Benefits of Project Management, Essay Example

Analyze the advantages and disadvantages to using project management

According to the Project Management Book of Knowledge (PMBOK) a project is a temporary endeavor undertaken to create a unique product service or result which has a definitive start and end date (Project Management Institute 2008).  In order to increase the ability to take that project from beginning to end there needs to be a framework in place as a set of guiding principles.  The PMBOK is that guiding principle and the project manager is the leader of that set of policies, procedures and framework to increase the ability for success. This guide provides the insight and structure for the project team in the multiple areas of project management including the nine knowledge areas and the five phases throughout the project management lifecycle. Each phase of the project requires a structured set of entry and exit criteria which build upon one another. Each of these focal points contributes to managing and executing the project to maintain the three constraints on the project. Project management incorporates many tools and techniques to facilitate the opportunity for the success of a project implementation. When developing a project there are three areas of concern including scope, schedule and cost of the project. Each of these areas are specifically managed by the project manager and without that insight there is greater opportunity for resource attrition, inefficiencies and project failures.

By utilizing the best practice framework outlined by the Project Management Book of Knowledge (PMBOK) the project team will have the best environment to adhere to the client’s requirements while also meeting the time and cost demands.  The purpose and value of project management resides in the ability to have visibility into the project’s health.  All projects that are going to follow the project management framework are based upon the standards, procedures and processes established in the epicenter of their project within the Project Management Book of Knowledge. Within the processes and procedures that the PMBOK outlines there are also additional criteria for the project manager to use in order to successfully launch the optimization project.

In order to utilize this best practices framework there are some downsides. The initial downside is acquiring the talent and resources to manage the projects. There is an outlay of resources that includes; training, awareness, adherence and sustainment of the project management methodology. There are also challenges to maintaining the project management methodology culture within an organization. The additional structure and rigor could be construed as unnecessary and the benefits of project management are hard to measure. With that, a cost/benefit analysis for project management is very suggestive and quantitative data is hard to gather specifically for the benefits of project management.  The real results of project management are derived from the ability to provide insight into the project’s status would allow the project manager to make appropriate project management decisions and redirect the project onto a course for successful completion.

Project management does have both initial and sustainment costs but the ability to monitor and control cost, scope and schedule would provide the organization another tool in their ability to become more efficient and effective.  The benefit of project management comes down to the ability to successfully implement a project. Project management drives organizational success by delivering the projects that the organization deems necessary and critical. The ability to limit the amount of resources spent on failed projects is a key aspect to accepting the project management philosophy.

References

Project Management Institute.(2008).A Guide to the Project Management Body of Knowledge (PMBOK Guide) Fourth Edition. Newtown Square, PA: Project Management Institute.