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Benefits of project management and safety stock

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1. What are the benefits of project management? Provide an example of how you have relied on project management. Based on your readings, how can you improve your project management skills?

2. What is a safety stock and when should it be used? How have safety stocks been used in your organization? Were they relied upon appropriately?

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Solution Summary

This solution highlights the benefits of project management. It also defines safety stock.

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Problem #1:
Project management is a very important part of any organization because it involves planning and management of the company's resources so as to achieve company goals. Project managers apply knowledge, skills, tools, and techniques to accomplish project goals and objectives. They are responsible for ensuring the project plan, its execution, and changes to it are appropriately managed. The benefits of project management include:

1. Early stage control: Early stage control of the project is likely to save the company a lot of money in the long run. Without proper planning, the project can fail resulting in loss of company resources

2. Risk management: It ensures that the risk that the project is likely to face is known in advance and ...

Solution provided by:
Edwin Sinclar, MBA
Education
  • MBA, Aspen University
  • Bachelor of Science , Berea College
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