Project management has a number of advantages. It allows the following:
- Aligns the project with the strategic goals of the organization
- Reduces the project cost by effective planning and management of resources
- Focuses on performance of the workforce by providing them training
- Increases the project success ratio
- Ensures that the pre-stated objectives are achieved
- Improves the coordination among the resources used in a project
- Reduces risks associated with the project
- Delivers predictable as well as desired results
- Aligns the expectations of stakeholders with project performances
- Reduces the project cycle time
One of the key advantages of project management is that it adds value to a project. It is worthwhile to identify how project management adds value to a project.
Consider a situation where an organisation takes up the contract for cleaning up a nuclear site. Initially, the organisation was under pressure to execute the project with very limited capital under strict deadlines.