Advantages Of Learning Project Management
What Is Project Management?
According to Wikipedia, project management is the process of leading the work of a team to achieve all project goals within the given constraints.
Project management is an important business tool that provides many advantages to small businesses and organizations. It makes provision for repeatable processes, guidelines, and techniques that can help businesses and companies to manage resources and the work involved in executing projects.
The objective of project management is to produce a complete project which aligns with the client’s objectives.
Advantages Of Project Management
The following are advantages of project management:
- Efficient Goal Setting: According to research, In 2013, less than a third of all projects were delivered on time and within the allocated budget. SMART goals will ensure that your projects are delivered on time without exceeding the budget. SMART goals are specific, measurable, attainable, realistic, and time-bound. Hiring a project manager to carry out projects either for your organization or business makes the work easier and reduces the workload from your staff.
- Effective Communication: Project management encourages the free flow of communication between the hiring manager and other employees involved in the project.
- Customer Satisfaction: When your customers/clients are satisfied, be aware that your cash flow will improve because a satisfied customer either becomes a consistent customer or refer other people to your organization which translates into more revenue and business growth.
- Expertise: As an employer, when you hire a project manager or outsource projects, your company will benefit from a high level of expertise. The staff or employees within your organization will learn new things and gain a new perspective that will contribute to their career growth. In addition, project management will give you enough time to pay attention to core aspects of your business.
- Risk Assessment: According to researchers, over 75 percent of companies do not have the confidence to successfully execute a project. Project management allows you to take calculated risks and allocate resources more appropriately. This way, you can plan for any problems at the inception of the project and make smarter decisions to control the risks that may arise throughout the project life cycle.
- Accountability: Project management creates a system whereby workflow is measured and accounted for to ensure that resources are used judiciously to achieve the goals and objectives of a project.
- Cost control: Managing projects from the beginning to the end can help reduce project costs. This can also help a business ensure on-time delivery, retain satisfied customers and project an image of competence and professionalism.
Advantages Of Learning Project Management
Whether you have an intention to pursue a career in project management or not, the benefits of taking a project management course can not be underestimated.
The following are advantages of learning project management:
- Accomplish goals faster: A goal without a plan can delay the success of a project but if you can set your goals the same way a project manager would, you will be able to create realistic steps to achieving your goals.
- Gives you an edge: According to research, people who have a project management professional certificate have higher salaries compared to their counterparts without a PMP certificate. Having a certificate under your belt will show that you know how to drive results which gives you an edge over your competition.
- Boost Quality of work: Knowing how to start a project from the beginning to the end will not only make the work less stressful but will also boost the quality of your work.
- Budget control: Project management training will help you to manage your resources better.
- Meet up with deadlines faster: Research has shown that 40 percent of people have experienced financial loss due to delay and procrastination. Managing a single project can be tricky but managing multiple projects can sometimes lead to delay and frustration. Having the knowledge of the tools and frameworks that professionals in the field use to execute their work will help you provide value to your projects and avoid procrastination.
- Effective management: Project managers deal with multiple projects on a daily basis. A good project management course gives you the knowledge of how to manage projects from the beginning to the end in other to maintain high standards and high customer satisfaction levels.
- Leadership skills: While effective communication is important to the success of any project, core leadership skills also facilitate improved communication by helping you to engage and coordinate members of your team, contractors, and other people that are involved in the project management process. Studying a project management course will equip you with the skills to work with stakeholders and seek their contributions.
- Documentation: One of the most obvious benefits of a project management qualification is the ability to produce a record of every stage of the project. Not only are these detailed records important for effective planning, but they also support review by other stakeholders and managers.
- Effective resource management: Excellence in project management is about effective resource management. Learning project management will help you develop leadership competencies to engage different stakeholders and motivate your team members to achieve the goals and objectives of the project.
In conclusion, learning project management gives you a broad skill set that can be applied to any project. These skills include leadership and planning to technical skills like documentation and budgeting. These skills help in the planning, managing, and structuring of projects.