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Importance of Project Management in Business

Project Management is one of the key factors to unlock and accelerate your business, allowing you to target the aspects of business ownership you need to succeed. As an Entrepreneur, your work goes far beyond just strategic planning. To succeed in the industry, you need the business savvy to market yourself and business effectively, network with vendors, manage the vertebrae of your business and create a more money-spinning business.
Project management and the growth of business have always remained interlinked. There is a deep connection between the two where the former directly impacts the success graph of the latter. Though it has been known that a company’s project management framework highly affects its growth; a wider understanding on the same has been established only in recent years. Let’s get a better insight of what exactly project management means and the importance it holds in predicting the success or failure of any organization.

Project Lifecycle

A project or an initiative is defined as “A temporary endeavor undertaken to create a unique product or service.” To complete it, a set of processes involving a team of personnel from different backgrounds are required. This is where project management comes into the scenario. The processes involved in planning, managing, and organizing everything so as to carry out smooth operations for achieving the project goal encompass what it is known as project management. There are a number of phases involved in managing a project through the entire lifecycle of a project such as;

Initiation:

This is the starting phase of the project where the project goal is defined at a much broader level. This is where the initial research on the feasibility of the project and other such aspects is carried out.

Planning:

This is the most important of all phases. It has an enormous impact on the fate of the project and reflects on the project management skills of yours. Here, a project plan that is to be followed by everyone on the project team is laid out. The scope of the project is defined, and roles and responsibilities of every single team member are demarcated.

Executing:

This is the ‘action phase’ of the project lifecycle as many activities take place during this particular phase. The actual execution of the planned activities is what occurs in this phase. Assigning resources, developing, completing the deliverables, assigning tasks, status meetings, and updating the project schedule are some of the activities that take place during this phase.

Monitoring / Control:

This is basically about keeping track of the project progress and ensuring that things are being done as per the laid out project management plan.

Closing:

This is the last phase of the life cycle of the project where things are summed up, and a final project report is prepared. Though many entrepreneurs might feel that this phase is not as important as the other phases, they are absolutely WRONG. Project closure does require due consideration and needs to be handled very carefully. This is so because this is the phase where your business actual project results would be finally documented, and the value that the project has created along with the failures, if any, would be notified as well. Therefore, until and unless the project closure procedure is aptly done, a project cannot be considered to be successfully completed.

 

Manage “Triple Constraint”

The importance of Project Management Know-how Industry experts and peers have recognized that strong project management is among the most important pillars of success of business. It is necessary that you do have a clearly defined project management framework and a demarcated team of skilled and responsible members. One of the major problems that Entrepreneurs often face in carrying out perfect project management plans is what acknowledged as “Triple Constraint.” This is where the Entrepreneurs have to deal with the Cost, Time and Scope requirements of the project. Triple constraint is essentially important because compromising on any of these three could land your business in trouble, which would impact not only the success of the project in hands but also the business and its goals in the long term.

 

What Entrepreneurs Should Do To Overcome Business Challenges

Consequently, only an Entrepreneur who sticks to strong project management tactics, and is well-versed with the power of project management and the right way to bring the same into action, can handle the business challenges pressures and can go a long way ensuring the success of not only his/her projects/initiatives, but the business he/she is running as well. Without a clearly delineated project management framework, all that Entrepreneurs and their businesses got to face are problems and chaos. Budget issues, running deadlines, low-quality product/service and undesirable deliverables, confused team, and many misunderstandings are some of the results of not implementing proper project management strategies. Strong project management framework is thus inevitable for the success of a project/initiative/ Entrepreneur, and the entire business on the whole.
Besides, what just have said, your project management familiarities do bring significant competitive advantage to your business while dealing in the marketplace. Knowing Project Management in and out not only raises the probability of project/business success on time and within budget but increase your chances of performing well ‘Success” in the marketplace as well.

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