Speaker 1: Welcome back to my YouTube channel. I am Akash Dalvi. Today we have an exciting topic to discuss that is crucial for the success of any construction project that is project management consulting. In this video, we will be diving into the world of project management consulting, exploring how it helps streamline processes and ensure successful project delivery. So let's get started. Before getting into the details, let's have a common understanding of project management consulting. Project management consulting involves providing expert guidance and support to organizations in managing their projects effectively. Consultants possess deep knowledge and experience in project management methodologies and best practices. The role of a project management consultant is much sophisticated. They work closely with organizations to assess their project needs, develop project plans, allocate resources, track progress, mitigate risk and ensure timely project delivery. This was the general understanding on what a project management consultant do. Let's move on to the next section of importance of project management consulting. Why is project management consulting important? You may ask, right? Well, let's explore a few key reasons. The first reason is efficiency and process improvement. Project management consultants bring a fresh perspective to organizations. They analyze existing processes and identify areas for improvement, leading to increased efficiency and productivity. By streamlining workflows, consultants help organizations deliver more projects effectively. Second key reason is risk management. Every project comes with certain risk. Project management consultants specialize in risk assessment and mitigation. They help organizations identify potential risks, develop possible plans and minimize the impact of unforeseen events. Effective risk management significantly improves the chances of project success. Third key reason is resource optimization. Allocating resources effectively is very important to succeed in any project. Project management consultants assist organization in optimizing resource allocation, ensuring that the right people are assigned to the right task at the right time. This also helps in preventing resource shortages and although enhances overall project performance. The fourth key reason is stakeholder engagement. Projects involve multiple stakeholders, each with their own interest and expectations. Project management consultants facilitate effective stakeholder engagement by encouraging clear communication channels and managing stakeholder expectations. Engaged stakeholders always contribute for smoother project execution. Fifth key reason is scalability and adaptability. As organizations grow, their projects become more complex and demanding. Project management consultants help businesses scale their project management practices to accommodate the growth. They come up with certain methods which are scalable and with some adaptable frameworks enabling organization to tackle larger and more challenging projects. Here we understood why project management consulting is so crucial with some key reasons. Now let's explore the whole project management consulting process. Although specific approaches may vary, but the fundamental steps still remain consistent. First phase is project initiation. During the initial phase, the objective and feasibility of the project are determined. This is the very important part of the whole process which can indicate whether your project is a good opportunity or not. If necessary, a feasibility study is conducted and based on its result, a recommended solution or plan is issued. A project initiation document is created which we also call as PID once everything is decided. This document provides the ground work for the construction plan and is one of the most vital artifacts in project management. Second phase is planning phase. The project planning stage is where the team singles out all the work to be done. It's an ongoing activity almost to the end of the project. The main priority during the planning phase is to plan time, cost and resources for the project. Based on those requirements, the team has to develop the strategy that has to be followed. This is also known as scope management. As like PID, another important document that has to be prepared is a work breakdown structure that is also called as WBS. It is a checklist that divides all the necessary work into smaller more functional categories. As soon as the budget, schedule and work have been defined, the project is almost ready to begin. The next step of this really important process is risk management. At this point, the team should examine all the potential threats for the project and come up with solid solutions. Finally, a communication plan is necessary which establishes an efficient information flow between project stakeholders. Third phase is the execution phase. In the execution phase, the construction project management plan is put to work. As a rule, this phase is divided into two main processes, the executing and monitoring and controlling. The project team makes sure that required tasks are performed. At the same time, progress is monitored and changes are being made accordingly. The fourth phase is the closing phase. The final stage of the project represents its official completion. The project manager at this stage will be evaluating what went well and refers to any potential failures. In the end, the team conducts a project report, calculates the final budget and offers information about any of the tasks that is still pending. This was the whole process of project management consulting where we went through different phases and processes. Hit the like button if you learned something till now. Let's now discuss the benefits organizations can expect from engaging project management consultants. First one is enhanced project success rate. By leveraging the expertise of project management consultants, organizations significantly increase their chances of project success. Consultants bring knowledge, experience and best practices on the table, ensuring that projects are delivered on time within budget and up to the desired quality standards. Second one is the cost savings part. Effective project management consulting also helps the organization to optimize resource allocation, reduce waste and avoid costly delays. The streamlined processes and efficient workflows result in significant cost savings over time. Third one is the improved decision making. Project management consultants provide organizations with data driven insights and expert advice. This empowers decision makers to make informed choices, mitigate risk and seize opportunities leading to better project outcomes. And there you have it, a comprehensive overview of project management consulting. We explored its importance, the consulting process and the benefits it brings to organizations. As a project management consultant, I share valuable insights, strategies and tips to help you navigate the complexities of managing projects effectively. So hit the bell icon if you really found this video helpful and wish to receive more such exciting content and do subscribe to my channel too. Looking forward to see you in the next video and thank you for watching.