Making an Impact as a Project Manager
Last Updated January 17, 2020
Project management can be a valuable approach when attempting to control spending and improve project deliverables. The benefits can produce the collective effect of reducing unnecessary risks and improving rates of success. When the economic recession put a burden on business managers to make cost-effective decisions, several found that applying project management methods were crucial to the organization remaining profitable, despite downturns in international business.
In 2010, an Economist Intelligence Unit report noted that many businesses relied on project management when the recession began. Compared to 2007, 40% of survey respondents noted an increase in time spent on project planning, and 37% noted they spent more time on risk assessment and documenting key milestones. In times when resources are tight, businesses have relying on project management to help ensure their resources are well-utilized.
Benefits of Project Management
In today’s ultra-competitive business world, teamwork has become a vital component of overall project strategy. An increased emphasis on teamwork drives the need for managers who know how to communicate effectively with diverse groups of people across organization departments. Fortunately, project management provides the necessary tools to help improve communication strategies and increase productivity.
Another benefit of project management is helping deliver business forecasts. Forecasting is provided through careful project analysis and computer software that can help organizations predict various aspects of a project. Software provides the added benefit of creating charts that can illustrate future data projections.
Forecasting data can prove useful to project managers because it allows project teams to come up with solutions to problems in advance. By carefully analyzing projects and future business outcomes, teams can anticipate areas that may need improvement and prevent delays or other adverse scenarios. If a team works together to solve potential problems, the coordination and communication facilitated by project management can be a significant advantage for managers.
Effective project management can also benefit a company by helping increase organizational prosperity. When businesses are able to anticipate problems, adjust tasks and improve interdepartmental communication, the entire organization can benefit.
Additional Benefits of Project Management
- Reduced costs and greater efficiency
- Predictable project outcomes
- Reduced problem response time
- Improved communication with clients and stakeholders
- Improved initial product quality
- Greater control of budgets and finances
- Improved decision making
- Greater morale and focus on team members
Project management can provide benefits to organizations of all sizes, allowing teams to maximize the quality of outputs in a way that is sensitive to costs and organizational timeframes. Recent economic events have caused more businesses to pursue project management as a way to cut costs and maximize both profits and project quality.
Villanova University offers a variety of 100% online certificates in project management that can help give individuals the skills and training necessary to become an effective project management professional.
