Why You Should Value Project Management

by Andrew Romanek

Published in the November 2018 Edition of pmmagazine.net

Some view project management as no more valuable than other skills. Others have felt the pain of a project that was managed poorly. A few can attest to outcomes that they did not realize were possible because of a top-performing project manager (PM). Whatever your view, research shows that firms with a higher level of project management maturity deliver better results. As reported in the Project Management Institute’s 2018 Pulse of the Profession, high-performing organizations, when compared to low-performing ones, have higher project success rates (92% versus 32%) and waste 21 times less money due to poor project performance.

Here are Dextra’s top five reasons for why you should value project management:

  1. Risk of Failure – Poorly managed projects are at risk for failure, cost overruns, schedule delays, rework, staff disengagement, and regulatory scrutiny.
  2. Performance and Productivity – High-performing PMs are decidedly more efficient and effective, delivering successful results in the process of meeting strategic objectives and other associated tasks.
  3. Risk Management – High-performing PMs are very adept at identifying and mitigating risks before they come to pass.
  4. Scope Management – How many times have you seen problems or legal issues arise as a result of a poorly defined, mismanaged, or miscommunicated scope? Strong PMs are highly effective at writing scopes of work, managing to those scopes, and managing stakeholder expectations.
  5. Competitive Advantage – Despite the millions of projects completed throughout the world (some successful, some not), the importance of project management remains undervalued. Committing to a higher level of project management maturity can separate you from your peers.

What are your top five?