Project business is the management and governance of the financial and operational project processes from beginning to end.
Whether delivering projects externally to customers or internally within the organization, if projects are an important component of your business, it’s critical to focus on managing the business of those projects.
Project business management brings together the operational and financial components of running projects into one discipline. In project business, you need to manage the project schedule and resources along with the budget and costs simultaneously.
Companies that operate the majority of their business in projects include architecture, engineering and construction, project-based (ETO) manufacturing, aerospace and defense, professional services, and others.
Other companies including retail, distribution, pharma and manufacturing also need to manage project business. Many of these companies have project-based divisions or significant capital projects that require project business management.