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Before we begin explaining the importance of project management, it is important to understand what project management is and what it entails. Project management involves the use of various principles, procedures and policies that are established to guide a project from its conception stage all the way along until its completion.

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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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.

Clearly defines the plan of the project before it begins: The importance of planning in project management cannot be ignored. The more complex project, the more scope there is for chaos. One of project management's primary functions is to tame the chaos by mapping out a clear plan of the project from beginning to end.

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