Project Management - Is it Important??

Project management is imperative in various industries. Not only in this technologically advanced era, but since time immemorial, project management has been used in the construction of monuments and other architecture. But that is considered as informal project management. Since 1950s, project management started to be pursued as a major discipline. Now days, project management is considered as major strength of character in almost every industry.

Following are few key things which support this fact that project management is important:

• It helps the companies to meet their objectives.
• Customer satisfaction is important output of using project management.
• Increase in productivity is possible through project management.
• Risk management is important aspect of project management.
• It is possible to complete the project on time and in budget through good project management.
• Quality is important in every project and project management takes care of quality as well.
• Project Management Streamlines Decision Making.
 

So, here is a quick checklist: Does your project budget generally exceeds than estimate? Deadline is a big problem for your projects? Are you unsure of the status of your project at any given time?

If your answer is yes for any of these questions then you definitely need to follow the project management processes to increase profits.

Back to the Basics

If you are new to Project Management, this post is for you.

A project is execution of tasks or subtasks which are related to each other and they always produce some output.  A major characteristic is that a project always has a start and an end. Project Management is “the application of knowledge, skills, tools and techniques to project activities to meet the project requirements.”

But before going to formal processes or sub processes in project management, let us have an idea about how this project management came into existence.

Remarkably, project management began from the year 1950 when project management started to develop in different fields like construction, telecom, engineering etc.  But this does not mean that there was no project management before 1950.

Project management history begins with the name of “Henry Gantt” who is known as father of planning and control techniques.  He is also famous for his usage of project management tool “Gantt Chart” which is still used with a high reliance in this field.  In 1950, two major mathematical scheduling tools were developed which are known as PERT and CPM.

In 1969, the well known Project Management Institute (PMI) came in to existence and now its premise is so wide that its tools and techniques are used in construction industry to IT industry to telecommunication.

And, In 1981, the PMI Board of Directors authorized the development of what has become A Guide to the Project Management Body of Knowledge (PMBOK Guide), containing the standards and guidelines of practice that are widely used throughout the profession.

As we can see, today, this project management concept is applied in all industries including construction, engineering, and defense with the goal of producing maximum productivity and minimum resources.