The Need for Projects and Project Management

The Need for Projects and Project Management

The Need for Projects

  • Projects are temporary, non-routine activities with specific objectives, set timelines, and specified resources.

  • Projects enable an organisation to innovate, develop new products, or expand into new markets.

  • A project gives a framework for organisations to respond to changes effectively, such as advancements in technology, shifting regulations or competitive pressures.

  • Project completion signals the achievement of a specific goal or outcome, often increasing the overall value of the business.

  • Resource utilisation can be more effectively managed within the context of a project.

Project Management Fundamentals

  • Project management is the application of skills, knowledge, tools, and techniques to meet or exceed the requirements of a project.

  • It involves the planning, organising, and managing of resources to achieve a set purpose within set constraints of scope, time, and budget.

  • Key constraint categories in project management often are referred to as the “triple constraints”: scope, time, and cost.

  • The project manager has to balance these constraints against the quality of the output.

  • Project management adds value by increasing chances of success, reducing risk, maintaining control, and achieving the desired result.

Importance of Project Management

  • It helps to ensure that goals and objectives are clearly defined and understood.

  • It maintains a strict control on budget, makes sure resources are allocated correctly and prevents overspending.

  • Ensures project meets the required quality standards.

  • It provides a systematic approach to managing and controlling different types of project processes such as initiation, planning, execution, control, and closure.

  • Project management can boost an organisation’s performance by improving efficiency and effectiveness.

  • It helps in managing risks associated with the project thereby avoiding the occurrence of potential problems.

Remember, in business the effective application of project management significantly influences the success of an organisation’s business strategy and overall performance.