What is the Purpose of Project Management in 2024?

Project management helps organizations approach projects in measurable and distinct stages the better to meet deadlines, expectations, and budget and with the least risk and number of issues. Project management is a set of knowledge, practices, techniques, and tools aimed at delivering project goals in a timely and predictable manner, making you better prepared if ever problems crop up.

This article will delve into the many aspects of project management to make you well aware of what it is, its intent, advantages, uses, composition, trends, possible issues, and more. For a better understanding and for a more logical flow, we’ve presented this in a Q&A format. It is our hope that you will benefit from having a deeper appreciation and greater knowledge on what project management is all about and what it can do for you, your team, and your organization. Below, you’ll find the answers to commonly asked questions on project management.

1. What Is the Purpose of Project Management?

Project management is intended to help you anticipate and understand potential issues and problems and, armed with the necessary information and knowledge, prepare, organize, plan, and coordinate activities so you can complete and successfully deliver the project. Risk is always a lingering variable which can be difficult to precisely predict especially for large, complex projects. But you can be forewarned and take pre-emptive mitigating actions through proper planning and preparation, applying best practices, and utilizing project management tools.

2. What Is Project Management?

Before we can answer the question what is project management, we must first understand what a project is. The Project Management Institute (PMI) defines a project as “a temporary endeavor undertaken to create a unique product, service or result.” PMI further qualifies a project:

• It is temporary – it has a defined timeline from start to completion, and defined scope and resources.
• It is unique – it is not a routine activity, but a specific set of defined operations meant to achieve an objective.

On the above premise, project management is, therefore, the application to project activities of certain skills, knowledge, techniques, tools, and experience to meet the requirements of a project. As distinguished from “management” which is an ongoing process, project management works on a certain time span and has a final deliverable.

3. What Are the Benefits of Project Management?

After defining it and knowing — what is the purpose of project management — we can now tackle its benefits. Project management provides you with proven techniques and good practices as well as repeatable processes to guide you in managing the people, activities, and resources involved in your projects. As such, it enables you to deliver projects with efficiency and consistency within the allotted time and budget. In no particular order, project management gives you the following benefits:

• Set activities that align with the project’s goals
• Enhance productivity and quality of work
• Set the budget and scope from the onset
• Encourage clear communication among teams, clients, and suppliers
• Stay on schedule and keep costs manageable
• Improve your chances of successfully completing the project
• Mitigate project risks and problems
• Ensure the priority and efficient use of resources
• Satisfy the needs of project stakeholders
• Boost your competitive edge and standing
• Increase customer satisfaction

4. Why Should You Use Project Management Systems and Tools?

Project management software comes into play to help you better realize the benefits listed above. With built-in tools and solutions to automate and streamline tasks and activities, project management software lets you:

• Easily collaborate
• Enhance decision making
• Improve internal and external communication
• Monitor and track project tasks and processes
• Optimize scheduling and time management
• Efficiently manage project budget
• Smoothly delegate tasks

5. How Does Software Tools Optimize Project Management?

There are several popular project management tools available often with specific functions to address particular project management requirements such as time tracking, Gantt charts, and visual timelines, budgeting, team reporting, calendar and to-do lists, scheduling and milestones, file sharing, document management, and more. Other project management platforms are complete end-to-end solutions with an array of tools to handle common project management functions.

These tools are built to streamline complex processes, automate workflows and repetitive tasks, provide valuable metrics and insightful reports, support instant communication regardless of device, store and organize documents online, track billable work hours, monitor resources and assets, and offer a collaborative workspace. Backend and front end, project management software does the heavy lifting so you can focus on leading your team and delivering the project.

6. Who Should Lead the Way in Implementing Project Management?

Projects are implemented by organizations because of the need for change which can be caused by different factors such as to improve overall performance, enhance innovation, reduce costs, increase customer engagement, keep up with the current business environment, or to pursue strategic business direction. Whatever the reason, projects emanate from the very top.

