Role Of Project Management In Todays Business

Published Date: 02 Nov 2017

Today’s business world is rapidly increasing and changing. In industries like construction, software development, banking, telecommunication, manufacturing, architecture, engineering, information technology, etc. projects drive the business. Therefore a project must be well planned and carry out properly to get the maximum profit or the quality product at the end. Most of the projects or the businesses have very tight schedules, tighter budgets, more time constraints, diminishing resources and also most of the businesses have a large competition to improve the ways that they are doing the business. Therefore, most of the businesses have realized the benefits of the critical need to communicate and coordinate work across department and professions. For this, most of the businesses are practicing project management.

When considering the result of not having a good project management or when the project management is poorly applied, business cannot get the expected output. Cost overruns, conflicts among team members, missed deadlines, redoing work to correct errors, poor workmanship, duplication of effort, continuous changes in project scope, poor morale of team, forgotten key tasks, unclear directions for the project, etc. can be caused due to lack of poor project management. This will lead to a failing of a project. Therefore the project management is important to a project’s success. Effective project management is helping to maximize the use of resources (like money, time, space, people, etc.), to meet customer expectation or to exceed the customer expectation, to document what was done for any need of future reference, to bring the project to a successful conclusion on time and within the budget and to build the confidence within the team for future project. For this the project manager plays a major role in project management.

When we consider about the role of project manager, he/she plays a major role in business development. Project manager’s duty is to direct, supervise and control the project from the beginning to the end. Unlike other managers, project managers manage temporary, non-repetitive activities to complete a fixed project life cycle.

Unlike other management tasks, the project management has a beginning and an end. It is not a continuous process. The three most important factors in project management is time, scope and cost. The project must be within the scope and within the cost or the budget. Also it should be delivered on time and it should meet the customer requirements. Therefore the project manager has the task of handling these three factors in order to maintain the quality of the project. The quality of a product will lead the business to a success stage.

For an example, if we take the software development field, there are number of projects carried out by one Development Company. If the company wants to survive in the field or to compete with its other competitors, the company should have to produce good quality products. For this, as they are handling their products through projects, they need to have a good project management. Therefore they have divided their employees into small teams and have assigned a project manager for each of the team to handle the project and the team.

Failing a project can badly impact on the company. It will be a huge loss of money to the company. Also it can affect to the reputation of the company. To overcome these issues, there should be a good project management. Project manager is responsible for defining the project scope, obtaining the relevant resources and building a good team in order to get the maximum performance throughout the project life cycle. When we look into the above example of developing software, there are different phases in the software life cycle. Project manager is responsible for each and every phase. He/she should have to properly coordinate employees with the phases in order to minimize the defects and output a better quality product at the end.

Therefore having a good project management will minimize the risk of projects getting delayed, exceeding budgets or not meeting the customer requirements. This means using project management we can provide a customer satisfied products and services. Also this will reduce the inconsistency between the processes and procedures. As the project manager is responsible for communication among the client and the organization, project will not have miscommunication all over the project life cycle. In addition, project management will lead to deliver a successful project by achieving the goals set at the beginning of the project. Also it will minimize the wastage of money and time due to lack of planning.

Therefore when we look back into the above mentioned factors, project management plays a major role in today’s business world to overcome the competition and provide better services and products for clients.