Guide

Project management

Advantages of project management

Project management is a powerful business tool that can deliver many advantages to businesses of all sizes. It gives you repeatable processes, guidelines and techniques to help you manage the people and the work involved in you projects. It can increase your chances of success and help you deliver projects consistently, efficiently, on time and budget.

Benefits of project management

The main advantage of project management is that is helps you to manage your projects effectively, enabling you to resolve problems more quickly. It takes time and money to manage a project, however following good practices can help you:

  • improve your chances of achieving the desired result
  • gain a fresh perspective on your project, and how it fits with your business strategy
  • prioritise your business’ resources and ensure their efficient use
  • set the scope, schedule and budget accurately from the start
  • stay on schedule and keep costs and resources to budget
  • improve productivity and quality of work
  • encourage consistent communications amongst staff, suppliers and clients
  • satisfy the various needs of the project’s stakeholders
  • mitigate risks of a project failing
  • increase customer satisfaction
  • gain competitive advantage and boost your bottom line

From lost time to inconsistency, not having a process to manage your projects can result in lost time, wasted money and poor performance. Find out more about the benefits of following a project management method.

Fundamentals of project management

Project management oversees the planning, organising and implementing of a project. A project is a temporary effort, in that it has a defined:

  • scope - size, goals, requirements
  • resources - staff, equipment, material
  • time - start and end, task durations, dependencies, etc
  • money - costs, contingencies and profit

Read more about the basic principles of project management.

Most projects will entail five basic stages, with distinct project management processes in each. See more on five stages of project management.

While every project will be unique and may need specific solutions to succeed, some basic tools can help you manage your projects. Browse our project management templates and tools.