Projects are time bounded. A company undertaking an IT project has to complete the project in time by achieving the desired output. To handle a project is not fun; with limited time and cost, there is no scope of errors and delays. Here comes in the need and support of management techniques. A project managed effectively accomplishes the set goals and objectives. Project management is the implementation of management functions in a project starting from planning, organizing, directing, staffing, controlling, coordination and finance.
Project failures are common. Projects go over budget, face under achieved targets, mismanagement and execution problems. It happens because nothing is planned and no systematic approach has been followed to execute the project. It is the responsibility of project manager to proactively analyze the causes causing failure such as skills issues, delegation, missing focus, and execution problems. But after all that how do you think you can manage impeccably? You need a real time solution to coordinate the financial and other activities of a project. To manage the schedules, planned activities, you need the support of project finance software that does it for you.
The project finance software supports the project manager and his team to work according to schedules, maintain database, be updated, and avoid pitfalls caused due to mismanagement. Under a project, the questions asked are generally-
What to do?
When to do?
How to do?
Who has to do it?
When such questions go unanswered, the trouble starts. The outcome of compliance management system of an IT project is that the company has to face repercussions that reduce your return on investment.
Mismanagement invites repercussions –
• Overtime – The workers go off schedule and delay desired outcomes. The variance increases and thereby the workers are supposed to work overtime to achieve the set targets.
• Over budget- When projects don’t go as per the set schedules, cost increases. As we already know, project is a temporary task bounded by time and cost. But, in case of issues arising, cost increases reducing the profits arising out of it. Hence, Project management is extremely important to execute and control the deviation caused due to poor performances.
• Losses – A company failing to lay the foundation of a successful completion of a project tends to suffer from losses. Sometimes, the project goes misguided so badly that it even questions the existence of the company. Hence, you have to pay for ignoring the significance of project management software.
• Poor performance- The overall performance of the project team goes below average. With no direction and coordination, they work without clarity leading to over budget, miscommunication and failed targets.