What Are the Advantages of Project Management?

The are several advantages of Project Management that more than make up the overhead of implementing formal Project Management in a company. Such advantages include:

  • A more efficient usage of resources (both human and monetary resources) as both the schedule and the budget are defined in the project plan
  • Reduced cost and improved quality of the end product/service delivered by implementing rigourous cost management and quality management processes
  • A healthier, more solid relationship with the client and other stakeholders by applying stakeholder management
  • An enhanced teamwork environment because of the adoption of a formal process to acknowledging/resolving conflicts (conflict management)
  • A favorable touch of professionalism to the company leading to a better perception by outside organizations

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