Importance of Project Management [BIG BENEFITS]

Summary

This video emphasizes the critical role of project management in aligning strategic goals, enhancing efficiency, and ensuring project success. It outlines the importance of standard methodologies for resource management and continuity, even when team members change. The presenter also highlights how project management offers exciting opportunities for employees, maintaining their engagement and retention. The video concludes with a call to action for viewers to become 'project ninjas' by accessing a checklist highlighting the top 10 reasons projects fail, aiming to equip them with the knowledge to avoid common pitfalls.

Takeaways

• 😀 Project management is essential for aligning projects with organizational strategies and goals.
• 🚀 It increases efficiency in both time and resources by standardizing project execution methods.
• 🔄 Provides opportunities for team members to engage in exciting projects beyond their daily routine, potentially improving retention.
• 🧭 Ensures focus and direction for projects, helping teams stay on track even during busy periods.
• 📋 Emphasizes the importance of proper planning, including budgeting, resource allocation, timelines, action plans, risk management, and change control.
• 💡 Highlights the role of a project manager in leading and coordinating projects to success, especially in the absence of a team member.
• 🛡 Suggests that project management principles can prevent common project failures and guide towards success.
• 📝 Offers a checklist for avoiding the top 10 project failures, a valuable resource for project managers.
• 🔑 Indicates that project management can be a key to unlocking success in any industry.
• 📈 Suggests that successful project execution contributes to the overall success of an organization.
• 📹 Encourages viewers to subscribe for more career and project management advice, indicating a commitment to ongoing learning.

Q & A

What is the primary purpose of project management according to the video?

The primary purpose of project management is to ensure that projects are run properly, avoiding waste of time, resources, and budget, and to align with the organization's strategic goals.

Why is strategic alignment important in project management?

Strategic alignment is important because it ensures that projects are birthed out of organizational goals and strategies, and having a project manager or lead ensures that these initiatives are implemented successfully.

How does project management increase efficiency?

Project management increases efficiency by standardizing processes and ensuring a methodical approach, which allows for better use of time and resources, and provides a consistent methodology for all team members to follow.

What opportunities does project management provide for team members?

Project management provides exciting opportunities for team members by involving them in special projects that are strategically aligned, which can increase job satisfaction and retention.

How does project management ensure focus and direction for a company's work?

Project management ensures focus and direction by embracing principles that keep everyone on track, preventing sidetracking, and ensuring the successful completion of projects.

What role does proper planning play in project management?

Proper planning in project management is crucial as it involves looking at all critical aspects such as budgets, resources, timelines, action plans, risk management, and change control, which are essential for project success.

What is the significance of having a standardized methodology in project management?

A standardized methodology in project management is significant as it allows for seamless transitions when team members leave or join a project, ensuring continuity and consistency in project execution.

How can project management help in retaining employees within an organization?

Project management can help retain employees by providing them with opportunities to work on special projects that are exciting and strategic, thus offering variety and challenge beyond their regular job descriptions.

What is the 'project Ninja' and how can one become one according to the video?

The 'project Ninja' is a term used to describe someone who excels in project management. To become one, the video suggests grabbing a checklist from a provided link that outlines the top 10 failures for projects to avoid.

What are some of the potential consequences if projects are not managed properly?

If projects are not managed properly, potential consequences include wasted time, resources, and budget, as well as failure to achieve strategic goals and alignment.

How often does the channel release new videos on project management and career advice?

The channel releases new videos every Wednesday, focusing on project management and career advice.

Outlines

00:00

😀 Introduction to Project Management's Importance

The video script begins by posing the question of the necessity of project management and promises to outline its key elements by the end. It emphasizes the potential waste of time, resources, and budget if projects are not managed properly. The speaker introduces themselves and encourages viewers to subscribe for career and project management advice, hinting at a checklist on project failures to be shared later. The importance of project management is tied to strategic alignment, suggesting that projects are often born from strategic goals that need to be implemented effectively, ideally by a certified project manager or PMP.

Keywords

💡Project Management

Project Management is the process of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time. In the video's context, it is essential for ensuring that projects are run efficiently and effectively, aligning with the organization's strategic goals. For instance, the script emphasizes the importance of project management for strategic alignment and efficiency in resource utilization.

💡Strategic Alignment

Strategic Alignment refers to the process of ensuring that an organization's projects and initiatives are in line with its overall goals and strategies. The script mentions that projects are often birthed out of strategic alignment, highlighting the importance of having a project manager to oversee these initiatives and ensure they are successfully implemented.

💡Efficiency

Efficiency in project management means accomplishing tasks with the least amount of resources and time, without sacrificing quality. The video script discusses how project management increases efficiency by standardizing processes and methodologies, which ensures that every project follows a methodical approach, thus saving time and resources.

💡Standardized Methodology

A standardized methodology is a consistent and repeatable set of procedures or processes that are used across an organization to ensure uniformity and predictability in project execution. The script illustrates this concept by explaining how project management provides a common approach that allows team members to follow the same internal checklist for project success.

💡Resource Utilization

Resource Utilization refers to the effective and efficient use of resources, such as time, money, and personnel, in the execution of projects. The video emphasizes the role of project management in ensuring that resources are not wasted and are used optimally to achieve project goals.

💡Project Ninja

In the context of the video, 'Project Ninja' is a term used to describe someone who is highly skilled and adept at managing projects. The script encourages viewers to become 'project ninjas' by offering a checklist that outlines common project failures, thus equipping them with the knowledge to avoid such pitfalls.

