Why is Project Management Important?
Many businesses ask the question “why is project management important?” when launching a new initiative. As questions go, it’s a valid one. Many businesses assume they can see a project through to completion by simply briefing their teams with raw objectives. This is understandable, but it’s incredibly short-sighted.
Resisting project management may seem like it’s saving you money, but these cost savings are only short-term. Without constant oversight and clear direction, projects deviate and, in a worst-case scenario, derail entirely. Sadly, many businesses don’t realise how vital project management is. In fact, more than 42% of businesses have little understanding of its value.
If tasks can be allocated and managed internally, then why is project management important? Without it, you’re almost certain to come up against problems during the project life cycle. Responding to these issues is time-intensive and can be incredibly expensive. Budget overrun is one of the key factors behind project failure, with more than half of all project managers (PMs) citing it as the reason for failure.
Looking to learn more about how project management can ensure you meet deadlines consistently? Read on for everything you need to know.
What is Project Management?
In short, project management is a complex process that involves organisation, deployment of resources, and day-to-day management of tasks to deliver a project. When we talk about resources, we’re including everything from manpower to materials. A project manager is tasked with overseeing the entire process to ensure a project is delivered on time and within budget.
However, a PM does more than monitor progress and maintain the books. They adopt an active role, steering teams to success with effective leadership and rescheduling timelines when needed. Why is project management important to businesses? According to one report from PwC, the project management sector contributes more than £156 million to the UK economy.
It Ensures Everything Aligns Perfectly
Why is project management so important? For starters, it allows for strategic alignment. An effective PM doesn’t simply manage a project and see it through to the finish line. In many cases, they’ll also ensure the project delivers added value to a business in a broader context.
Take property maintenance as an example. As well as ensuring everyday maintenance tasks are provided, a PM should look for ways to optimise processes. This might include identifying cost-saving opportunities. If constant hurdles are being encountered, a PM will make recommendations to realign project processes.
Why is Project Management Important for Leadership?
If you’re not investing in project management, your teams will be left without clear direction. Why is project management useful for bringing direction? With a clear plan in place, all teams and departments can focus on individual tasks. With strong leadership established, your project teams also benefit from continued motivation to ensure you’re constantly exceeding client expectations.
Another huge benefit of having a project manager is that all teams and stakeholders are held accountable. If a task isn’t completed, there’s no passing the buck. Everyone involved in delivering a project knows exactly what they’re doing and what deadlines they’re working to.
If they’re lacking essential resources, it’s a project manager’s job to allocate support or negotiate deadlines. A PM holds ultimate accountability for a project, so it’s in their best interests to provide for their teams wherever possible.
It Allows You to Set Strategic Goals
If you don’t have a dedicated PM in place, your teams are going to flounder. Without a solid methodology in place, teams will lack focus and drive. In a worst-case scenario, they may misinterpret objectives entirely. In the facility management sector, this can lead to wasted man hours and significant financial losses. A PM will make sure none of this becomes an issue.
In addition to motivating teams to meet milestones, a PM can assign individual tasks to relevant teams at exactly the right time. Although ironclad planning is preferred, many PMs find themselves having to employ a more proactive approach to project management.
This isn’t necessarily a bad thing. Doing so can identify newly emerging risks that need to be managed, as well as refocus efforts on new priority objectives.
Project Management Makes Planning Simple
Project management makes planning straightforward. Without it, it’s impossible to set expectations and deliver the goods. In addition to a clearly defined plan, project management allows you to estimate budgets accurately.
Furthermore, you can offer realistic timelines to ensure project milestones are consistently met. A good project manager will understand that the occasional task may run into trouble. As such, they’ll need to be able to effectively balance resources and a shifting schedule.
What is Risk Management in Project Management?
Why is project management important for risk management? In short, project management means risks are mitigated and effectively managed. Even if issues arise, preemptive planning means their impact is minimal. Without risk management, a project is doomed to failure.
A bad project manager may avoid discussing potential risks with clients, but it’s very unlikely that a project will be delivered without encountering any problems. Risk management processes are essential. This process needs to identify individual risks, as well as outline how they’ll be managed if they occur.
Furthermore, it will also need to determine how risks will be mitigated or avoided entirely. It’s crucial for more complicated projects, but even more straightforward projects will need to integrate risk management processes.
An experienced project manager will already have a clear idea of the kinds of risks to anticipate. However, foresight alone isn’t enough. A successful project manager needs to identify and analyse all potential problems. Once analysed, plans of action need to be drafted for every risk. Contingencies may also need to be drafted if risks do emerge during a project.
Allocating resources to risk management can be complicated. For best results, it makes sense to prioritise risks once they’ve been identified. This prevents too many resources from being diverted to secondary issues, which can leave a project vulnerable if more serious issues emerge.
Maintaining Oversight and Managing Quality Control
Why is project management important for quality control? Without it, you lack oversight of projects and can’t guarantee that the work you’re delivering is up to standard. As well as driving productivity, a PM serves as the main liaison between project teams and stakeholders.
Without them, it’s easy for management to underestimate the demands of a project, which can lead to unrealistic expectations. This can lead to ever-tightening deadlines or shrinking budgets. In short, teams can end up working twice as hard to deliver results far below expectations.
A PM will also keep track of progress. Why is project management important for this? By compiling regular status reports, stakeholders get a clear picture of how well a project is progressing. They also provide exhaustive insights into how resources are being utilised and how consistently deadlines are being met.
However, it’s just not the primary deadline you need to consider. Project tracking is incredibly useful for red-flagging deviations. The moment these deviations are flagged, you can react and get a project back on track.
There are Always Lessons to Learn
Every project is a learning curve, but project management will help you minimise failure. Good PM techniques will allow you to learn from mistakes and build on your successes. The processes you’ve employed and the reports you’ve generated will serve as invaluable resources in the future.
Experts in Project Management
At Brosnan Property Solutions, we’re experts in project management. Our innovative approach to project management ensures every project meets its deadlines and is delivered within budget. With updated progress reports, every stakeholder can enjoy instant access to the current status of every project. We’re with you every step of the way, from the design and procurement phase, right through to construction, commissioning and qualification.
Looking for facility management (FM) solutions? We’re industry leaders when it comes to full-service domestic services too. Whether you’re looking for electricians or plumbers, boiler service support or handyman solutions, we can help.
We also offer a range of exterior services, including roof repairs, landscape gardeners, and handyman services. Get in touch with the team today via the online form. Alternatively, give us a call on 1850 911939 to speak to the team directly.