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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.

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This process should be reviewed on a regular basis by Resource Managers within the organization and can be used for staff career counciling.Select Project: Based on the information provided by the ranking process, the Core Process Owners of the business will authorize a specific project for initiation. This project should now be removed as a Candidate Project.

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Establishes an agreed schedule and plan: Schedules help to eliminate delays or overruns and provide a plan to be followed for all those involved with the project. Creates a base for teamwork: People are required to work in a team on a project. This is due to team synergy benefits through the sharing and support of knowledge and skills. Bringing people together in this way inspires team members to collaborate on a successful project.

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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.

Organisations are constantly facing new challenges and opportunities. The world and marketplace is fast-paced and filled with uncertainties and opportunities for growth. Without the practise of project management, organisations would find themselves drowning in an ocean of failed projects and processes with few options of salvation. All organisations need to take project management seriously in order to survive and thrive.

Evaluate Resources: An updated Skills Inventory should be maintained for all corporate (Business Unit and Information Technology Department) resources that are available for project assignment.Additionally, an inventory of available contract resources should also be captured. The purpose of this Skills Inventory is to understand the true capabilities and capacities of these resources.

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