Corporate strategies often rely on project management for business growth and sustainability. As more and more companies recognize the value of effective project management, demand for skilled project managers continues to grow.
What Can Project Management Do for Business?
There are two elements at play concerning the business case for project management. The first is the question of why an organization needs project management in the first place, while the second relates to when to implement project management for business initiatives.
A Means to an End: Project Management for Business Goals
Some companies need to be sold on the benefits of implementing project management for business reasons, and this would be a general instance of making the case for project management as an in-house process.
Companies that start small and subsequently experience significant growth may find it difficult to keep key stakeholders on the same page and ensure the cooperation of all departments involved.
The project sponsor – or the person being held accountable for its key deliverables – should address upper management and explain the importance of project management for business success, as it provides structure and facilitates collaboration toward a common goal.
Securing Project Approval and Obtaining Project Management for Business Initiatives Once an organization has accepted project management a means to achieve efficiency and ensure accountability, the task remains of identifying which projects will be carried out, and which of those require a dedicated project manger.
Executives often expect to see the potential gain before committing resources to project management for business initiatives.
Projects go through several phases of development, and the first is known as the strategy and business case phase. This is when the individual or group that is sponsoring the project will attempt to “sell” it to upper management, by making a case that the project will yield a positive return on investment.
The sponsor will usually gather the stakeholders who would play a role in bringing the proposed project to fruition and collaborate with them to create an effective presentation that indicates a high potential for the project’s ultimate success.
It begins with a carefully written proposal that details the responsibilities and deliverables of all contributors. Without this, a project will rarely gain the momentum that it needs to move forward. Decision-makers must be convinced of the value of project management for business goals before they will allocate resources to a project.