Why Project Management Is Important Today? A Project Manager Working On Her Desk

Why Project Management Is Important Today?

6 min. read

Two years later, in a world still heavily impacted by the COVID-19 epidemic, the job market and corporate society have experienced a massive fluctuation from the status quo. These changes have impacted the companies and employees of all industries. As a result, the strategies of these organizations have begun to reshape and adapt. These corporate strategies and the relative work tied to them are beginning to change. In these changing times, technological advancements and the need for more innovative solutions are exponentially increasing. Companies are expected to keep up with these record paces. They need to deliver more innovative products and services to meet customer’s ever-changing needs, with larger scopes and lengthier lists of requirements. This situation briefly summarizes why project management is important today. But let’s get into more details. 

Why Would You Want to Become a Project Manager?

According to studies conducted by the Project Management Institute (PMI.org), the demand for effective project management (and skilled project managers) will continue to grow as an estimated 22 million Project Management jobs will be available by 2027.

This isn’t a coincidence; there is an expectation from all companies of all industries to deliver more innovative products and services. So they are understanding the need for effective project management tied to creating them. As a result, project-based work is beginning to become more commonplace in today’s organizational society. Hence, that’s why project management is important today.

These projects must be managed properly in order to produce a deliverable from conception to completion. Project Management isn’t just about meeting notes, holding meetings, and storing folders full of PowerPoint slides and Excel sheets; it’s much more to it. Project Management is ultimately the ability to apply skills, knowledge, and tools to see a project from conception to completion. Thus, ultimately deliver value to the company and its customers. Simply put, great Project Management leads to great products and services.

If you are curious about the career steps to become a Project Manager you can read our Project Management career article.

Why Project Management Is Important Today? Two Business People Having A Meeting

What Do Project Managers Do?

Let’s get more specific! Here is the list of project managers’ duties and why project management is important today:

1. Proper Project Planning

How can a company deliver an innovative product or service without a plan? With effective project management comes a well-built plan for creating these solutions. Project Management allows organizations to define the scope, all related tasks, resources, and costs needed to bring the solution from conception to reality. In a world where every decision can make or break an organization, proper planning is essential.

2. Essential Leadership

In order to complete a project, you don’t only plan it. But someone must be able to lead the team in completing the tasks associated with it. Effective project management, and in turn an effective project manager steers the team in towards completing the project, guiding and inspiring them along the way! That’s another reason why project management is important today.

3. Improved Resource Allocation and Utilization

Imagine two C-level executives within a company completing concurrent project work in silos, but pulling from the same team resources. How ineffective is this? Project Management is important in that it allows a company to properly allocate resources most effectively in order to meet the needs of the organization.

4. Alignment and Visibility

Let’s see another reason why project management is important today. Often, project members can often get bogged down in the weeds of project work, executing tasks needed to create a unique and innovative product or service. Thus they might ultimately lose sight of other priorities set by the organization. In addition to members at the project level, senior leaders can often have a change in priorities. So they might lose sight of project work being executed. Because they are often concerned with investigating the changing needs of customers and external factors. Project Management allows everyone in the organization from the top-down to see the “big picture” and understand the strategic goals and related projects planned to meet those goals.

Why Project Management Is Important Today? Two Business People Celebrating A Success

5. Reduce Risk

Oftentimes, organizations can set ambitious goals without fully understanding all the risks that could impact them. Great Project Management allows the organization to stay a step ahead of the game; effectively identifying, communicating, and mitigating risks as they arise. Although it is impossible to know everything at the beginning of a project, effective project management can (and will) keep risks at a minimum! Here is another reason why project management is important today!

6. Saving Money and Minimizing Costs!

According to studies conducted by the PMI, around 10% of every dollar is wasted due to poor project performance. In order for a project, and ultimately the creation of a product or service, to be developed to a defined budget, costs must be constantly monitored. This is for ensuring if money is properly allocated to the dedicated resources and project tasks. Effective project management tracks all costs better and can even investigate less expensive alternatives for doing the project work.

7. Improved Communication at all Levels

Oftentimes, project tasks are tied to other tasks that are being done by a different team member or must be done prior to another task very soon to follow. Effective project management improves the communication between not only all project team members, but to all stakeholders impacted by the project itself. Improved communication can keep up all team members to date with current events and next steps. Also, they develop a communication plan to customers in preparation for releases. Additionally, they inform the senior leaders about any risks/issues holding up the project work.

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Why Project Management Is Important Today? A Project Manager Preparing The Budget

The Most Popular Project Management Certification: PMP

As there is an increase of more project-based work organizations being taking on, so is the need for skilled and knowledgeable project managers. Project Managers can be from any industry and are crucial to the success of projects delivering high-quality products and services.

The demand for skilled Project Managers continues to rise. The situation is the same for the need to train them into skilled experts of the craft. One of the most recognized forms of training and certifying skilled project managers is the Project Management Professional – PMP certification provided by the Project Management Institute (PMI). By completing this exam, skilled individuals from all industries are gaining the foundation knowledge needed to manage projects successfully from beginning to end.

We at Masters of Project Academy take pride in preparing these individuals pursuing careers in project management for preparing to pass the PMP exam. We have experience with training students coming from all industries who may have different levels of working experience and backgrounds.

Do visit Master of Project’s website to know more about our core offerings for preparing for the PMP exam and allowing companies to empower their employees seeking more knowledge in the project management space.

While there, you have access to a multitude of project management learning tools including our:

You may also be interested in our Free PMP Training bundle to help you learn PMP certification exam details right away, giving you access to free PMP study materials, tips & tricks, and much more!

Conclusion: Why Project Management is Important Today

Do you agree with our list of items explaining why project management is important today? We hope that we’ve been able to provide some clarity to you as an individual possibly pursuing the PMP exam further, or the organizations looking for solutions on preparing more skilled project management resources. Follow the links provided above, and feel free to contact us to answer any questions you may have.