The Value of Project Management

“By 2027, employers will need nearly 88 million individuals in project management-oriented roles” and to fill this, 2.2 million new project-oriented roles will need to be hired for every year [source]. Wonder why project management is even a thing and why organizations are looking to increase the number of project managers? It must be because project management helps to consistently deliver business value through the success of projects. Project managers help realize business benefit derived from business endeavours by reducing risks, cutting costs, and improving success rates.

For a definition of project management and why I got into it, check out my other blog post, What is Project Management? Even if the title “Project Manager” doesn’t exist in your company, project management thinking is vital to business success. Even the smallest “project” can benefit from simply thinking like a project manager.

The Purpose of a Project Manager

According to the Project Management Body of Knowledge (PMBOK) Guide, the Project Manager is “the person assigned by the performing organization to lead the team that is responsible for achieving the project objectives.” How I see it, project managers make things happen by moving things along. The Project Management Institute (PMI) offers a perspective on their web page, Who are Project Managers? Project managers bring value in a number of ways.

Aligning Strategy and Results

Project management is the link between strategy and results. Projects help organizations move from current state to future state, so the better they are run, the more likely an organization will achieve their goals. Project managers help define a project, determine how to deliver it along with indicators of success, how to change the process to make it better, and how to measure what is done. It is through projects that organizations make progress.

Realistic Planning

Project managers ensure that whatever is set out to be done is feasible and can be done on time and on budget. A simple way to start is by answering who, what, when, where, why, then figuring out how.

Project managers help to make a seemingly impossible or overwhelming thing to achieve by breaking it down into workable pieces. For example, a project management approach to running a marathon (42.2 km) might involve determining how 1 km or 5 km will be accomplished, while having a strategy for the entire distance; plans for hydration or energy; etc. In the same way, constructing a building might involve determining all the uses (e.g. residential, commercial, industrial), design stages, systems (e.g. mechanical, electrical, plumbing), etc. Project managers deconstruct a daunting, massive thing into small “bite-size” portions. They provide a logical way of getting things done by creating a realistic, actionable plan, then executing it.

After all, according to the wise words of Benjamin Franklin, “if you fail to plan, you are planning to fail.”

The Go-To

Project managers are the go-to person for everything related to the project. They should be able to answer or know where to get the answer. They should know the ins and outs of the project - how it started, how it’s going, and how it will go. They are often the first point of contact and the last. Project managers help bring people and resources together; they are connectors. They help keep things moving along and keep people accountable. They understand the big picture, but can also get into the weeds when necessary.

Keeping Your Eyes on the Prize

Overview of a project along the way should be provided by the project manager. A project manager does this through documentation (e.g. status reports, registers, schedules). Project team members should know what they should be doing throughout the project and have an idea of how it all fits together. This can be illustrated with a process flowchart or roles and responsibilities. Project managers keep things on track and get things back on track if they go off course.

Part of good project management is determining what not to do. Project Managers help organizations and executives stay focused. Oftentimes “scope creep” or distractions occur. With finite resources, it’s important to know what to say “no” to in order to get the most out of what’s available and remain competitive. Project managers help organizations hone in on key deliverables and prioritize only those deliverables. If it is discovered that deliverables need to be revised, then the project scope needs to be revisited as well, and consequently the schedule and budget.

Project managers help keep your eyes on the prize and get things across the finish line.

Constantly Communicating

Project Managers help with overall communication amongst the project team as well as to others. They get the right information to the right people at the right time. Sponsors, stakeholders, the project team, external contacts, etc. all rely on the project manager for accurate and timely information.
The ability to facilitate decision-making is a good skill to have for a project manager. Often, a lot of time is spent making decisions - the faster you can make decisions, the faster you can execute them. One thing I found useful to get things started is to encourage suggestions and offer options. Sometimes, particularly for complex scenarios, people don’t know where to start so it’s easier when there’s something to talk about (e.g. organizational benchmark, industry standard, competitive analysis). Presenting this information is an effective way to get the ball rolling.

Defending Against Risk

All projects have risks. Project management helps to ensure they are properly managed and mitigated against to avoid being problems. Risks need to be determined, analyzed, prepared for, and constantly monitored. If they do occur, a plan should already be in place to reduce the impact. Knowing the right questions to ask helps to uncover them early on. Project managers also help to remove obstacles and barriers.

Project managers need to make sure people “get with the program.” When risk to a project has to do with people, a good project manager will deal with it accordingly.

Sometimes, that involves minimizing the effects of “negatrons” and maximizing the effects of “optimist primes.”

I would like to believe most people are well-intentioned and all can contribute positively - quite possibly, sometimes that negative energy is simply misplaced and all that’s needed is re-alignment. It can be a challenge turning a negative into a positive, but rewarding when achieved.

When a risk or problem does occur, a project manager should identify root cause, rather than playing the “blame game.” Staying neutral, seeking to understand, and focusing on practical solutions is the project management approach to resolving issues.

Lessons Learned

If you don’t learn from your mistakes, you’re doomed to repeat them. Lessons Learned is an important part of project management. This shouldn’t only be done at the end of a project, but should be considered and recorded throughout the project lifecycle (this is just a fancy way of saying a project from beginning to end). Organizations will carry out projects that are similar and it makes sense to take learnings from past experiences to be faster, better, stronger when it comes to future initiatives. I sometimes joke that the most successful project managers are working themselves out of a job because the ultimate project management goal can be seen as documenting and learning from their current project so well, that the next person to take on something similar should be able to do it with their eyes closed. Fortunately, I think there will always be a need for project managers as long as they help to bring consistent value. After all, they can steal your recipe, but the sauce won’t taste the same.

Why is Project Management important?

Can work get done without project management? Absolutely. However, it will run the risk of being inefficient, problematic, and frustrating for all involved. Unclear objectives, lack of resources, unrealistic timelines, going over budget, and late delivery are just a few examples of poor or a lack of project management. Can project managers guarantee project success? No, however, the chances greatly increase when good project management discipline is implemented.

For additional information on this topic, check out PMI’s white paper, The Value of Project Management.