- Project management is one of the most important activities that lead to project success, and if done poorly to project failure. In this video, we'll cover the benefits of project management, some of the challenges are for project management, guidelines for project management from an organizational perspective, which is called project governance, and the benefits and costs of project governance. Project management done well, leads to success because of the many benefits it provides. For instance, it creates effective communication channels between the project team and project stakeholders, which help manage expectations and make sure everyone involved knows all about the moving parts of the project as they need to. Project management also helps organization to manage their resources more effectively, deliver better results, deal with risks, learn and share lessons and ultimately improve the overall governance of the organization. In these ways great project management helps to improve business as usual for a business, while at the same time, making sure that the projects succeed. Of course, project management isn't all sunshine and roses and there are many challenges you'll need to deal with. Introducing new project management methods into the organization could be met with resistance. For instance, the organization might feel that the effort and time it takes to set these up is expensive and a waste of time or resources. The people in the project team might feel like the new processes limit their creativity. Functional managers might feel threatened by project managers. Projects normally need many different skills and disciplines to work together which can make things complex. And of course, project management is a skill in itself that needs to be built up over time. While these challenges exist, they can be overcome. If your organization is committed to getting project management right. Now, I want to touch on the benefits and costs involved with project management methods. Let's start with the benefits. There are five major benefits, I just want to mention them here. Project management methods can help benefit the organization by introducing consistent terminology. Reduced duplication of effort through formalized role structure, create consistent documentation, which enables consistency across projects, standardized project management methods help to support and develop new project managers. And finally, by having a standardized approach team members can move in and out of projects and still quickly and easily understand how they fit in. Okay, so that's the benefits, let's end this video by talking about some of the costs involved with formalized project management methods. There are just four I'd like to talk about. Project methods can introduce too much bureaucracy, leaving project managers and team members feeling like some of the documentation or processes they're following is overkill. Some project methods don't scale as well as others, and if an organization only uses one method this can become a problem. Following the strict project management method won't deliver great outputs and outcomes if the resources invested aren't up to scratch, and formal project management methods tend to take time. So if this isn't accounted for, project managers can feel like they don't have enough time to do everything they need to do. That's it for this video, we've dealt with the benefits of project management, some of the challenges for project management, guidelines for project management from an organizational perspective, which is project governance and the benefits and costs of project governance.