The one that spearheads project management for the benefit of the organization is top management itself. Key decision makers, which are normally from the upper echelons of the organization, green light projects based on information and inputs from inside and outside the organization. Even if the project is for an external client, the head of the organization (be it construction, manufacturing, production company, etc.) is the one who gives the order.

The point man when it comes to implementation is the project manager. The role has many titles – project leader, project director, project administrator – but the general responsibility remains the same: assess the challenges and deliver within the timeframe. The methodologies, best practices, and stages in the project management cycle will now be followed through from concept to completion by the project manager. Management initiates while the project manager implements.

7. How Should I Implement a Project Management System?

You’ll be using a project management system or software to facilitate the delivery of a project and, as we’ve learned earlier, this entails change. As such, everyone especially stakeholders should be aware and on the loop. Implementing a project management system will involve people, products, and processes, and each of them will have their own components and variables. You as a project manager should be aware of them and look out for the following when you implement the system:

• Get the right product. It must be a project management software and not a task management tool. The latter will be functionally limiting while a complete PM solution will give you a wide range of functions and features for collaboration, tracking work time and resources, scheduling, planning, budgeting, monitoring, assessing risks, as well as automating and managing tasks, among others.
• Know your business process. Your business or organization’s processes will dictate the software product that you will use. You should know the operational processes and activities of your company so you can get the matching software that will guide you when you go about working on projects. Projects are done in increments and stages, much like the agile approach, and those stages are accomplished through set tasks and processes. Your PM should be able to help you get those processes done accurately, efficiently, and quickly.
• Get the right people. Implementing a project management system requires people with the right skills and competencies. You have options for this – you can train internal staff to handle the system or you can outsource remote workers who possess the proper skillset. The important thing is to complement not only products with processes but also products with people.

8. How To Efficiently Roll out Project Management Systems?

Again we tackle this from the perspective of change. Introducing technology solutions to an organization like a project management system, especially if it’s for the first time, can be disruptive and can face resistance. Below are tips for a smooth and efficient roll out.

• Create a vision and the need for change
• Articulate how the system will benefit the organization
• Capture the hearts and minds of supervisors and employees
• Instill into everyone that they have a stake in the system’s success
• Recruit change agents and technology champions
• Document problems that will be addressed
• Ensure that your system/software is fully capable and robust enough
• Make sure the system can be handled by everyday, regular users
• Have employees trained by the product vendor on the system’s advanced features
• Set out success criteria for using the system

Successful roll-outs do not happen overnight. It may take time and you may have to be consistent and persistent. You’ll realize the returns once you have people and management on your side, and the project management solution starts doing its magic.

9. What Are Potential Project Management Problems?

While project management gives you the means to predict and foresee problems, there are certain challenges that can present itself as a result of the following:

• Undefined goals. A project cannot even be started without clear, identified goals. Those are your blueprints without which you’ll be lost even before you begin.
• Poor communication. A breakdown in communication with all those involved in a project is the top reason why projects fail according to one study. Lines of communication should be clear and open. It’s crucial that a project manager has excellent communication skills to connect everyone.
• Scope changes. There is always the possibility that clients or supervisors may ask for changes to a project. A project manager needs to be able to evaluate said changes carefully and back up his decisions.
• Inadequate tools. A project manager should be knowledgeable of the tools of the trade. The traditional ruler and pencil have been supplanted by computers and software, and there are even specialized PM tools and platforms now for specific projects. Project managers need to have a grasp of these.
• Lack of accountability. Everyone involved must know their part and responsibility in the completion of the project. Understanding their roles must be properly instilled by the project manager to avoid blaming and finger-pointing when issues arise.
• Improper risk handling. It’s a reality that projects sometimes don’t go according to plan. There must always be a contingency measure and proper risk management procedures when such things happen.

