Effective project management is one of the most important things that ensure the success of any Workday® project. There are several benefits to project management that include:
- Identification of functional responsibilities to ensure all activities are accounted for
- Minimizing the need for continuous reporting
- Identification of time limits for scheduling
- Consistent methodology
- Early identification of problems
- Knowing when objectives cannot be met
With those benefits in mind, there are five main components to each project that have to be taken into consideration. Those components are time, cost, scope, quality, and value. Without proper project management, any one of the five can be lost and throw everything off the rails. All 5 of these elements work synergistically together and without a plan in place, the timeline can get extended which would then increase the cost. The scope is affected by cost, the cost is affected by time, etc. In order to ensure a project starts off smoothly and ends successfully, check out our project management checklist!