Solid project and program management gives you the power to manage your business, rather than your business managing you. There are a myriad of benefits of proper project management, from managing complex numbers like budget and scheduling to supporting a team for the best possible outcome. Take a look at some other reasons project and program management is crucial to success:
- Stakeholder Coordination: There are often countless inputs and considerations across various stakeholders and organizations that must be accounted for.
- Clear Responsibilities: Identifying who is in charge of what allows people to be assigned to the crucial elements of project management such as risks, issues, action items, and tasks.
- Enhanced Visibility: Project management provides increased visibility and awareness among your stakeholders, executive leadership, and project sponsor using things like status reports and formal, regularly recurring meetings.
- Schedule Control: With proper schedule management, you can identify when the project team is starting to slip before the entire project slips.
- Historical Records: Historical documentation can provide the impetus for de-escalation and common ground for moving forward.
- Cost Control: If you aren’t tracking your resources and hours with due diligence, your project will be over budget in no time. Actively tracking resources and hours can mitigate project risks of exceeding planned budgets.
- Lessons Learned: Maintaining an active record of lessons learned provides your future self with the knowledge necessary to improve upon your last project using recommendations for improvement and a list of things that went well.
- Compliance: When so much is at stake, you can’t afford to not comply with regulations; these will impact your project whether you like it or not. Review laws, policies, statutes, and regulations that may affect the project.
- Risks: A good project management plan will address the possible risks and consider how they relate to one another and how poor performance in one area will impact the performance in another area.
- Leaving it to Chance: A project can be very expensive, carry on for years, and require a massive amount of human resources. They can range into billions of dollars and carry on across a decade. With stakes this high, can you afford not to utilize project management in your organization?
Here we outline the basic pillars of successful project management. To learn how netlogx can help improve your business practices and streamline your work to help make you more efficient. Click here to learn how!
