task and each member.
Budgeting: Controlled in real-time costs and time evaluation. Timed-In sends all of whom are involved with the project weekly updates of progress.
Communication and Collaboration: The importance of communication in project management is undeniable and we’ve said it here more than once! Software such as Timed-In offer real-time chat options and also includes a project wall which is similar to a social media feed, updating all involved of any change or addition.
Documentation: Documents can be created within project management software and stored there for safekeeping, especially if the app is cloud-based like Timed-In. The importance of project report writing is taken into account by most project management software.

Here are five reasons why you should use project management.

  1. Realistic project planning:
    It is perhaps the most important aspect of project management that decides the fate of a project. You will be able to deliver projects successfully when the right expectations are set around what can be delivered by when and for how much. On the inconsistent, a project is consigned already if there are indefinite budget estimates and unrealistic deadlines and delivery expectations.
  2. Clear focus and objectives
    Without an effective project management plan, teams might start working on a project without even a clear understanding of the project plan. When team members understand the focus and objectives, a project progresses without any confusion or chaos. Half of the problems are already solved if you begin a project the right way.
  3. Maximum resource utilization
    Whether you are working on an easy task or complex project, inappropriate resource utilization can create a hurdle in between your work. Using the right project management methodology can help you realize how to utilize resources for the best results of a project. For example, small and medium scale projects work best with an acute approach whereas large-scale projects work best with the traditional project management approach.
  4. Risk management
    Many times, we begin our project with the best strategy but fail to recognize risks that could ruin the overall progress of a project. With effective project management and the right project manager, one can always stay a step ahead from unwanted risks.
  5. Quality control
    enormous pressure on project members to catch up with the project guidelines, deadlines, budgets, compliance standards and quality control. Project management is important to identify, manage, and control the quality of whatever is being delivered.

Stay on track with Timed-In

The right tools can make a big difference in a project’s success. Timed-In is a cloud-based tool that helps project managers and their teams plan, track, and execute on their project deliverables. As a project management software, it makes project management easier, faster, and smarter. Timed-In acts as one place for all your projects, teams, and internal communications.
Contact Timed-In Specialist today to know about the growth of your business.