Any business, new or established, big or small, can only thrive when it has a distinct chain of command and departments designed to cater to specific roles and duties. Indeed, a company that lacks structure lacks the ability to grow, expand and succeed. William Schantz goes on to explain that one of the most important departments in any business is the project management department.
Project Management – Explained By William Schantz
In its most basic sense, a project management department is responsible for the planning and execution of company projects. This can cover anything from developing new products to expanding into new markets. A successful project management department will be able to take a project from conception to completion, ensuring that it is completed on time, within budget, and to the required standard.
Reasons Why Project Management Is Vital
1. Projects Are Important
A project management department is important because projects are important. Projects are the lifeblood of any company, big or small. They are what allow businesses to grow, expand and succeed. Without successful projects, businesses would stagnate and eventually fail.
2. Project Managers Are Important
Project managers are the keystone of any successful project management department. They are responsible for planning, executing, and delivering projects on time, within budget, and to the required standard. A good project manager will have a wealth of experience and knowledge that they can bring to bear on any given project.
3. Projects Are Complex
Projects are, by their very nature, complex beasts. They involve a great deal of coordination and planning in order to be successful. This is where the project management department comes in. By taking on the coordination and planning of projects, they allow businesses to focus on what they do best – namely, producing goods or services.
4. Projects Are Expensive
William Schantz emphasizes that projects, no matter how small, can be expensive undertakings. Indeed, many businesses have been brought to ruin by failing to deliver a project on time and within budget. A project management department can help to avoid this by putting in place the necessary processes and controls to ensure that projects are delivered on time and within budget.
5. Projects are risky
Projects are also risky undertakings. There is always the possibility that a project will fail, resulting in wasted time, money, and resources. A project management department can help to mitigate this risk by putting in place robust planning and risk management processes.
6. Projects Require Specialist Skills
Many projects require specialist skills and knowledge in order to be successful. This is where the project management department can really come into its own. By utilizing the specialist skills and knowledge of its members, the department can ensure that projects are delivered successfully.
7. Projects Need to Be Monitored
Projects also need to be monitored throughout their lifecycle in order to ensure that they are on track. This is another area where the project management department can add value. By monitoring projects, the department can identify any potential problems and take corrective action before it is too late.
8. Projects Are Important to the Success of Your Business
As has been mentioned, projects are important to the success of your business. They are what allow businesses to grow, expand and succeed. Without a successful project management department, your business will struggle to deliver successful projects and ultimately achieve its goals.
Bottom Line
According to William Schantz, the project management department is an important part of any successful business. If you don’t have one, then now is the time to consider setting one up. It could be the best decision you ever make for your business