10. How To Choose The Best Project Management Software?

The best project management software is the one whose features and capabilities match your organization’s requirements. Consider if it has or is capable of the following:

• Upgradable and future-proof
• Intuitive and user-friendly features
• Work with your existing technology infrastructure
• Integrate with the rest of your business operations, systems, and tools
• Streamline processes and automate tasks
• Scalable features and solutions to match growing projects and activities
• Can add or reduce the number of users
• Affordable or cost-effective
• Provide dependable customer support

There may be other features unique to your business or organization’s needs. Do factor those in and try to contact the vendor to know if they have any particular features that you are looking for. Even if the product or service can be canceled anytime, it would be a waste of time and effort if what you chose does not work out and you have to get another system and roll it out again. Hence, it’s important that right from the start you make the right choice.

11. What Are the Latest Trends in Project Management?

Here are some of the latest trends that impact on projects:

• Remote teams and virtual workers will become mainstream. The Internet-connected everyone and reshaped the workplace. People don’t need to go to the office and companies need not hire office staff to accomplish projects. Under the direction of an able project manager, projects can be worked on and delivered by remote teams from around the world. The demand for virtual workers has spawned job marketplaces such as Upwork and Freelancer.com.
• Irregular schedules are on the upswing. A result of having telecommuters and remote teams, collaboration tools, and mobile apps effectively got rid of the 9 to 5 schedule. Now, managers and staff can stay connected, access their files and documents, and work anytime from anywhere and even on the go.
• BYOD poses challenges. One setback to having remote workers is making use of “Bring Your Own Device” – laptops, tablets, and smartphones for work purposes. With different systems and platforms, poses new challenges to project managers who have to ensure the software used by team members is suitable for the tasks and the project. There is also the issues on security and new processes that may not match the device or its operating system.
• Automation will become integral to PM. Automation is becoming a standard in project management especially with the tools that are used for creating forms and documents, visualizing timelines and reports, analyzing data and organizing information, scheduling tasks, and preparing proposals and budgets. AI and machine learning are increasingly being applied to automation features of PM solutions to handle redundant tasks with minimal manual intervention.
• More PM tools are in the cloud. SaaS models and subscription-based services have sprung up as more software solutions are being hosted on the cloud and web-based platforms. Prices have gone down to affordable levels and the tools themselves have become more flexible and powerful. It also eliminated the need for complicated installations, set up, maintenance and updates.

12. What Are Examples of Project Management Software Solutions?

monday.comVISIT WEBSITE

monday.com is a collaboration software that was previously known as dapulse. It is designed to help you manage your workload and simplify the way your team works. It gives you a single dashboard where you can track everything your team is working on, who is doing what, and where things stand. It syncs all information in one accessible hub and shows progress data so that you and all team members can keep track of tasks and common activities. You can easily add tasks, projects, missions, and to-dos; assign members to specific tasks or projects; and get status updates. You also get to visualize everything your team is working on, allowing you to manage time and plan ahead. Its advanced scheduling feature ensures that you meet all deadlines and deliverables.

The software enables you to communicate with your team in context. You can quickly add rows to your board – called pulses – to keep all communication in one place, reducing the need for long-winded emails and meetings. It allows you to tag individuals, mention people or entire teams, drag and drop files to centralize all your documents, and comment on or give approbation to your teammates’ work.

Furthermore, monday.com comes with email notifications and updates, visual progress display, auto-generated and searchable knowledge base, main execution board, personal and public boards, live comments, and more. Overall, the platform gives you a unique combination of project and activity management with collaboration features to help you deliver on time.

WrikeVISIT WEBSITE

Wrike is an award-winning cloud-based project management and collaboration software that boasts of providing flexibility, speed, and efficiency of work for teams in any business and industry. It allows multi-functional groups, whether co-located or distributed, to collaborate with each other and with stakeholders from one hub and with centralized communication. The software brings tools and solutions that enable you to simplify planning, streamline workflow, gain visibility over your team’s activities, schedule and prioritize tasks, and keep track of both work and progress in real-time, all from your dashboard. 

Getting things done effectively through user-friendly navigation and intuitive features are hallmarks of the Wrike system. It lets you manage and control everything from one screen – from monitoring work progress, communicating with your team, organizing files and documents to tracking tasks, setting timelines, and generating metrics and visual reports. You get ease and convenience in managing projects through powerful integrations with leading business and productivity apps, smooth data migration, secure online database, and mobile apps for working and keeping in touch with your project team anytime and anywhere. Its robust capabilities and enterprise-grade features have it the project management software of choice not only of SMBs (it has a free version for small teams) but also of Fortune 500 companies.

ConnectWise ManageVISIT WEBSITE

ConnectWise Manage is a robust cloud-based solution that combines the functionalities of project management, sales, billing, and customer service/help desk in a single platform. With such a powerful combination of core applications, ConnectWise Manage not only eliminates the need to use separate systems, it also seamlessly streamlines all core business processes and reduces operational cost.

Having ConnectWise Manage at the center of your business operations allows you more time to focus on the other important parts of your business, specifically your customers. With ConnectWise Manage’s superior ticketing system, the communication between your team and your customers is clear, fast, efficient, accurate, and well-documented. Furthermore, dashboards and advanced reporting features help you keep track of agents’ activities and how they handle customers’ concerns and inquiries. In terms of reporting, the cloud-based solution is equipped with robust reporting options to help you detect anomalies and make strategic data-driven business decisions.

Smartsheet

Smartsheet is a web-based enterprise collaboration solution that brings an array of tools to help you manage projects, teams, crowdsourcing, sales pipeline, and many other such activities. It effectively gives you a combination of a spreadsheet with visual timelines, automated workflows, and collaborative files sharing and discussions. You can use these capabilities for tracking finances, schedule, and inventories as well as manage different types of processes for programs, projects, and core business operations. Designed to give you greater work agility and deeper collaboration, Smartsheet provides key functions for planning, tracking, automating and reporting which are essential elements for high-value work processes in an organization.

With a comprehensive set of features such as dashboards, cards, portals, calendars, forms, connectors, and control center alongside integration and automation capabilities, you are well equipped when it comes to simplifying budget, tracking marketing campaigns, planning events, managing facilities, and enhancing customer support.

Because of its wide array of tools that can be specialized for various industries, it is ideal for use by teams engaged in project management, IT, marketing, sales, HR, software development, manufacturing, retail, construction, education, and professional services. Smartsheet lets you empower your teams to execute and complete projects and tasks with speed, efficiency, and accountability.

Zoho ProjectsVISIT WEBSITE

Zoho Projects is another popular project management platform. It allows users to streamline project activities like creating and assigning tasks. Moreover, Zoho Projects provides a variety of features for team collaboration. This includes real-time project feeds, kanban boards, and forums and discussions. Other key project management features include budgeting, time logging, expense tracking, invoicing, and dashboards.

The solution is customizable and can be used in many contexts across different industries. For instance, it can be used to streamline software development or even manage a construction site. The product is easy to use as it has been designed to be user-friendly just like popular social media sites.

Moreover, as a member of the Zoho Suite, it is seamlessly integrated with other Zoho products. Even though it works best with other Zoho apps, Zoho Project has a good number of quality integrations. This includes those for Basecamp, Jira, Dropbox, Slack, and many more. It also sports mobile apps on iOS and Android. Thus, you can keep track of your projects while you are on the go.

Replicon

Replicon is a time-tracking software platform that provides an accurate, up-to-the-minute recording of time spent on every task. It offers flexible reporting tools as delivered by four different modules which include TimeBill, ProjectTime, Expense, and Timeoff.

The tools included in the Replicon time tracking suite are designed to enhance the time tracking features and ensure that enterprises have the exact solutions to effectively manage projects and resources, and at the same time validate billable hours. Aside from verifying operational workflows, Replicon also helps in analyzing and reviewing timesheets. As a result, processes become more straightforward with streamlined systems.

Replicon easily integrates with out-of-the-box project management tools, billing systems, HR platforms, and payroll processing software such as QuickBooks, Sage Intacct, Oracle, Salesforce, Zendesk, and Slack, among others.

