Why Project Management?

Why Project Management?

The profession of Project Management is gaining popularity over the years. Organizations are increasingly realizing the importance of Project Management. Project Management is becoming more important than ever. This is due to the fierce competition between companies. Project management allows you to gather your requirements about your project. These requirements are what will be delivered in your project’s scope. The scope of a project is what determines the overall cost, schedule, as well as quality parameters. Once the scope has been established, the activities that must be completed to meet the requirements are listed. Next, cost estimates and durations of these activities are made. You can determine, for example, which activity will go to which person or which department. Or you may outsource a portion of your work entirely to an external organization. These activities then have to be defined as dependent. You cannot test software products before they are developed. Or, you can’t start painting on a construction site until you have finished the construction. These dependencies are what will define your project’s schedule and time plan. Once you have identified the activities, responsibilities, cost of each activity, and interrelationships between activities, you can combine these estimates to create the overall budget and schedule for your project. We have broken down the project into smaller parts to identify the most important activities. It is always easier to estimate the cost and duration of a small activity than for a large project. These estimates for each activity can be combined to give a more accurate estimate of the project overall than a rough estimate without decomposition. In my professional experience, when I asked for a time estimate for a team member, they always gave me smaller estimates, before decomposing the activities into smaller pieces. They often gave higher estimates for the total activity when I instructed them to break down each step and then estimate. Project management allows you to plan, execute, monitor, and control your projects in a structured manner. You won’t have a clear idea of where your project is going if you don’t plan the project work within your organization. Project management allows you to plan and coordinate all activities. Let’s say you deliver a project with no project management. The project is estimated roughly, but the activities are not realistic. There are two options for this project. Because the project was estimated roughly, it is possible to have very high estimates that result in an unrealistic schedule.

You might have agreed with your customer to deliver your project within a year when you started the project. However, because activities were estimated to take longer than they actually are, customers might start to question your estimates and you could lose trust with them. This could also lead to Parkinson law. Parkinson law states that if you assign a task for more than its required estimate, the actual duration of that activity will exceed the estimated duration. If you have estimated that an activity would take 10 days and it actually takes, this is called Parkinson law.