What Is Project Management?

What Is Project Management?

To put it simply, project management is following a set process to achieve a series of tasks that need to be completed in a certain way within certain time parameters.

Project management can help a company to set realistic goals, stay on task, and make good use of time and resources.

What Types of Projects Require Project Management?

Any long term project will require a project manager to ensure that all work is completed on time and all targets are met. It is particularly important to use one when there are high costs involved as project managers would be able to maintain and monitor any budgets to make sure the project runs cost-effectively. Projects that will need managing include:

  • Any that will be challenging for the team involved or the work initially set out.
  • Any with a fixed timeframe and need to meet a deadline.
  • Anything that is new or will need to be altered further down the line. 

Project management services are particularly common in industries such as:

  • IT
  • Finance and Law
  • Product Manufacturing
  • Marketing
  • Building and Construction 

Capital Project Management

A capital project, within project management, may be different from other types of projects your company may run, as a capital project is larger in scale, costs more, and a considerable amount of planning is required more than any other investment. 

In projects like this, it’s vital that you employ a project manager due to the high financial risks involved. A capital project management company is a good choice to run this for you. A project management firm can find a project manager that is familiar with companies like yours, which will help yours to be successful.

The Benefits of Using a Project Manager

There are a host of benefits to using a project manager. 

When you have one person overseeing a project, they will be the point of call if or when any issues arise, so anyone in your organization will know who to communicate with. 

The project manager will know the status of the project and where it is up to in order to provide regular feedback to the team. A project manager can help provide direction by identifying the aims or a project and its purpose. 

They also can schedule the workload for the team and prioritize tasks that need to be completed first. To do this, they need to estimate how long each task should take and can help solve problems if there is a delay in meeting the deadline. 

When the project has come to an end, the project manager can close it off accordingly and can complete a report highlighting any successes and identify any failures for the team to be aware of for the next projects.

When you have a project manager it increases the chances of your project running successfully and profitably, which in turn will allow your business to grow. 

Having multiple project managers can be exponentially beneficial- you can run several projects at the same time and this can help your organization grow even faster.