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Oversite or oversight12/20/2023 ![]() This is because these two helps make sure that things are well-planned, and then well-executed, without straying from what is the supposed path of such a project. What is its importance to your business? Having these two in place when projects are first being scheduled and while it is running will help ensure that the company does not lose any money in the process. In a nutshell, when these two work together, they make sure that whatever projects are in the hopper do get completed according to specifications, budget and timeframe. ![]() Apart from this duty, those in charge of project oversight make sure that everything that needs to be done to complete a project is indeed done, and is within what project management first anticipated and planned in the first place. The use of this in a project is to not only keep things in line and the project moving forward as smoothly as possible, but also as troubleshooter and adjuster of certain processes that could be improved along the way. Project oversight occurs after a project is begun and is the checker of the processes and progress of such a project. Project management continues as the tasks are being done towards the completion of such a project, and overlaps with project oversight along the way. This involves the creation of lists, processes, budget allocations, and other project components that the company deems is required to get an event, task, or duty accomplished. What is the importance of these two to a business? Project management occurs at the beginning of the project, since this is the planning and organizing stage, as mentioned earlier. This is often considered a guide of sorts, to help a business stay on course with the projects that are being run. In short, this is the watchdog that makes sure a project gets done according to plan, and following the timeframe, budget, and steps needed for it to be done. ![]() Project oversight, on the other hand, is considered a safeguard against a project not being completed on-budget, on-time, and within specified parameters for completion. This is often done for projects that are essentially one-offs, and the resources that are used to complete such a project consist of both finances and people. How do you define project management & project oversight, and what makes these two important to a business? According to Investopedia, Project Management is when an organization plans and organizes resources towards the completion of an event, a task, or a duty.
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