Explain the importance of using a Project Management Software.
Answers
Project management refers to the process of planning, systematizing, and administering the scope, budget, and time for a particular project. It uses the application of project management resources and tools, techniques, skills and knowledge for facilitating the project-related activities.
When working on a project there are four main elements that must work together seamlessly. These are the:
Scope. In essence, it refers to the project size, goal, and requirements. It’s the connection between the goals to be accomplished and the budget allocated to reach those goals. If there are any changes committed in the scope, it’s imperative to reflect it with other components as well, especially when it comes to the time, budget, and resources.
Resources. It has three aspects: people, material, and equipment. First, it’s important to ensure the right number of people is employed to a project and they carry the appropriate skills and knowledge to facilitate their assigned tasks. Next, procuring the correct materials and equipment, at the right place and time, is crucial for your team to operate efficiently.
Time. When doing a project, time management is a crucial aspect. Each task must be listed (others may overlap while others must be in chronological order), scheduled with a set duration, and allocated with the right resources. Managing critical paths (tasks with zero float or no flexibility) is one of the most challenging aspects of this scope.
Money. All tasks come with a certain cost which must be estimated and totaled. However, not all estimates are as accurate as others; that’s why there is “contingency allowance” allocated in case a task goes over the estimated budget. Another important aspect is the profit or the amount of money that a company wants the project to earn.