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The Importance of Project Management

Anonymous

University of the People

BUS 5611

Dr. Mary Joy Tekin

November 16, 2021

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The Importance of Project Management

To be successful in business means doing everything to gain advantage over

current competitions. Therefore, growing companies need all the help they could get to

gain advantage. One way to do this is to adapt a project management (PM) system, which

will result in opening a project management department within the company. This paper

will discuss the writer’s thoughts about the importance of establishing a PM department

and how it will help the company in the given case.

Three Perks from Establishing a PM Department

Project Management as a whole help companies plan and execute company

projects in the most efficient way (Watt, n.d.). Therefore, opening a PM department for

companies, most especially to those who are expanding should consider placing its trust

to project management.

One reason why PM is important, is due to its capabilities to lower project costs

(Project Management Institute, 2010). It only makes sense that if PM handles company

projects efficiently, then this department could help save costs which will help the

company to gain more profit.

Another perk of establishing a PM department would be reduced project length

and improved delivery (Project Management Institute, 2010). By systematically

arranging, planning, and executing projects, the company will be able to close the project

either on time or earlier than expected. Doing this will result in better delivery of goods

and services which will then increase company reputation and increased clients.

Finally, PM establishment improves business value delivery (Project Management

Institute, 2010). By seamlessly organizing on how the company should approach the

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steps in doing the project, its business value delivery is improved as it will be received by

clients as early as possible. Furthermore, this also increases accountability and improved

strategic alignment to the company (2010).

Conclusion

Strategic establishment of a project management department will help companies

just like the one given in the case to gain competitive advantage. This competitive

advantage will be possible through the attainment of reduced costs, decreased project

length and improved delivery; and improved business value delivery; by the systematic

approach through PM. Therefore, the company should move forward to establish the said

department to attain business advantage.

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References

Project Mangement Institute (2010). The value of project management.

https://www.pmi.org/-/media/pmi/documents/public/pdf/white-papers/value-of-

project-management.pdf?v=893cecac-1fec-4ea9-b855-7b80aab3213b

Watt, A. (n.d.). Project management. 2nd ed. BC campus; OpenEd. Creative

commons. https://opentextbc.ca/projectmanagement/