One of the major tangible benefits of project management is budgetary savings. Project managers control budgets and make decisions about how best to allocate resources in the process of working toward a project's objectives. In the end, the difference between coming in under budget or having an overrun is a function of workforce efficiency and project management. The money that project managers save their businesses increases the project's return on investment and remains available for future projects. Managing Risk
Rick management is much more difficult to quantify than cost savings. Project managers can anticipate risk and guide a project to best avoid it. While there are some financial metrics for placing a tangible value on risk, project management also has the intangible benefit of taking on risks only when they are necessary or worthwhile in the first place. A skilled project manager can lead a project team toward its objectives but remain flexible to react to changing rick factors. Meeting Deadlines
Project management is also concerned with managing time and meeting deadlines. Completing a project on time can be as important as completing it on budget. Projects that take too long to complete cost money in terms of overtime wages, lost productivity and time spent modifying schedules and timelines. Project management's impact on meeting deadline is a tangible benefit when the costs of late completion are known. For example, if a business spends $100,000 each day operating a factory to meet a production quota, the tangible benefit of project management that competes the project on time is $500,000 for every week of estimated late delivery. Teamwork
Another intangible benefit of project management is its effect on teamwork within an organization. One of the key areas project management deals with is the allocation of human resources. Successful project management gets the most out of each worker and fosters an environment of cooperation...