Well, project management is something we all put into practice at
various times of our life, although in different situations and circumstances.
If we wanted to plan a party, what would we do? We would organize every segment
of the event. We would call up the accessories person. Then, we would invite
guests, and then host the party, right? So, how does all this relate to project
management? In other words, what is project management?
In order to understand what project management is; we need to
understand what a project is. As we know, a project is an activity or set of
activities that we undertake to complete a given piece of work that leads to a
defined result. We saw the example of organizing the party. Project management
is not about simply rushing into doing things. The eventual goal or work that
we plan to achieve should be approached in an orderly and structured manner.
This makes the accomplishment of the goal easy and effective.
Planning is
the key
Similarly, project management involves having to plan towards
reaching the target. We have to first what the work (project) is about. Then,
we need to go about achieving it by using resources in the optimal manner. We
have to ensure that the resources, be they physical, human or economic, need to
be put to the best use to minimize cost and maximize effectiveness.
Why is
project management important?
In the face of competition, organizations need to economize if
they have to increase their margins and profits. Getting their project
management right goes a long way in helping them do this. A properly planned
project management is essential for organizations to help understand how
effectively – cost and otherwise –they are doing in order to stay the course.
Initiation, plan, execution, control and monitoring and closing are all
important elements of project planning. Getting these right means that
organizations can improve their bottom line.
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