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Update Business Case: When additional information is received on a Candidate Project, obtain the pending Business Case from the repository and revise the data. This Business Case should now be reconsidered by process 1.2.
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.
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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.
Project management is comprised of a number of essential and basic functions that add to its importance and which are enhanced by technology and project management software such as Sinnaps: