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It will be helpful to rank projects against each of these criteria separately and then compile a single ranking that weights each of these criteria against each other. This ranking process is typically used to feed quarterly budget decisions but may be requested at any time.

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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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:

Project management software tools allow companies to become competitive in their environments, optimising time and effort and keeping project on track. They are used for planning, managing time, resources and people, controlling costs and monitoring project progress.

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