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The Benefits of Project Management

The Benefits of Project Management
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  • 0:03 Companies & Projects
  • 0:40 Project Management Defined
  • 1:19 Project Management Advantages
  • 2:54 Lesson Summary
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Lesson Transcript
Instructor: Brianna Whiting
In this lesson, we'll learn about the benefits of project management. Along the way, we'll define a couple of key terms, and then learn about the many advantages of efficient project management.

Companies & Projects

Let's imagine that you work for a large company. Because the company employs over 1,000 people, it has to be good at delegating responsibilities so that it remains productive and stays organized. This is particularly important when it comes to the many projects that are assigned each month.

In order to successfully complete a project, there's a project manager assigned that oversees each project. The expectations of the project are clearly defined and the anticipated timeline and goals are always outlined. What your company is doing is making sure it utilizes the advantages of project management.

Project Management Defined

Before we begin to break down the many advantages of project management, let's first define some key terms. First of all, a project is a task that has defined perimeters, which basically means a project has a beginning and an end time. Second, a project is a task that isn't usually part of normal job duties or routines. Third, a project is a task that is unique and is completed with the hopes of fulfilling a goal.

Thus, project management is the use of skills, techniques, tools, and/or knowledge in order to get a project from start to finish. It's the act of making sure a project meets its requirements and goals.

Project Management Advantages

Let's take a look at some of the advantages of project management. When a company partakes in good project management, it lowers the probability of a project failing. By assigning a project manager, your company is making sure that someone is watching over the project and helping it get from start to finish.

Project management also helps a project fulfill its requirements. This means that if your company utilizes project management, it will be able to make sure that the goals outlined in the project are successfully met. Utilizing employees efficiently is another benefit of project management.

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