Project management began as a tactical tool to facilitate the execution of individual projects and programs, such as building a new facility, installing new hardware or implementing a new software initiative. Small enterprises now use project management as a tactical tool to execute projects. Projects are essential to the growth and survival of organizations today. The steps of project management are applicable to any small enterprise: Assess the merits of the organizations various proposed projects, weigh them against each other and select and support those projects whose execution will deliver the greatest value to the bottom line. The drivers of a portfolio of projects are:
- Where the company wants to go and what it needs to do to achieve the goal? (e.g., improve its return on investment, increase shareholder value or gain market share).
- Tactical concerns, such as improvement projects individual departments need to undertake in order to become more efficient or effective, e.g., cost reduction, staff reduction, getting to market faster.
- Problems whose correction requires a project or program, e.g., lost data to support decisions, poor customer service, slow time to market.