project management benefits

Project management is the process of managing a project from its initiation to its completion, or the time when it is no longer needed. The goal of project management is to complete projects on time, within budget, and according to specifications. The process includes the following steps – defining the project, planning for the project, managing the project, monitoring, and controlling the project.

Projects are difficult to manage because they involve many different tasks and skills. These tasks are not always straightforward and can be very complex. That’s why companies need to have someone who has a good understanding of the process involved in managing projects. The person responsible for this task is called a project manager. In this article, we will explain what are the most important benefits of project management as listed below.

1. Customer Satisfaction

2. Organization and Planning

3. Clear Ownership for Project Success

4. Team Accountability

5. Clearly Defined Scope

6. Budget and Cost Management

7. Schedule Management

8. Project Scope Management

9. Risk Management

10. Problem Resolution

11. Record-Keeping and Administrative Responsibilities

12. Visibility to Project Health

13. Organizations can Take on More Complex Projects

14. Team Building and Collaboration

15. Communications

16. Change Management

1. Customer Satisfaction

The customer is always satisfied when a project is completed on time, within budget, and within scope. A satisfied client is a repeat client. With capable project management, this relationship with your customer can flourish, and you can meet and exceed their expectations.

2. Organization and Planning 

Project management aids teams in organizing, tracking, and executing work within a project. The goal of a project is to accomplish a collection of tasks. To meet your project’s requirements on time, project management can help your team plan, manage, and execute work.

3. Clear Ownership for Project Success

The success of a project depends on many people working together. However, the project and team need a leader to take a broad view and drive the project forward. Each team member tends to focus on their specific responsibilities. The project manager, however, takes responsibility for the overall project. As a team leader, she handles issues, tracks milestones, and keeps the project on track.

4. Team Accountability 

Team members are held accountable for honoring their commitments by the project manager. As a result, the project stays on track and schedule slippages and missed dependencies are avoided.

5. Clearly Defined Scope

Project managers work with customers and teams to clearly define the scope before beginning the project. As a result, the team can outline requirements clearly, and everyone knows what to expect at the end of the project.

6. Budget and Cost Management

When planning a project, the project manager collects information on costs and creates a budget. As part of the project management process, she ensures that the project stays within budget without surprises.

7. Schedule Management

Keeping the team on track is the responsibility of the project manager. Together with the team, she determines milestones and deliverables for the project. To ensure ongoing coordination and progress, she identifies and works with stakeholders to remove roadblocks and resolve issues. In addition, the PM manages interdependencies between team members so that all project components are coordinated as needed. She ensures that key dates and milestones are met. As the team’s single point of contact, it is clear who coordinates and leads the effort. In this way, projects are more likely to succeed.

8. Project Scope Management 

At the beginning of the project, a clearly defined scope is essential, but it is equally important to manage scope creep as the project progresses. Changes to the scope are frequently requested by customers. The PM can explain how these changes affect the project. In the event of scope changes, the project manager can manage the impact on the schedule and budget.

9. Risk Management

It is critical to identify risks early in the process so they can be addressed before they become problems. Managing change throughout a project involves tracking changes and communicating them effectively. At the beginning of the project, the project manager identifies potential risks. Throughout the life of the project, she actively manages risk with the team. Therefore, even if the project plan is threatened, it keeps moving forward.

10. Problem Resolution

From the beginning, the project manager works with the team to ensure quality. The PM ensures the team follows the right processes, including gathering requirements and performing testing when necessary. Contract guidelines and compliance guidelines may need to be observed. During the course of a project, a PM coordinates multiple quality-related activities.

11. Record-Keeping and Administrative Responsibilities 

The process of creating documentation and planning meetings doesn’t require a project manager. Project managers are familiar with the project at a higher level and know when to schedule meetings and who to invite. To keep the project moving forward and on schedule, she anticipates and drives important project discussions. In addition to creating needed documents, she ensures that they are archived for compliance reasons.

12. Visibility to Project Health 

Project managers provide visibility into project progress and status. The PM is responsible for the success of the project, so she gathers all the information and provides visibility into its health. Team members can access information and provide real-time status updates with the help of project management software. Stakeholders and team members can gain faster access to metrics and information. Based on this information, the team can proceed or adjust as necessary. Long-term, this saves the organization time and money.

13. Organizations Can Take on More Complex Projects 

A more complex project requires greater guidance and management. More complex and risky projects can be completed with the assistance of a project manager.

14. Team Building and Collaboration

To ensure that the project team works together toward a common goal, you must bring them together so that they can focus on the same objective. Conflicts, personal agendas, or competing desires could lead to stalling or churning of the project. An effective project manager knows how to assemble a team to work together for a common goal.

15. Communications 

Throughout the project, the project manager communicates with the stakeholders and team members. In addition to email and phone calls, the project manager uses face-to-face meetings to communicate her ideas.

16. Change Management

In addition to completing the project work, the project manager ensures that the customers are ready to adopt. During the project management process, changes are planned to ensure a smooth transition to the revised solution. The project manager does this by using training for updated processes or solutions, ensuring ongoing support, and communicating about delivery and timing. As a result, customers have a better experience from start to finish.

How to Correctly Plan and Manage Project Management?

It is important to have a plan before you start any project. Furthermore, it is critical to manage the project and ensure that it is on time.

The first step in planning and managing a project is to decide what is the project’s goal and who will be involved in it. You will need to determine what skills are required for the task, how much time it will take, and how much money will be required. The next step would be to decide on what kind of timeline would work best for the tasks at hand and then create an estimate of how long each stage of the project should take.

What Are the Most Beneficial Project Management Tools?

Some of the best project management tools to ensure better project management are Kanbanize, Asana, Proofhub, Monday.com, Zoho Projects, Trello, Wrinkle, Clarizen. Project management tools are designed to help people manage their projects and keep track of their tasks. Different project management tools have different functions. Some are designed to help with time management, others with task management, and some with budgeting and reporting.

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