Project Management: What Are Its Benefits And Impact?

According to the Project Management Institute, companies that underestimate Project Management fail 67% more in the projects they have planned or are carrying out. And it is that thanks to Project Management, companies have managed to be competitive in the market, responding adequately to internal needs as well as those of their clients.

Project Management What Is It?

A Project Management is a professional who has the ability to carry out planning , generating motivation and managing resources to achieve all or most of the objectives. In other words, it is a discipline based on project management, whose main objective is to optimize processes and their environment in order to achieve the expected results.

Therefore, when we talk about project management, we refer to a person who has the ability and discipline to plan, organize, have strategies and control resources. However, it is essential to take into account the limitations. In other words, it is important to know that every project will always have limitations that accompany it, some of these may be time, quality or budget, so the project management will have to work under these limitations.

Basic Concepts Of Project Management Today

Despite what it seems, having a variety of technical terms, project management is not a complicated task. Therefore, if you are just starting out in this discipline and want to understand what your co-workers mean when they refer to project scope or agile methodologies, we will give you a detailed explanation of all this below.

Types Of Project Management

As we mentioned at the beginning of the article, project management is a professional who is trained and with the necessary disciplines to ensure that projects are carried out in the best way. However, within the broad category of project management there is a diversity of types, methodologies and even approaches. Among these are:

Agile management: Refers to a type of project management that is most often used by product, software development, and engineering teams. These types of teams believe in continuous improvement, flexible changes and progressive evolution. 

  • PRINCE2: This name comes from the acronym in English PRojects IN Controlled Environments (projects in controlled environments). In this methodology, the processes are divided into seven parts , which are: 
  1. Start-up of the project.
  2. Project management.
  3. Start of the project. 
  4. Management of limits per phase. 
  5. Control by phase. 
  6. Strategy management. 
  7. Closing.
  • Waterfall: It is a linear process methodology , that is, once one task is finished, the next one can be started and so on. This method has five phases:  
  1. Requirements.
  2. Analysis.
  3. Design.
  4. programming.
  5. Tests and practice. 

Key Points

According to the Project Management Institute, there is a diversity of elements that must be taken into account to successfully achieve the objectives.

  • Have a controlled scope. 
  • Constant and effective communication is essential. 
  • The project plan should have a strategy that has the ability to measure progress as the project unfolds.
  • The project must be agreed with the project manager, the client and the company.

Also Read: The 10 Most Popular Project Management Tools

Advantages Of Project Management

We have already mentioned that project management has the ability to ensure that projects are carried out and reach the planned goals, but in addition to this they have other advantages.

Define Roles And Responsibilities

By having a Project Management in charge of the project, you can be sure that it will ensure that each of the people involved will have a defined role and responsibility. Unlike what happens when you don’t have it, it is very common for teammates to abandon tasks.

By defining the roles of everyone in the project, you will be able to avoid any confusion among the teammates.

Delivery Efficiency

Thanks to strategies such as “the roadmap”, each of the project participants have a specific guideline, so they are in charge of following the schedule, maintaining costs and budgets. 

Diversity Of Perspectives

Having a project management gives the possibility of broadening the horizons, generating new ideas and understanding the other points of view to be able to carry it out. Thus saving time and money.

Increase Competitive Advantage

It is a fact that if a company is able to successfully complete most of its projects, it will achieve a more harmonious relationship between its workers and will achieve an aura of internal satisfaction. Deriving in this way in the scope of a larger position and reputation in the market. 

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