Essay: Role of Project Management in Organizations

Project management reduces risks and costs to result in improved quality, profitability and returns on investment (Phillips, 2003). It accomplishes this by:

1. Using a rational decision framework for project selection process.
2. Linking project selection to strategic objectives
3. Prioritizing project proposals across a common set of criteria
4. Allocating resources only to projects that align with strategic direction
5. Managing the portfolio risk
6. Avoiding projects that are at odds with the organizational strategy
7. Developing buy-in from all team-members (Maylor, 2003).

Effective project management that is built into the organizations system rather than a mere overture allows project costs and resources and teams to be managed to result in the following outcomes:

1. Improved Productivity
2. Projects remain within Budgets
3. Improved Corporate Communication
4. Monitoring Project Milestones and Deliverables
5. Decreased Risk
6. Improved Product Quality
7. Streamlined Decision Making
8. Satisfied Clients and Customer

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