Why Project Management is Important for Organizations?

 

What is Project Management?

To define Project management in layman’s language, basically, breaking down a project in different segments and handling each segment separately by applying knowledge, skills and tools required for that particular segment. There are four major stages in an elemental project management:

Initiation

Planning

Execution

Closure

The main goal of project management is to deliver the results successfully by analyzing the project, making out its risks, thorough management of resources, agile budgeting and being able to maintain a conspicuous contact over all the teams and stakeholders.

Why Project Management is Important for Organizations?

Everyone thinks of investing as little as necessary to get the maximum output, so, it is understandable to think that many people choose to manage their projects on their own. Essentially, Project Management can be a substantial investment. But why is it so expensive? It doesn’t seem that hard of a job, right?

Well, it is one of those things that look easy until you actually give it a try. There are too many complicated procedures that require the knowledge of experienced individuals to focus on their specialised fields. Studies have shown that without a proper Project Manager, upto 50% of the projects may fail. Failed projects may cause harm to your image and can even diminish your business growth.

Why you should opt Project Management

Not only Project management is critical in ensuring the project success, it is proven to be better at staying on budget and schedule, raising the quality spectrum along with many more project benefits. If this wasn’t enough, it helps a business as a whole to run properly. How? When a project succeeds, it gives a morale boost to everyone working on that project. When a project is done right, it raises the reputation of the firm. When the people working on the project don’t have to worry about handling the budget etc., their focus goes on the actual project, and thus a better result,

Below are some main reasons why you should opt for Project management:

1. Pragmatic Project Panning

The significance of proper project planning is often overlooked. This leads to miscalculation of just how much time and money you need to deliver the project, hence, guaranteed failure. To make a project succeed, thorough planning is required. You should be able to consider everything from a wider point of view. Looking at the big picture allows you to set realistic goals that involve almost all the variables. It gives a more genuine budget and timeline which ensures the project success.

2. Coherent Communication

One of the most important factors while planning the project is consistent communication among every team member and stakeholder. Without proper communication, progress of the project can never be addressed in an efficient manner. Progress of the project will not be parallel with every member and hence the project will fail. Infact, studies have shown that 57% of the time, inconsistent communication was the reason for the project failure.

Project Manager ensures that everybody is on the same page and is working in unison. This upgrades the quality and productivity of the project.

3. Exceptional Resource Allocation

As it is said, humans are the best resources available. Therefore a project manager takes out the most from every team member available. They look at their backgrounds and find their speciality. After that, every task is carefully designated to the person who can perform it the best. They also ensure the timetable is in such a manner that every team member is available when needed.

This ensures the best quality at the lowest cost possible. Hence, the productivity is optimized to its maximum limit.

4. Higher Risk Tolerance

Since project planning is done while taking the bigger picture in account, it makes you aware of the potential risks that may cause harm to your project. This allows you to raise the spectrum to expand your business and take newer things and people of different specialities in account.

5. Cost Effective

Project management can seem to be a hefty investment at first, but in the long run it always saves the money as you don’t have failed projects and the money invested in those successful projects yields a thick profit.

Thus it can be concluded that you can never go wrong with project management.

Why do we use Agile Methodology in Development?

 

What is Agile Methodology?

As we talked about just how important Project Management is in our blog,”Why Project Management is Important for Organizations?”Project Management is very crucial to ensure the success of your project. Agile Methodology is a type of Project Management that focuses on smaller goals and thus offers much more flexibility than the traditional methods. This also allows you to make small amendments without drastically changing the schedule and budget of the entire project.

How is it done?

Firstly, the project is broken down into smaller components based on priority conditions. Then they are delivered individually within an iterative cycle. Now, what is iteration? Iteration is the development of small components of a project at a time. Every iteration that is delivered is thoroughly assessed by the development team and the client. This ensures customer satisfaction as the client is getting involved at every step and every measure is taken by their accord. How is this better than the traditional method? This is because any errors that are present in the development are caught at early stages. With traditional methods, the customer would have to wait till the very end of the development to actually catch any errors, as there are many errors that don’t show themselves at earlier stages but show up in the end. When the client gets involved at every step, anything that might be looking out of place to them can be fixed right at the time of development. This saves a lot of time and money.

Advantages of Agile Project Management

Curtailed Technical Debt

As the bugs are detected much earlier as compared to the traditional methods, maintenance tasks are not required that much. Any defects that come up are stored in a product backlog. At every sprint, the team reviews the backlog and addresses the bug. This minimizes the need for maintenance tasks(technical debt).

Enhanced Transparency

Since Agile Development prioritizes client satisfaction by taking their approval after every step, it enhances the transparency by a significant percentage.

Better quality even at minimum risk

Since you get client’s feedback almost every day, it allows you to work on new and innovative ideas without much risk involved. This is due to the fact that if there is something the client does not approve of, you can simply change it the next day without waiting for the completion of the entire project to get the client’s feedback. Thus, it allows you to expand the limits of ideas and unquestionably raise the quality of the project.

Quicker Evaluations

Since evaluations are done on a daily basis rather than for a complete project, they can be done quickly saving a lot of time.

Heightened Project Control

When evaluations are sped up and there is room left for ideas enhancements, it gives the team members a strong hold over the project. This ensures that the project is going parallel to the timeline and the results are delivered on schedule.

Moving to a more practical and modern approach is always considered a better move. It saves you two of your most precious assets, time and money. Agile Development is widely used today by almost every business. And if you want to keep up, you should opt for it soon as well.

At Xpecto, our specialized team of dedicated personnel are at your service. Our IT Consultant Company has years of experience at handling Project Management. This experience has made us aware of almost all the possible bugs and problems faced while managing projects. We offer the best at the cheapest price. Contact one of our experts today and get your Project managed by the best hands in the market.