It’s All about Project Management – Types and Why it is So Important to Organizations
No matter what industry it is or which role you are working in, each industry operates under a project. According to the Project Management Institute, the forecasted value of project-related activities will reach USD 20 trillion by 2027. This means the demand for project management-related resources is increasing rapidly, and the modern digital workplace is also demanding them. According to the Project Management Institute report, 38% more projects meet their actual goals, and 33% fewer projects are deemed failures.
Why Most of the Project Fails?
Most firm projects are rarely run as planned; some firms fail because of poor resources, and some of them fail because of bad planning. Here are the main reasons for the failure of most projects.
What is project management?
Project management is the process of planning, processing, executing, monitoring, and finishing projects on time. Some companies follow a traditional way of doing it, which is by hand, but most companies depend on technology (project management software) to process the projects.
Types of project management
Project management has different types and faces, and it can vary based on different industry needs and projects as well. The most important part of project management is ensuring that you have chosen the right type of project management for implementation.
There are three main types of project management.
1. Waterfall Project Management:
It is one of the oldest project management methodologies, but many organizations still follow waterfall project management because it is easy to follow and manage. According to this project management type, every project should follow the process one by one, as in a waterfall or wave (Step by Step, or One by One) in a flow. Each task will begin once the first is completed.
2. Agile Project Management
The software industry is the first to use this methodology, which focuses on completely monitoring and nurturing the process to finish the project at the right time. It does not depend on the process and steps because, like Waterfall, instead of steps, it works in parallel with each other. This methodology focuses on change improvement, employee satisfaction, and customer satisfaction.
3. Lean Project Management
This methodology focuses on increasing productivity and efficiency across all the processes of the project. Reducing the waste in terms of time and resources used to finish the project. This methodology can be useful to reduce the cost and time of the project and increase its value and efficiency through customer satisfaction.
There are multiple types of project management mentioned here, but these are commonly used across all industries.
Why is project management so important to organizations?
Project management is so important to the organization because it drives growth, the timely delivery of assigned projects, customer satisfaction, and the achievement of long-term organization goals. Project management helps to save time in finishing the project. it helps organizations to allocate resources and organization to make better decisions right time. Project management is essential because it reduces the risk of project failure and helps increase the organization’s internal and external communication.
Using the right project management methodology and having the right project management skills will help increase productivity and efficiency. And it also helps deliver the project at the right time. Delivering the project at the right time will increase customer satisfaction. Effective project management, project tracking, and project monitoring help align the team to collaborate better and be more productive. To manage, monitor, and track projects Use the TeBS project management tool ProjectSenz.
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