One-fifth of the world’s GDP, or $12 trillion, is spent on projects. And with many skilled practitioners leaving or scheduled to leave the workforce due to retirement — in the United States alone, 40% of the workforce by 2015 — there is a great demand for knowledgeable project managers. So much so that $4.5 trillion of that total is at risk, and the talent gap is widening.
In Nigeria, the Presidential Project Assessment Committee, in June 2011 blamed N7 Trillion uncompleted capital projects on poor project management. According to a 2007 PricewaterhouseCoopers survey, 80% of high-performing projects use a trained and certified project manager. In order to achieve product and service excellence in this challenging economic time, organizations must focus on project management as the key business driver that will help achieve these advantages for them. An organization with sound business practices and principles in place will more likely be able to provide consistent product delivery.
As a profession and a practice, project management is able to support the overall business strategy with clear-cut benefits and advantages, Benefits of project management to organisations includes:
1. Better efficiency in delivering services: Project management provides a “roadmap” that is easily followed and leads to project completion. Once you know where to avoid the bumps and pots holes it stands to reason that you’re going to be working smarter and not harder and longer.
2. Improved/increased/enhanced customer satisfaction: Whenever you get a project done on time and under budget, the client walks away happy. And a happy client is one you’ll see again. Smart project management provides the tools that enable this client/manager relationship to continue.
3. Enhanced effectiveness in delivering services: The same project management strategies that allowed you to successfully complete one project will serve you many times over.
4. Improved growth and development within your team: Positive results not only command respect but more often than not inspire your team to continue to look for ways to perform more efficiently.
5. Greater standing and competitive edge: This is not only a good benefit of project management within the workplace but outside of it as well; word travels fast and there is nothing like superior performance to secure your place in the marketplace.
6. Opportunities to expand your services: A by-product of greater standing. Great performance leads to more opportunities to succeed.
7. Better Flexibility: Perhaps one of the greatest benefits of project management is that it allows for flexibility. Sure project management allows you to map out the strategy you want to take see your project completed. But the beauty of such organization is that if you discover a smarter direction to take, you can take it. For many small-to-midsize companies, this alone is worth the price of admission.
8. Increased risk assessment: When all the players are lined up and your strategy is in place potential risks will jump out and slap you in the face. And that’s the way it should be. Project management provides a red flag at the right time: before you start working on project completion.
9. Increase in Quality: Goes hand-in-hand with enhanced effectiveness
10. Increase in Quantity: Often the result of better efficiency, a simple reminder regarding the benefits of project management.
By implementing fundamental project management strategies, you will narrow your focus, reach desired goals and achieve said goals with specific time and cost perimeters.