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Eight reasons for why is project management important? –IbusinessMotivation

Hello, The project management scenario has changed over time in their skill development. And we need to know the importance of project management in a real sense before we can overcome these trends happening in the world of project management.

Why Project Management is so important. What is the reason?

The need for project management arises for the following eight reasons:

01. Project Control and Evaluation:

It is done either at the end of the project or a few years after the completion of the project. This enables us to learn lessons from the projects.

02. Time Overrun and Cost Overrun:

If a project takes more time than the scheduled time, it is known as time overrun. If a project incurs more costs than budgeted, it is called cost overrun.

03. Risk and Uncertainty:

At every stage of the project life cycle, there are challenges and problems. As the project moves new challenges and problems may arise. The risks and uncertainties cannot be eliminated but can be minimized through proper management of the project.

04. Constraints:

The constraints related to time, materials, demand, labor, etc. The success of a project depends on how well it is possible to manage the so-called constraints.

05. Competition:

To face out the competition provision of a good or service is not sufficient. It must provide a package which meets an entire need rather than just part of that need.

06. Environmental Changes:

A project should be well equipped to meet environmental challenges. The success of the project depends upon how the project is able to cope with the changing environment.

07. Achievement of Objectives:

Unless projects are managed well, the objective for which the projects are undertaken cannot be achieved.

08. The complexity of the Project:

The project involves time, effort, money, etc. If there is any fault in the planning or implementation of projects, the resources put in the projects would be a waste.

Also read: Need for Achievement Entrepreneurship Example and Motivation – A Guide

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