Value of Project Management

Through proper project management, you can assure that the purpose/vision and goals of the project are maintained, all while supporting the audiences’ tasks and objectives.  Additionally, you avoid risks and effectively and efficiently use your available resources.  It also helps the team members to understand their responsibilities, the deliverables expected, and the schedule everyone needs to follow to complete the project on time and within budget.

Areas within Project Management

The Project Management Institute (PMI) has identified nine areas of knowledge within project management:
  1. integration management
  2. scope management
  3. time management
  4. cost management
  5. quality management
  6. human resource management
  7. communication management
  8. risk management and
  9. procurement management

Building a Team and Encouraging Communication

Depending on your project needs, the may vary.  Keep in mind that members on your team may fulfill one role or may fulfill many. 
Regardless of the size of the team, it’s important to identify how the team will communicate and collaborate with one another.  This includes discussing upfront:
  • Planned/ regular meetings
  • How formal they will be
  • Whether meetings will be held in-person, virtually, or both
  • How the team will share and collaborate on documents
  • Where documents will be stored and how they will be version controlled
  • Workflow for decisions and approval

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In any organization, only two aspects of work exist—on-going operations and projects. Projects are defined as unique, temporary endeavors with a specific beginning and end. Operations constitute an organization's on-going, repetitive activities, such as accounting or production. Since all work and/or efforts performed within an organization are characterized as either operations or projects, all of the costs of an organization must be distributed to either operations or projects. Projects are initiated by organizations for a variety of reasons, such as to meet a business need, attain a strategic objective or meet a market demand. The only way organizations can accomplish any of these goals is by expending resources of the organization over time, for a cost. Project Insight,   project management software , empowers teams to track project time and expenses, and/or non-project time.
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A cost baseline is an approved time phased plan. Once a detailed budget is developed and approved, the project manager should publish this baseline and set it as a point of comparison for actual performance progress. One of the biggest challenges a project manager faces is determining when to set the baseline for the budget. A baseline is an approved time phased plan. Creating a baseline should not be a 'scary' thing. It is just a starting point from what to measure performance against. There will always be unknowns in the project, especially early on. Accept that projects will always experience changes and evolve in order to ensure delivery of the scope defined. The baseline budget is the tool for measuring how project changes affect our schedule and budget. When to Add a New Baseline Ideally, new baselines should only be added when there is a change in scope. If the scope stays the same, then there is not a need to add a new baseline. Again, the baseline is a ben
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Project budgets, similar to resource plans, are a reflection of project work and the timing of that work. A comprehensive budget provides management with an understanding of how funds will be utilized and expended over time for projects or operations. The S-Curve displayed below shows the estimated cumulative expenditures of the project over time. In general, a project expends resources slowly, ramps up rather quickly as more resources are utilized and then tapers off as the project comes to completion. Most project expenditures follow this pattern, resulting in a graphical representation that resembles an "S". Knowing the timing of expenditures on a project will assist management in planning appropriately. High-level estimates, provided by management in advance of a project's start, are not budgets. In Project Insight, these high-level estimates are named 'target budgets.' A comprehensive budget can only be developed as a result of the  project schedule
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