What is Project Management?
PMI's PMBOK defines project management as the application of knowledge, skills, tools and techniques to project activities in order to meet the project requirements and defines a project as a temporary endeavor undertaken to create a unique product, service or result.
Looking at the definition of a project, you quickly realize that most businesses are always involved in some kind of a project. Anything that is not routine business, but has to be done, is a project.
However, surveys show that many businesses do not have a project management method in place.
Consequences of Not Having a Project Management Method in Place
Not having a project management method in place, results in projects being handled in an inefficient way, over schedule and over budget, while not meeting the requirements. Without project management your company ends up losing money.
The Value of Project Management
Having a project management method will result in bringing in projects closer to schedule and budget while meeting customer requirements. Less rework. Project management prevents loss of time and money.
The value of project management is increased revenue!