What is project management?
Project management is the discipline of planning, executing and completing projects to meet a specific set of objectives, generally; within scope, on time and to budget.
Project managers achieve this by using a set of methodologies, processes and tools to guide their teams and manage resources.
Why is project management important?
Project management is important because it provides the leadership, motivation, and roadblock-removals that help teams introduce new products or services, grow revenue, and meet other company goals.
According to a study by the Project Management Institute:
“In 2020, 11.4% of every dollar invested in projects was wasted due to poor performance or management.”
The 5 Phases of Project Management
The Project Management process can be broken into five phases that are relatively well-agreed upon in the project management space:
- Initiating
- Planning
- Executing
- Monitoring/Controlling
- Closing
When managed right, projects allow companies to develop new products or services, transform internal business processes, and produce value for customers. However, without the right building blocks in place, they can lead to a lack of innovation and drain on your time and money.
To better understand these phases and train your internal team members to employ them and successfully manage their own projects, or if you’d just want to outsource your Project Management needs, call Value Concepts today to talk about how we can help.
