The Importance of Project Management14 Sep, 2017
What is the importance of Project Management? In answering we must first understand the nature of a ‘Project’ – defined by the Project Management Institute (PMI)* as “…a temporary endeavour undertaken to create a unique product, service or result. A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources”.
Temporary and unique with a defined beginning, end, scope and resources, or, in a single word – constraints. No project runs for ‘as long as it takes’, with an unlimited budget and unquestioningly accepts whatever level of quality that happens to result. This is where Project Management and associated processes brought to bear on the governance of a project are demonstrably important to its eventual success.
Project Management can be split into five principal categories: Initiation, Planning & Design, Execution, Monitoring & Controlling, and Closing. Initiation determines the scope of the project, defining the actual business requirement and identifying what a successful conclusion will be. Planning & Design identifies how the end result will be achieved. Execution is work done, in accordance with the plan, to achieve the desired result. Monitoring & Controlling continually assesses what is being achieved by execution in relation to what was expected in the plan. Closing finalises the project once the desired result has been achieved.
Without Project Management, how would an organisation understand where it is – (A) and where it wants to be – (B)? Once understood, how would it define what was required to progress from A to B? Having defined what, how would it then implement actions required to attain B? Throughout implementation, how would it know if planned actions were actually going to accomplish B – and, if not, work out the changes required to get back on track? Finally, how would the organisation establish it had successfully reached B?
Project Management is important for minimising inherent risks and unexpected consequences, while maintaining control of quality, budgets, timescales and resources in achieving a measurably successful outcome.
ECAC Project Management courses provide students with practical knowledge underlining the importance of project management to the successful implementation of projects across all industrial and business sectors. Contact us for more details and prepare to manage projects in your chosen industry.
* Project Management Institute – peak body for professional Project Managers