The Importance of Project Management

Project Management is no longer a special need management. It's rapidly becoming a standard way of doing business, even small or large firm must need project management to assist their firm. The future promises an increase in the importance and the role of projects in contributing to the strategic direction of organizations. Several importance of project management for your firm is.

* Compression of the Product Life Cycle

* Global Competition

* Knowledge Explosion

* Increased Customer Focus and

Let me clarify the reasons why this is importance

Compression of the Product Life Cycle:

One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. For example, today in the market competition the product life cycle is really importance for the firm. In order to comply to the customer demand and the competition market the firm must set up plan for produce their product as shortening as they can.  Speed, therefore, become a competitive advantage; more and more organizations are relying on cross-functional project teams to get new products and services to the market as quickly as possible.

Global Competition:

Today’s open market demands not only cheaper products and services but also better products and services. This has led to the emergence of the quality movement across the world with international standard organization 9000 certification a requirement for doing business. ISO 9000 is a family of international standards for quality management and assurance. These standard covered design, procurement, quality assurance and delivery processes for everything from banking to manufacturing

Knowledge Explosion:

The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances. Today, each area has increased in complexity, including materials, specifications, codes, aesthetics, equipment, and required specialists. Similarly, in today’s digital, electronic age it is becoming hard to find a new product that does not contain at least one microchip. Product complexity has increased the need to integrete divergent technologies. Project management has emerged as an important discipline for achieving this task.

Increased Customer Focus:

Increased competition has placed a premium on customer satisfaction. Customers no longer simply settle for generic products and services. They want customized products and services that cater to their specific needs. This mandate requires a much closer working relationship between the provider and receiver. Account executives and sales representatives are assuming more of a project manager’s role as they work with their organization to satisfy the unique needs and requests of clients.