Independent Research: The Value of Project Management
The value of project management is a topic in which there currently isn’t a large amount of research. This paper looks at the current research on value and looks at future research that could be conducted in this area. Project management adds value to a company. How that value is defined and how it is measured are two large questions that a company has to ask when looking at its current program. Value has many definitions within an organization and depending on who is evaluating it, value can mean many different things. We ask why valuate it in the first place. Project management is a large and growing part of most organizations in the world. It has the potential to save money throughout an organization and take a large effort to implement it throughout an enterprise. In order to be able to look at the return that project management can offer we need to be able to quantify the value the corporation receives. In order to quantify the value of project management a corporation must be able to measure it. Since project management spans throughout an entire organization, can be at different maturity levels within that organization and has not set rules of implementation or use, it is hard to measure. Most industries that have project management as a main part of their work (i.e. construction) are very schedule and budget oriented. They have been using project management in those industries for thousands of years. So in the current era, how do we try to measure value? We can look at financial measures like ROI or we can see how measurement tools like a balanced scorecard can measure the effectiveness of project management. But we also have to look at how project management adds value to the soft side of managing a company. We can look at how an organization learns and grows more and how project team members work more efficiently. Besides project team members there are several categories of stakeholders that gain value from project management. Shareholders stock price can increase, the company can be more efficient and effective, the project manager can enhance their skills along with the whole project team and customers have better communications. Finally we look to the future research of the effects of working in a project management environment for personnel on the project team. We look at ways project management at work spills over into the home life and careers of project personnel.
Genduso, Joseph F., "The Value of Project Management" (2005). Engineering and Technology Management Student Projects. 1195.