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Determine Resource Needs: By evaluating the Skills Inventory and the Candidate Project repository, this process will identify anticipated requirements for quantities and capabilities of future resources. This information will provide The identification of critical training needs, A basis for employment opportunities and Criteria for contract personal.

Resources are maximised: Both human and financial resources tend to be expensive. Project tracking and project risk management ensure that all resources are used efficiently and are accounted for economically.Helps to manage integration: Projects that are completed within an organisation are generally integrated with wider business processes and systems. Integration forms the value aspect of projects and their management.

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Assign Resources: Even though a project has been selected, it does not become an "active" project until resources are approved and deployed against it. It is critical to remember that when resources are assigned from the Skills Inventory, this deployment has a proportionate impact on the resource's availability. The organization must be very careful to not over-commit limited resources in an attempt to "look" more productive.

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Due to the triple constraint which project managers face with regards to quality, time and scope, the way in which a PM deals with these constraints on top of all the other aspects of the project that need to be managed means a lot when judging a PM's skill on a project manager resume. Without Project Management there would be chaos in organisations which would induce stress, uncertainty and higher rates of failure, highlighting project management's essential nature to organisations.

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Knowledge: The more projects a business undertakes, the more knowledge it will acquire over time. This will serve as an asset to any business and project management helps to capture and retain knowledge.Creates an opportunity for learning: Sometimes, projects work out perfectly and other times, project fail miserably. Either way, much can be learned from previous experience and past mistakes can be avoided in the future. Project management ensures that these lessons are learned and applied in the future.

Without a clear path to follow when it comes to managing projects, the task of achieving their desired objectives would prove very difficult. Constraints such as time, resources, budgets, scope and quality are all too significant to simply pass over without applying a scientific approach. Project management provides exactly that: a scientific approach that helps to ensure successful results through structure and organisation.

Project Identification is a repeatable process for documenting, validating, ranking and approving candidate projects within an organization.Due to the changing financial conditions within the total organization, it is necessary to establish a stable process for approving projects for initiation. This process will validate the business reason for each candidate project.

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