Project Management App
As a project manager, you know very well that often things do not go as they are planned. It is, therefore, necessary to keep all factors in mind that can affect your project. Simply put, a backup solution or a Plan B should be ready to keep control of your project and accomplish it properly. Here, project controls come into the picture. Before moving to the procedure of project controls, let’s have a glimpse of quick facts on the importance of project management app.
Quick Facts
For every $1 billion invested in the US, $122 million was wasted simply because of a lack of project performance
75% of business and IT executives expect that their projects will fail for multiple reasons
Fewer than a third of all projects were accomplished on time and on budget
Low-performing companies can complete only 36% of their projects, whereas high-performing companies complete 89% of projects
These stats are sufficient to show the importance of project management and control in your organization. Project controls or a project control system can assist you to serve this objective effectively. Even if you have a detailed project plan and a proper budget estimate, then also project controls are essential to keep an eye on your budget when different aspects keep on changing. Project controls can give a robust solution for accomplishing projects on time in this challenging time when the competition keeps on increasing.
Let’s understand the concept of project controls before understanding its procedure.
Introduction and Importance of Project Controls
PMI (Project Management Institute) has mentioned that a project control system is aimed at minimizing the gap between planning and execution of the project to achieve project goals, i.e. cost, time, and content. In other words, project controls are the affirmative actions along with a detailed documentation to keep projects on track and successfully deliver them. They are one of the crucial parts in a project management lifecycle.
Though project controls are not that visible, they have a great impact on the structure and flow of your project. You can easily anticipate all upcoming opportunities and hurdles with the help of project controls. Every project manager has to act as a project controller as well, and it is possible for you as a project controller that you need to buy some time from the client and apply changes in the project. However, this comes with more budget cuts.
Original Source: https://www.taskopad.com/blog/guide-for-project-control-and-management/
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