💡Checklist

A checklist in project management is a tool used to ensure that all necessary steps and considerations are accounted for during the project planning and execution phases. The video script mentions a specific checklist that lists the top 10 reasons projects fail, which is intended to help project managers avoid these common pitfalls.

💡Risk Management

Risk Management is the process of identifying, assessing, and controlling risks that could impact the successful completion of a project. The script includes risk management as a critical component of proper project planning, emphasizing its importance in preventing problems that could arise during a project's lifecycle.

💡Change Control

Change Control is a process that ensures any changes to a project's scope, timeline, or resources are properly managed and approved to prevent disruptions. The video script mentions change control as part of the project management methodology, indicating its role in maintaining project stability and predictability.

💡Focus and Direction

Focus and Direction in project management refer to maintaining a clear vision and purpose for the project, ensuring that all team members are working towards the same goals. The script highlights the importance of project management in providing focus and direction, especially during busy periods when there is a risk of losing sight of the project's original objectives.

💡Proper Planning

Proper Planning is the development of a comprehensive plan that outlines the project's objectives, scope, resources, timeline, and budget. The video script underscores the importance of proper planning in project management, as it helps to ensure that all critical aspects of the project are considered and managed effectively.

Highlights

Project management is essential for avoiding waste of time, resources, and budget.

Becoming a 'project ninja' involves mastering the key elements of project management.

A checklist for why projects fail will be shared.

Project management is crucial for strategic alignment within organizations.

Project management ensures that projects are not run haphazardly.

The importance of project management correlates with enabling strategic initiatives.

Project management increases efficiency in time and resources.

Standardized methodologies allow for easier project handovers.

Project management provides exciting opportunities for subject matter experts.

Special projects can be a retention tool for employees.

Project management ensures focus and direction for company initiatives.

Proper planning is a key aspect of project management.

Project management methodology includes risk management and change control.

A top 10 project failures checklist is available for those interested in becoming project ninjas.

Encouragement to subscribe, like, and share the video for professional development.

Invitation for viewers to share their experiences with project management in their organizations.

Transcripts

Are you wondering if project management is really necessary?

By the end of this video, I'm going to give you all the key elements on the importance

of project management so you don't wait waste, time, resource budget,s or anything else because

your projects are not run properly, and if you want to become a project ninja, stay

tuned to the end is this video where I'm going to share with you how you can get your

hands on a checklist, on why projects fail.

Hi, if you're new here, welcome for the best career and project management advice,

Subscribe to my channel, hit that bell button,and a new video is going to come to you every Wednesday.

In this video, I'm going to give you a full breakdown on the importance of project management,

because this is something that, if you are in any industry whatsoever, having successfully

run projects, are going to ensure that your organization is successful.

So if you're excited about this, give this video a thumbs up and let's get to it.

Enables strategic alignment, projects are really important to organizations.

Why? Because most of them have been birthed out of strategic alignment.

There's goals, and strategies that organizations want to have implemented, and the best way

to ensure that this is successfully done, is to have someone who's a PMP, a project manager,

project lead, run the project. You just don't do this Willy nilly,

and so understanding that the importance of project management, is a pure correlation to

enabling strategic initiatives. Increases efficiency,

and I mean this both in time, and in resources, because with project management, what it does,

is it ensures that everyone is following things in a standardize, very thought out, methodical approach,

and if everyone is doing this, it ensures that every project is going to be going through

the same sort of internal checklist to ensure its success.

But not only that, if by chance you have team

members, or project managers that for whatever reason have to leave a project, perhaps they're

sick, maybe they won the lottery, Oh my goodness, good for them, not good for you.

Then you can have other people jump in because, it's the same standard methodology that everyone

is using. Provides exciting opportunities. So what do I mean by this?

Well, if we really think about it, I'm going to break it down, and extremely simplistically,

businesses really have two paths.

They have the product and service, that everyone is working on, it's the given, but then you

also have the special projects, all of that strategic alignment stuff.

So if you have people in your organization who are just doing their daily job, it's really

cool and very exciting when you can get subject matter experts involved in other types of

projects, and if they're run really well, and they're strategic, and initiative, and guess

what? It provides excitement.

Another way for you to retain people, because they are not just doing the daily things that they are supposed

to do based on a job description. They get to do some exciting stuff within your organization,

because you actually are labeling it as such.

The special projects. Ensure its focus and direction.

So companies who get the importance of project management, understand that by really embracing

project management principles, and ensuring that that's done, is going to make sure that everything

that they work on has focus and direction.

Now, that's going to become important when things get busy, that you're not sidetracked.

So project management allows for everyone to stay on track, and actually bring to fruition

what it is that everyone originally started off with. Ensures proper planning.

Okay, can you imagine if you had these really amazing strategic initiatives that you decided to

call projects? Fantastic, but everyone did it their own way,

and didn't share information, and you didn't have anyone really leading it.

Oh my goodness. It'd be a mess. Wait a minute.

Does that sound familiar? Okay. That's the importance of project management,

and so it allows for you to have proper planning.

It allows because of the methodology to ensure that you're looking at all the critical things,

everything from budgets, and resource, and timelines, to action plans, to risk management, even

change control, because that's something that really does kind of escape when it comes to

projects and then can lead to problems down the road.

Now that you know the importance of project management, it is time for you to become a

project Ninja. Go to the link below and grab this checklist is going to tell you the top 10 failures for

projects, something that you do not want to go down this road,

so check it out here so you can get all the answers.

Don't forget to subscribe to my channel, like this video and share it with all the professionals

that you know. Now, if you've ever come across where your organization does not know anything

about project management, let me know in the comments below.

Love to hear from you, until the next time. See in the next video.