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Project and program management enable businesses to manage effectively its projects. The value of good project management is that the company has a standard process that it has put in place to let it deal with contingencies. The processes and techniques of project and program management are applied in coordination of resources to achieve the desired results. The use of project management principles provides a company with the ability to offer a framework and guidelines to manage the work and people. When the methodology is properly developed, it increases the possibility of being successful and hence creates value for the organization (Edgar, 2014).

Effective project and program management can be a catalyst to profits and reduction of costs. When the processes are used to plan for the project for its completion in a timely manner, costs are saved. This is due to reduced project start-up time among others. It is also possible due to predictability of the project. It is possible to predict the time the project is likely to be completed due to accurate estimations. The use of proactive scope management in an effective manner also saves cost (Edgar, 2014).

Project and program management enable the business to foresee risks before they occur. It is therefore possible to solve problems before the risk occurs which could cause increase in costs. There is improved financial management thus saving resources. Project and program management help to build high-quality product that will not result to losses. With all these benefits and capabilities, project management and program management are able to increase the company’s profits while at the same time reducing costs.

Reference References

Edgar, J. (2014, June 24). The Value of Project Management. Retrieved from TenStep: http://www.tensteppm.com/open/A1ValueofPM.html