In everyday project work, it is often the case that project participants cannot fully understand why good, comprehensive project management is so important. For many, this often means: excessive, formal effort, unnecessary costs or even a waste of time. This is a shame, because it is not uncommon for people to only realize this when project risks have already occurred or considerable additional costs have been incurred.

I am referring directly to the risks, because risk management is an important part of project management.

If, for example, you look at the (potential) risks at the start of the project, assess them, realize how likely they are to occur and consider measures to minimize or even avoid them - then you start the project better prepared. You are sensitized to be able to recognize the first signs of risk directly and manage them. In the best case scenario, these risks do not even occur because measures have been taken directly to avoid them.

It is also never a waste of time to create a project plan and update it regularly. On the contrary, as a project manager you always know where the project stands in terms of time, costs and performance.

These three influencing factors ultimately determine whether a project can be successfully completed, is only completed with additional effort or even fails.

Consequently, I always advise investing in good project management and not "saving" at the wrong end, because this often results in other costs that are much higher.