Competitive factors are now forcing companies to realize that business survival in the new world is predicated upon growth and innovation.Now more than ever it is essential for companies to stay ahead of competitors,new entrants,changing consumer behaviours and market trends.Change is accelerating and we are seeing more and more new applications making old business models obsolete. Consider the rise of Apple,Google,Uber,Tesla,Visa,Facebook,Virgin,Stripe,Gap,FedEx,Air BnB,General Electric,Spotify,Netflix and Amazon and how they are revolutionising our day to day lifes.
If continuous and sustainable business value is to occur, then business benefits and project management must be married together and with a clear understanding of each other’s roles. The business defines what we would like to do and project management determines if it can be done. Project management is an ever-developing field used by both big and small organisations. Business visionaries and company executives often need to deal with the day to day business across multiple projects while managing their company. Therefore, it’s crucial to deploy committed project managers,project professionals and resources to deliver projects from conception to completion.The six major components that affect long term value delivery are:
Business Problem or Opportunity
Benefits and Value
Project Costs & Investment Analysis
Organisational Resources & Capabilities
Decision Opportunity or Not
Opportunity Cost & Risks
12 ways project management can help your business grow
- Clearly defined project goals
- Project estimates and list of all jobs
- Save time and money
- Project planning
- Budgeting and controls
- Resources capabilities
- Contingency and risk management
- Manage change control process
- Tracking the project plan
- Improve internal and external communications
- Iterate on project success objectives
- Business metrics, benefits and return on investment
Article written by Padraig Friel December 10,2021
https://pm360consulting.ie/pm-blog/