Advantages of Software Programs in Project Management

Problem Statement

The study is inclined toward pointing out the problem behind the cost of project management and the advantages of project management software. Cost is necessary to be spent on the requirements of the project. Hence, the cost is considered to be beneficial and worthy because the project creates a strategic value that not only makes the organization perform better but also provides it with a competitive edge over organizations that are not spending budget on their projects, thus lacking strategic values (Sweis et al., 2018).

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Thus, before starting any project, it is mandatory to check the budget or finances because it partially decides the success or failure of the project. On the other hand, the whole team, including the project manager, is responsible for completing the client's requirements and managing the project's budget, time, and scope constraints (Soares et al., 2020). Project management software has come up as a helper to them, which assists them in having a check on the cost and ongoing expenses. 

A budget report is one of the features of project management software that provides the manager with weekly and monthly reports on expenditures. Through this, the manager easily knows where the money has been spent. The manager is also informed if the budget exceeds. A budget dashboard and automated invoicing are two other features that help manage the project's cost. A budget dashboard is a financial reporting dashboard that includes graphs, KPIs, charts, and graphs (Sadiq et al., 2016). The purpose behind is to display the performance of the project in comparison to the cost that has been spent on it. The manager can also give access to other team members if he wants them to see their performance. Automated invoicing is a feature that saves time, as manual invoicing takes a lot of time. Making invoices also requires manpower, but by using the software, human resources can also be saved and used for other purposes. This feature sends reminders through emails for due invoices. Time is even more saved as it compiles and forwards bills with only a few clicks by the manager. Many such benefits specifically are for cost reduction and efficiency, but the problem arises due to the software's unawareness and optimum use (Sanchez and Terlizzi, 2017). 

There has been an increase in the availability of software and tools highlighting the significance of project management. It has also been seen that organizations are using the software and tools in their practices, but still, projects are witnessing many challenges. The most common challenges that are facing are the challenges of exceeding budgets and not meeting deadlines. However, the project management tools and software are specifically designed to cater to and combat all these challenges. The software is made for functions such as controlling project plans, budgets, deliverables, resources, roles, responsibilities, quality management, communication, etc. Multinational organizations have been using the software to minimize project risks and counter unique problems in every project. Most of the problems are not solved, or challenges occur because the software tools are not aligned with the state of the project management practices (Nakayama and Chen, NA). 

Another problem is that the managers are not completely aware of the software and have no experience or expertise in the software if they have always worked in a traditional way to manage projects in their past careers. Hence, after management does not get results even after using the software, they state that it does not benefit as much as expected. However, the problem is not just with the software; its use should be optimum (Verner and Cerpa, 2005). Many multinational companies are aware of the issue and are focusing more on training to make managers familiar with software and tools so that they are tech-savvy, as this has become a need in any field of study today. People who do not accept new technology soon realize they are being left out of a few tasks, even for a few positions they always wanted. 

Aim and Objectives of the Study

The primary aim of this study is to analyze the concept of whether project management is worth the cost and whether it leads to project success or not. The following objectives have been formulated to achieve the study's primary aim. 

To understand the theoretical significance of project management software

To identify the project management tools that help in controlling costs

To analyze whether project management tools lead to project success or not

To recommend project managers to reduce costs and increase firms' productivity simultaneously.

Research Questions

Following are the questions of this research.

What is the theoretical significance of project management software?

What are the project management tools that help in controlling costs?

What are the project management tools that lead to project success or not?

The Rationale of the Study

There is plenty of research on the internet regarding the aspect of cost in project management. There are also researches present that take project management software into consideration. However, the researcher has found a gap in research taking project management software specific where the research discusses the theoretical significance of the software and not just the generic advantages of the software (Fuller et al., 2017). Another part that was lacking in most of the research was the linkage between the project management software and its impact or help in controlling costs. In other words, it can be said that in previous research, success factors and their direct and indirect impact on the productivity of the execution of a project were not properly analyzed. This research has been done specifically in terms of the theoretical significance of the project management software and identifying the project management tools that help control costs, which is very important for a project to succeed. Wasted funds and budget might lead to a shortage of finance when needed. 

Scope of the Study

The scope of the study is not narrow but very broad as it not only caters to or is beneficial for professionals from a specific field or profession but is useful for people working in multiple domains. Project management has gained significant importance in previous years and is still among a few of the practices on which organizations are focused. Technology is also advancing with every passing day. Hence, technology use impacts different practices, including project management through different software and shortcuts. This is also one reason why many researchers have been or are still in the process. Thus, this research will benefit all the researchers who are conducting or planning to conduct research on project management software and cost reduction in project management. This research will serve as secondary data, which will be helpful in their data collection processes. 

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Apart from that, the research also holds a fundamental significance for project managers as it is primarily directed at them. They can learn the countless benefits project management software can give them if they use them correctly. They can also learn new things about the software and how it is being used by different organizations in different parts of the world. They often face budget limitations, so they can learn how using the software can help them overcome that limit through budget management via software. On the other hand, this research also benefits students, especially those who majored in project management, client servicing, software development, etc. The information and discussion of the research can be helpful for their academic purposes.