Compared to past few decades, the process of managing projects has become more demanding as well as complex. There are quite a few reasons – the business environment itself has become highly challenging, companies are looking to invest in only those projects with greater RoI, greater value to business. Many Businesses have to follow and comply with regulatory and statutory requirements and audit is becoming a regular exercise.
Because we have to learn from the history and recent history suggests projects undertaken in Information Technology industry highlights worrying statistics – large sized projects getting delayed, cancelled, run over-budget, offering sub-par or negative return on investments. This trend has also been observed in other industries. These factors have changed the expectations of management, project sponsors and clients. Now there is a constant pressure to deliver on time, and the delivery has to meet stakeholders’ expectations.
Project management professionals are trusting project management software to help them plan, monitor and manage multiple initiatives, projects more effectively. PMs are using project management tools to break down large complex projects into smaller sub-projects, setting inter-dependency among projects. Project management tool allows managers easily identify potential risks of failing projects, specific reasons behind degraded performance of projects and enables them to mitigate these risks through mitigation plans, contingency planning and strive for project success.