Polaris PSA

Polaris PSA is a professional services automation (PSA) software that uses advanced technology for automating the core business processes of professional organizations. With the use of artificial intelligence (AI) and machine learning (ML), Polaris PSA facilitates effective resource management and project management. The tools of Polaris PSA also cover time and expense management as well as advanced analytics, allowing business organizations to manage their core business with ease.

The MissionControl tool provides real-time insights for service businesses and monitors all the crucial metrics professional services organizations need to measure to remain competitive. At the same time, the status of each project is tracked by the SmartBeats tool which collects data from all ongoing projects. Polaris PSA seamlessly integrates with a wide variety of third-party software, including Oracle, Slack, Wrike, Asana, QuickBooks, and Zendesk.

elapseitVISIT WEBSITE

Web-based resource management software elapseit helps companies match resources to upcoming needs and deadlines. It is an integrated resource planning, financial management, and project management tool that is easy to use and has sophisticated automated features for billing. It also includes dashboards and controls for tracking and managing leave requests as well as backlog assignments. Its powerful yet simple features are ideal for SMEs and large corporations.

The functions are nicely bundled in an intuitive UI, allowing users to personalize features. Custom fields also enable more extensive database management. The system can simply discover the correct person or resource for a project or work. You can also change specifications and set bank holidays for numerous places, allowing elapseit to be adaptable to any industry. Besides, elapseit is available on iOS and Android, so you can access it anywhere. You can integrate elapseit with Xero or make your own integrations with its Enterprise plan. The three pricing tiers include Resourcing, Complete, and Enterprise, and subscriptions start at $14/month per user. 

ProntoFormsVISIT WEBSITE

ProntoForms helps automate mobile processes and makes it easier for remote workers to collect data, access company data, and instantly share results with back-office systems, cloud services, and individuals. In such a way, ProntoForms enables firms to track, analyze, and continually improve processes and turn outcomes into usable data for better future decisions. You get to choose between two reasonably priced plans (Pro and Enterprise), and you can link to the system with various tools regardless of the package you choose.

ProntoForms boosts the productivity of your field operations, automating jobs through strong data access, collection, and company-wide delivery. It further automates fundamental business tasks and operations as it links data smoothly across different platforms, cloud sources, or people in the team. The essential value of the system is its capacity to track and quantify the consequences of your field operations, translating those into actionable data that maximize business performance. Some users say the entire business visibility given by this technology saves up to 50% of agents’ time and just as much of the customary expenses associated with errors and guesstimating.

CeloxisVISIT WEBSITE

In addition to project and resource management, Celoxis offers a complete business management suite with a complete collaboration solution tailored to each business’s needs. The platform also includes workflow apps to assist customers and follow business processes alongside projects. With Celoxis, you can assign resources to tasks and projects depending on demand, abilities, and availability, and tools for estimating capacity and dealing with various locations are also included. You also get overload notifications.

Managers and teams can keep track of progress and produce insights using its simple dashboard and reporting tools. Custom formula fields and drill-down charts are available in the reporting module, while the dashboards allow users to customize the layout and widgets of almost all reports. Users can also be assigned several shared dashboards. The reports are also available in PDF format and can be scheduled to be emailed to numerous recipients. Celoxis is also mobile-friendly and integrates with Salesforce, Google Drive, Slack, and Zendesk. Its cloud version starts at $25 per user, per month. 

ManagerPlus

ManagerPlus helps reduce operational costs and increases ROI by combining inventory, asset, and maintenance management. It is suited for fleet, construction, facilities, and manufacturing companies as it integrates work orders, preventive maintenance, inventory management, and purchasing activities. Some of its features help maintain manufacturing assets for optimal output, while powerful data collecting and reporting technologies provide you with a competitive advantage and help you make more informed decisions.

