How do you define project management & project oversight, and what makes these two important to a business? According to Investopedia, Project Management is when an organization plans and organizes resources towards the completion of an event, a task, or a duty. This is often done for projects that are essentially one-offs, and the resources that are used to complete such a project consist of both finances and people.
Project oversight, on the other hand, is considered a safeguard against a project not being completed on-budget, on-time, and within specified parameters for completion. In short, this is the watchdog that makes sure a project gets done according to plan, and following the timeframe, budget, and steps needed for it to be done. This is often considered a guide of sorts, to help a business stay on course with the projects that are being run.
What is the importance of these two to a business? Project management occurs at the beginning of the project, since this is the planning and organizing stage, as mentioned earlier. This involves the creation of lists, processes, budget allocations, and other project components that the company deems is required to get an event, task, or duty accomplished. Project management continues as the tasks are being done towards the completion of such a project, and overlaps with project oversight along the way.
Project oversight occurs after a project is begun and is the checker of the processes and progress of such a project. The use of this in a project is to not only keep things in line and the project moving forward as smoothly as possible, but also as troubleshooter and adjuster of certain processes that could be improved along the way. Apart from this duty, those in charge of project oversight make sure that everything that needs to be done to complete a project is indeed done, and is within what project management first anticipated and planned in the first place.
In a nutshell, when these two work together, they make sure that whatever projects are in the hopper do get completed according to specifications, budget and timeframe. What is its importance to your business? Having these two in place when projects are first being scheduled and while it is running will help ensure that the company does not lose any money in the process. This is because these two helps make sure that things are well-planned, and then well-executed, without straying from what is the supposed path of such a project.
The steps that both take care of when it comes to these projects getting done as they should start with the appraisal of the project, followed by planning and definition of targets stage. Next comes the execution of these parameters, which is then followed by close monitoring of the performance of the execution. This is where project oversight and project management begin working together. Once a project is completed within budget, on-time, and following the set guidelines, both can be credited for a project’s success.
Original Author Axiom Technology Group November 25, 2015