The challenging economic environment in today’s corporate world has pushed senior management to understand the fundamental, supportive and strategic role which project management plays in business. It is a profession which requires a large and varied skillset. Project managers are expected to have specific industry knowledge, effective communication skills and excellent quantitative abilities. A team of individuals with different talents and skills is a prerequisite for managing a project effectively from start to finish. Those people are responsible for planning and executing the project objectives beyond just labor and materials.
Project management essentially involves project planning, communicating with clients, coordinating members of a team, evaluating and monitoring progress, paperwork and accounting, as well as problem identification and resolution. Resources, which include money, people, and time, are usually scarce; hence the effective use of each available resource towards achievement of a given objective and goal is necessary.
Let’s delve further into the topic of project management and understand how it can help your business:
- Budget and cost control
Project management allows a project to stay within the budget. A good project management plan identifies anticipated costs early on to develop a realistic budget. Through resource conflict solutions, project managers are able to increase the effect of funding a new project on operating capital by optimizing the allocation of workers. Coordinating tasks and clearly identifying goals or deliverables within phases helps to reduce inefficiencies in time management that can result in being over-budget.
- Problem solving and team work
Project management uses the problem solving process whereby problems are identified, options are weighted and solutions are found. This makes it easier to find the areas where improvement is needed and address them one at a time. Various projects mean different teams. When these teams work together, the future of the organization will remain more secure and the overall operation is positively impacted.
- Protecting the company
Managing operations via a solution that enables a full, complete and comprehensive capture of each step of a project or a delivery process, including exactly what happened when and by whom, provides protection by enabling later investigation and discovery and can even provide legal evidence, a contracted commitment or even regulatory compliance.
- Ensuring consistent and dependable delivery every time
Dependability is one of the most important factors in good client relationships and reputation, as well as business success. Achieving what you set out to do, on time, every time, and with predictable costs, is directly linked to profitability and business growth. Doing so depends on having robust and repeatable processes, which are derived from good project management. A further benefit is to create confidence inside the company, which enables it to make those commitments in the first place, and communicate that total delivery confidence to potential customers.
How to achieve project management excellence?
So we’ve seen how an organization can benefit from effective project management. Achieving this kind of project management excellence can prove to be a challenging task. The key is to be fully prepared with relevant skills through training and development. At Procurement Academy, application-based training is provided to employees through modern solutions such as scenario-based video. The courses are custom-made according to where the employees lack skills. Eventually, they are able to acquire the necessary skills and knowledge required to perform better in their day-to-day jobs, leading to an increased level of productivity and employee engagement. As far as project management is concerned, Procurement Academy provides insight into this subject through in-depth courses listed below. These courses allow employees to understand the core of project management and apply the skills to their jobs.
- Introduction to project management for procurement:
This course provides a high level overview of what project management is and why it’s important. It defines principles of project management and provides an overview of the Project Management Process.
- Project Management- developing a business case:
In this course, employees will learn about a business case and its contents. It shows learners how to conduct a cost-benefit analysis and shows how a business case is used within the Project Management Process.
- Project Management- Project Time Planning:
This course provides a high level overview of what project management is and why it’s important. It defines the principles of project management and provides an overview of the Project Management Process.
- Project Management- Project stakeholders:
This course allows employees to understand project team roles. It explains how to motivate the team and provides a process for managing stakeholders. Additionally, it explains how to influence stakeholders.
- Project Management- Risk management:
This course provides a process for managing risk and explains each step in detail. It explains how to take advantage of upside risk to achieve an even better result and gives practical tips for improving risk management.
- Project Management- Project controls:
This course defines project controls and explains configuration management. It explains how to implement change management, and how changes impact time, cost-benefit, and quality. The course further provides practical guidelines on problem escalation between project manager and project boards. It explains project tolerances and reporting and explains how to conduct a project handover.
Focusing on good project management and implementing the right tools and strategies to safeguard and enhance business performance and reputation should be one of the top priorities right now for any business. A good training and development program with innovative solutions can lead an organization to achieve project management excellence.