Relevance of Project Management
According to the PMI "Pulse of the Profession" report (2018), only 58 percent of companies acknowledge the value of project management. The importance of full acknowledgement of project management cannot be emphasized enough. For example, organizations that underestimate project management as a strategic competence for promoting change report on average 50 percent more failures in their projects. The PMI report published in 2017 also highlights the importance of project management: on average, counterproductive project performance loses around 97 million dollars out of one billion dollars invested.
Project management is always important, but especially …
- if you have to manage limited resources (personnel, material, budget).
- if your project must be completed by a certain date.
- if your project is very complex and you can't tell the current status at any time with a clear conscience.
7 Important Reasons for Project Management
Companies today are confronted with permanent innovation and competitive pressure. In order to meet these challenges, they must be able to react quickly. This is best achieved with a project-oriented corporate culture. What other arguments support the implementation of professional project management?
- Reduction of project effort
- Faster turnaround times & profit increase
- Clear responsibilities & commitment
- Increase of on-schedule delivery in projects
- Early recognition of delays and risks
- Increasing competitiveness
For further details please download our detailed whitepaper here. You can also find out what project management is and you can learn more about the benefits of software-supported project management: