Did you know that every year the U.S. economy bears $50 to$150 billion loss due to failed IT projects (source-Gallup Business Review)? Over the time, IT project management has become a complex job that demands plenty of time, skills, and resources. However, the methodology used for project management can make a lot of difference in the overall outcome. According to a stat, agile firms nurture profits 37% faster and enjoy 30% higher profits than others.
Agile is a highly disciplined approach that is quickly becoming the most preferred way of project management. It is the perfect choice for projects management, as it allows managers to deliver a prototype and then enhance it gradually.
To understand why agile project management is the way to go, go through some of its main advantages-
Complete Transparency- Agile methodology provides complete transparency, as everyone involved in the project knows about the progress and changes that has been taking place. It also encourages close coordination and builds trust among the team members.
Reduced Defect Density- Since agile methodology includes regular testing which starts in the early stages of the project, most bugs are identified quickly. Therefore, agile approach plays a key role in delivering bug free project.
Lower Risk- When it comes to risk mitigation scale, agile is considered to be extremely reliable. It lowers the risk of a project failure with factors such as time enhancements, flexibility, early cancellations, etc. It also gives early opportunities to change the entire projects with high risk of failure.
Quality Result- When you decide to adopt agile methodology, you can expect quality results, as it is a tried and tested method that works when implemented correctly. On the other hand, it also means that you will get improved return on investment.