Projects are all around us!

Everything that we wear, that we eat, that we touch, or use every day, was an outcome of a successful project to create a unique product that you’re enjoying now. Projects literally run the modern economy.

There’s no getting away from it. Projects in an organization are a nightmare to manage successfully, particularly engineering, procurement, and construction projects.  Nonetheless, these days of customers requiring ever-increasing functionality and ever more sophisticated services to run their business operations.

And all these projects are managed through the Project Management process and team.

Understanding project management objectives in-depth is the first step to a project’s success. Due to the nature of project management, it differs from typical management. A project is a temporary endeavor, undertaken to achieve a particular aim in a certain duration and budget. Every project has a start and finish date with something to deliver under a certain cost.

Apart from stimulating firm growth and improving transparency, there are several objectives of the project management process. Below are the five main objectives of project management.

Strategic alignment with business

One of the main objectives of project management is to align projects with business strategy. Projects are great opportunities for any organization to achieve its business objectives, and through project management, this can be done efficiently. Project management process help organizations to make desired changes with a reduced probability of failure.

For any organization, PM is one of the building blocks of strategy to achieve the vision and business goals.

Mark Langley, the president, and CEO of PMI cautions, “If your the organization is not good at project management, you’re putting too much at risk in terms of ultimately delivering on strategy.”

A clear focus on project objectives

A lack of clear goals was the most common reason for project failure in 2017. Project management help organizations hone in on their priorities and define their project objectives. Without a project manager to oversee the project plans and task breakdowns, many teams may not notice potential risk factors as they arise.

Project management methods ensure that organizations gain control over ongoing projects and make sure they are on the right track and within the stipulated budget. Project deliverables should be managed well so that you do not lose track of the progress of the project.

Effective Project Planning

With a solid project plan, you can ensure that you have got an agreement with the client’s requirements, get all stakeholders on the same page, and flag risks in advance. The importance of project planning cannot be overstated. Planning a project effectively right from the start lays the foundation for a successful project. Project management includes a phase for a project plan where you can clearly define the goals, the project scope, and the timelines.

 Cost Reduction through Project Management 

Based on the project scope, some projects may incur high costs. So, it is essential to keep track of the budget. Incorporating PM strategies eases the budget overrun risks. In 2018, according to PMI, 9.9% of every dollar invested was wasted due to poor project performance—that’s $99 million for every $1 billion invested.

Improved Customer Satisfaction

Retaining clients is considered more important than acquiring new ones and a guaranteed way of doing it is by offering unparalleled services. An effective set of operations that focuses on quality and efficiency, would naturally leave the clients feeling satisfied. This means that they would return with more business in the future.

So, these are the five main objectives of project management, which help the organization meet its business goal.

Conclusion

In a nutshell, organizations don’t need to reinvent the wheel to manage their project. A robust project management process will help the company to keep things as simple as possible and achieve business objectives as you go along.

Managing a project is not an easy task. From project initiation till the closure, there’s a lot that can go wrong. Having well-developed PM processes, tools and procedures will make the project task easier to monitor and effective management.

Does your organization have a robust project management process set up? Let me know by leaving a comment below right now.

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