1.2.2 THE IMPORTANCE OF PROJECT MANAGEMENT

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management is accomplished through the appropriate application and integration of the project management processes identified for the project. Project management enables organizations to execute projects effectively and efficiently.

Effective project management helps individuals, groups, and public and private organizations to: uuMeet business objectives;

uuSatisfy stakeholder expectations;
uuBe more predictable;
uuIncrease chances of success;
uuDeliver the right products at the right time;
uuResolve problems and issues;
uuRespond to risks in a timely manner;
uuOptimize the use of organizational resources;
uuIdentify, recover, or terminate failing projects;
uuManage constraints (e.g., scope, quality, schedule, costs, resources);
uuBalance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and uuManage change in a better manner.

Poorly managed projects or the absence of project management may result in: uuMissed deadlines,

uuCost overruns,
uuPoor quality,
uuRework,
uuUncontrolled expansion of the project,
uuLoss of reputation for the organization,
uuUnsatisfied stakeholders, and
uuFailure in achieving the objectives for which the project was undertaken.