Benefits of Project Management
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Professional project management provides many
significant benefits, including the following:
Stakeholder Benefits
- Better scheduling and budgeting
- Better cost containment
- Better communication throughout project including
process mapping and progress reporting
- Better change management processes including
configuration management
- Better quality planning, quality assurance processes,
and quality acceptance steps
- Earlier attention paid to "red flags" -
project problems that may be indicators of more trouble to come.
Team member benefits
- Allows the creative team the freedom to focus on the
activities most aligned with their talents and passions
- Less rework
- Better definition of work requirements
- Better understanding of roles and responsibilities
- Improved productivity of work through
Functional manager benefits
- Better allocation of resources
- Better communication throughout the company
- Improved work instructions
- Allows functional manager to focus on the department
resource leveling, staff retention and training, and quality processes for
their specific area.
- Improved project documentation processes and
expansion of the organizational retained best practices.
Senior manager benefits
- Better use of company resources
- More attention to risk management
- Better project cost and schedule estimating
- Better project monitoring and control
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The Project Management Toolbox
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 The professional project managers toolbox consists of the following important tools and techniques:
- A project management methodology
- Various software and paper methods for creating work breakdown structures (WBSs)
- Software to aid in network diagrams
- Responsibility Assignment Matrix (RAMs)
- Work definition forms
- Requirements tracing
- PERT estimating techniques
- Methods for monitoring the critical path
- Methods for measuring actual cost of work performed compared to estimated cost of work performed
- Procurement contracts and audit tools
- Quality plans
- Risk plans and risk assessment tools
- Change control plans and forms
- Communication plans and forms
- Team development techniques
- Scope verification and control tools
- Performance reporting forms and techniques
- Cost monitoring and control techniques such as Earned Value Analysis
- Methods for calculating project crashing and fast-tracking alternatives
- Lessons learned database
- Project archiving systems
- A vast project-specific and project management vocabulary
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