The fundamentals of project management from start to finish require a team of individuals with different talents and skills. Those people are responsible for planning and executing the project objectives and that takes more than just labour and materials. Each project follows a Project Life Cycle. A sound project plan can mean the difference between success or failure. Each project follows a Project Life Cycle.

It’s a hard skill to master, but well worth learning. And here’s why:

1. Defines a plan and organises chaos – projects are naturally chaotic. The primary business function of project management is organizing and planning projects to tame this chaos. A clear path mapped out from start to finish ensures the outcome meets the goals of your project.

2. Establishes a schedule and plan – Without a schedule, a project has a higher probability of delays and cost overruns. A sound schedule is key to a successful project.

3. Enforces and encourages teamwork – A project brings people together to share ideas and provide inspiration. Collaboration is the cornerstone to effective project planning and management.

4. Maximises resources – Resources, whether financial or human, are expensive. By enforcing project management disciplines such as project tracking and risk management, all resources are used efficiently and economically.

5. Manages Integration – Projects don’t happen in a vacuum. They need to be integrated with business processes, systems and organizations.
You can’t build a sales system that doesn’t integrate with your sales process and sales organization. It wouldn’t add much value. Integration is often key to project value.
Project management identifies and manages integration.

6. Controls cost – some projects can cost a significant amount of money so on-budget performance is essential. Using project management strategies greatly reduces the risk of budget overruns.

7. Manages change – projects always happen in an environment in which nothing is constant except change. Managing change is a complex and daunting task. It is not optional. It manages change.

8. Managing quality – Quality is the value of what you produce. Project management identifies, manages and controls quality. This results in a high-quality product or service and a happy client.

9. Retain and use knowledge – projects generate knowledge or at least they should. Knowledge represents a significant asset for most businesses. Left unmanaged knowledge tends to quickly fade. It ensures that knowledge is captured and managed.

10. Learning from failure – projects do fail. When they do, it is important to learn from the process. It ensures that lessons are learned from project success and failure.