14| Foundational Concepts: What is Project Management? Why is it important?

The application of knowledge, skills, tools and techniques to project activities to fulfill the project requirements is project management.

Effective project management enables groups, individuals and organizations to:

·         Satisfy stakeholder expectations.

·         Increase chances of success.

·         Respond to risks appropriately.

·         Meet organizational objectives.

·         Optimize the use of organizational resources.

·         Resolve problems and issues.

·         Be more predictable.

·         Manage change better.

·         Identify and regroup on failing projects.

Inadequate project management may result in:

·         Poor quality.

·         Rework.

·         Loss of organizational reputation.

·         Cost overruns.

·         Delays in schedule.

·         Unsatisfied stakeholders.

·         Failure in meeting organizational objectives.