Question

Describe the business value created by using the disciplines of project management and program management. How can project and program management increase profits and/or decrease costs?

Answer 1

Achieving a specific business value might be a target for the company. The project management and program management will create the required environment within the company to work towards achieving that business value. Through these two methods, the company will become capable of employing reliable processes to meet the strategic goals and also achieve the required business value. Project management can also deliver the business value to the customer as well because the outcome of the project might have a positive impact on the customer's business. The main aim of the project management and program management would be to identify the best way to deliver value to both the company and the customers. If a process is not able to identify the way to do that then the project management should not be used. The value-added should be measurable in business terms and give a clear picture of the impact it has made on the business. The project management is a skill that all project managers posses and it will increase the profits. If the project management and program management methodology are not implemented in the right way then it can lead to a failure. Basically, the project management can help in reducing costs by streamlining the entire process and getting rid of steps that are unnecessary for the company. It will help in identifying the best practices and use them for the future reference. This will help in reducing the investment of time and money in a process that is very much similar to the previous one. The best practices help in delivering the project in good shape to the customers and a happy customer will bring in more revenue for the company through new projects.