When an organization takes on a new project, managers are tasked with finding ways to produce results on time and, ideally, under budget.
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For smaller projects, this task may not present an issue. For large projects, however, particularly those carried out by several teams in different locations, a methodology becomes crucial to streamline the process and reduce the potential for error. Fortunately, project managers focus on precisely this issue.
Project management is a system of tools and processes to help managers analyze how their projects are doing. While there are multiple approaches to choose from, all project management methodologies offer numerous benefits to organizations.
This list highlights nine notable benefits of using project management to oversee and improve the delivery of goods or services.
9 Benefits of Great Project Management
1. Improved Efficiency
Project management provides a system of tools to reduce unnecessary costs and reduce the potential for error in a project. With less time lost to unexpected problems or expenses, services can be delivered quickly and effectively.
2. Higher Customer Satisfaction
The reduced costs and increased efficiency of project management lead to satisfied customers. When customers receive satisfactory performance that is both faster and cheaper, it becomes highly likely they will utilize an organization’s services again.
3. Greater Team Development
The satisfaction of a completed job boosts team morale and leads to greater performance in the future. When teams are happy with their results, they are more likely to innovate, potentially reducing costs even further.
4. Improved Reputation
Positive results in project delivery can lead to a higher reputation for both teams and the organization in general. Teams gain the recognition of their colleagues and managers, while organizations benefit from an increased standing among their competitors and future clients.
5. Additional Opportunities
Tied closely with the previous point, increases in reputation often lead to additional project opportunities in the future, delivering more work to teams and, therefore, greater financial reward.
6. More Flexibility
One of the great benefits of using project management is it allows managers to more effectively anticipate costs and analyze potential problems. While some deviation from a plan may be inevitable, project management provides teams with the tools to quickly reassess the project and adapt as necessary.
7. Effective Risk Management
Project management allows teams to anticipate problems well before they affect results. By anticipating issues, teams can adjust as necessary and, ideally, reach a point where the problem can be avoided.
8. Better Quality Deliverables
The great argument in favor of project management is the ability to create a better overall result. Project management not only reduces the potential for error, but it also provides pathways to greater innovation and consideration of how a project can be improved.
9. More Projects
In line with increased efficiency, a reduction in the delivery time of an individual project allows more time to take on additional projects while still providing a manageable team workload.
Summary
With such key benefits to utilizing a sound project management methodology, it is certainly the case most any organization would stand to gain from giving it a shot. Indeed, the project management philosophy of planning, anticipating issues, and analyzing ongoing effectiveness can benefit organizations of all sizes, regardless of the project size or method.
While by no means foolproof, project management provides an excellent start to delivering better projects, reducing costs, improving efficiency and, accordingly, increasing the satisfaction of an organization’s customers or clients.
Guest Author Bio
Ta’Rikah Jones is a contributor for Bisk Education and covers a variety of topics related to higher education and the workplace.
Editor’s Note: This post was originally published in January 2014 and has been updated for freshness, accuracy, and comprehensiveness.