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Project Management: 5 Important Benefits

Written By: Chuks Chukwuemeka | Comments Off on Project Management: 5 Important Benefits

Project management helps companies deliver quality projects on time to achieve a particular goal. While some companies don’t know about this idea, frontline companies who want to complete projects easily have embraced project management to take their companies to the next level.

Research from the Project Management Institute (2018) states only 58% of companies globally know what project management is and how it can efficiently help them handle tasks and solve problems.

Is your company among the remaining 42% left behind? This article will discuss five important roles project management plays in the growth of your company, and why your company needs to embrace it.

What is project management?

Project management is the process of initiating a project and managing the tasks and timeline throughout its life cycle until it is completed.

The objective is to ensure every project is of good quality with appropriate resources deployed and managed efficiently, achieving its goals.

What are the benefits of project management?

 #1 Quality control

One of the issues companies face when handling projects is the ability to deliver quality projects. Most are under pressure to meet a deadline, and while hurrying to complete a task, quality may slip.

Utilizing a methodology like Agile for project management ensures quality at every stage because each task is tested and examined by a quality control manager to confirm the required standard is maintained.

#2. Higher productivity

Efficiently managed projects increase productivity, enabling individuals in different departments work harmoniously and deliver as a team.

Each individual is assigned a task (or tasks) within his/her specialization with a deadline for completion. This is common when a project is complex, and can lead to having more projects completed in a shorter time.

#3. Flexibility

Employees in your team most likely want the flexibility to operate at their own pace. A good project manager recognizes this and allows his team members to choose their working hours, provided they complete their piece of the project as expected on time.

Another benefit flexibility brings in project management is that team members can take up new tasks as soon as they’re done with the previous one.

#4. Timely completion

The ability to complete tasks on time for your customers or clients is a hallmark of a reputable company.

In managing projects in the company, individuals across functions may work as a team. To aid the process, project managers make available the necessary resources and create a conducive environment for team members to deliver quality work, which leads to timely completion and delivery.

#5. Appropriate resource allocation

Project can go over budget and miss deadlines when resources – both human and material – are not allocated appropriately.

Project managers who follow project management best practices ensure team members carry out tasks efficiently in their areas of specialization. Also, resources needed are allocated judiciously, according to priority, and are properly monitored to guarantee maximum output at the lowest possible cost.

Project management helps companies manage complex tasks and deliver quality jobs at the scheduled time. Technology has made it easier for companies to allocate tasks and track progress.  Two project management tools you might want to consider are Wrike or Asana, which are a major shift from what project management software was 10 years ago.

The objective of any company is to initiate projects and manage the life cycle until the desired result is achieved. Utilizing project managers and project management tools will contribute to the growth of your company.

Article written by
Chuks Chukwuemeka is a Content Creator, Blogger and Digital Marketer. He’s the founder of Depreneurdigest, a blog that focuses on helping online businesses succeed. He specializes on providing consultancy services to small businesses on how to grow their online presence through blogging.