The software is divided into five modules: inspection, work order management, preventative maintenance, asset management, and inventory management. It provides maintenance planning, scheduling, barcode generation, and scanning, and even a request management function for effective work order scheduling, planning, and reporting. It also includes mobile-friendly features to boost team collaboration, efficiency, and turnaround time. All these are at a rate starting at $85 per user per month. 

eMaint

eMaint is a comprehensive computerized maintenance management system (CMMS) built for businesses of all sizes. It comes equipped with everything from task management and inventory management to supplier management and asset management, allowing users to optimize day-to-day maintenance efforts. The platform also offers predictive and preventive maintenance solutions to help keep operating conditions in tiptop shape at all times.  With this at your disposal, you can improve employee productivity, ensure seamless processes, and boost collaborative efforts.

As eMaint is completely web-based, users can easily access the platform on their desktop or mobile devices. This makes it great for teams with field employees. In case you want to expand its functionalities or make data import/export faster, eMaint also offers RESTful API capabilities which allow it to integrate with a wide range of business systems. For instance, it can connect with popular software such as SAP, Oracle, ADP, Sage, Jira, QuickBooks, and Microsoft Dynamics GP.

13. How Does Project Management Contribute to Organizational Success?

Project management plays a crucial role in driving organizational success across various dimensions. Here are key ways effective project management contributes to achieving company goals:

• Strategic Alignment: Project management ensures that projects align with the organization’s objectives. By prioritizing initiatives that support the overall vision, organizations can allocate resources effectively and achieve their long-term goals.
• Resource Optimization: Effective project management helps organizations utilize resources, such as time, money, and personnel, more efficiently. By planning and tracking progress, project managers can identify bottlenecks, reduce waste, and ensure that resources are used where they are needed most.
• Risk Management: Project management involves identifying potential risks and developing mitigation strategies. This proactive approach minimizes the likelihood of project failures. It helps organizations respond quickly to unexpected challenges, maintaining momentum toward their objectives.
• Enhanced Communication: Clear communication is a cornerstone of successful project management. Regular updates and transparent reporting foster collaboration among team members and stakeholders, ensuring everyone is informed and aligned with project goals.
• Quality Improvement: Project management enhances the quality of deliverables by implementing structured processes and best practices. Continuous monitoring and evaluation help identify areas for improvement, ensuring that the final output meets or exceeds expectations.
• Customer Satisfaction: Effective project management leads to timely delivery of products and services, meeting customer needs and expectations. Satisfied customers are more likely to become repeat clients, contributing to the organization’s reputation and success.

14. Is Project Management Software for You?

By this time, after presenting to you all of the above information, there should be no doubt on the necessity of having a PM solution to help you with your projects. Studies have shown that more than half of all projects fail because of poor communication, and that over a third of projects fail due to a lack of clearly defined goals and milestones. You do not want to be part of the many statistics on project failures.

Project management software has you covered in several areas – it has capabilities to ensure that you and your team are always connected and on the loop through chat, email, messaging, activity streams, reminders, and other communication tools. It lets you set objectives, assign time-bound tasks, and schedule activities and due dates in order for projects to smoothly move forward. It offers a collaborative platform for team members to discuss and work together in real-time wherever they may be located around the world.

With most PM software hosted on the cloud, you’ll find the most flexible, scalable, and accessible solutions that you can carry in your pocket through your mobile devices. Affordability has become a non-issue since many of the top PM software like those we’ve featured are priced at budget-friendly single or double-digit subscription rates per month. These and more make project management software a must. Is it for you? Definitely! You can head over to our list of leading project management solutions to learn more about this type of product. Better yet, test drive monday.com, our top pick under the project management software category.

By Stephanie Seymour

Stephanie Seymour is a senior business analyst and one of the crucial members of the FinancesOnline research team. She is a leading expert in the field of business intelligence and data science. She specializes in visual data discovery, cloud-based BI solutions, and big data analytics. She’s fascinated by how companies dealing with big data are increasingly embracing cloud business intelligence. In her software reviews, she always focuses on the aspects that let users share analytics and enhance findings with context.