Deriving business value from project management

BANGALORE, INDIA: An interactive session on the business value of the project management at Spark IT 2010 here had the audience completely involved.

Leading the session, BG Jayaram, vice president , PMI Bangalore Chapter, elaborated on three basic factors of project namely project management — to bring structural approach to the project, management change, to modify the activities and product/services, to decide on implementation.

Jayaram said, “Even today, a lot of projects are carried out without any project management. But every project follows the basic principles of project management like cost, time and quality. What they fail to get is analysis and insights.”

But various advantages of project management are completion on time, delivery of quality, completion without cost and result of project in business. The calculation of a business value of the project is difficult and can be taken in account in all projects - especially, smaller and simpler ones.

Business value of the project management comes form higher productivity, increased business value of the project, better quality of product/services, improved production/operation and decreased operation errors.

The real value of the project management is counted over and above the project value. It is about the changes in the working process/implementation during the project, said Jayaram.

A poor project management can lead to cost overrun, time slippage and technical shortfall. Like good products realization vs the cost, actual function and integration of the project into business are because of the completion on time, within budget and seamless integration of the values, Jayaram added.