Here are your ten reasons for a company to execute a project:
- Response to competition: The competition is undertaking a similar project and the company does not want to be an outcast or fall behind its competition.
- Expansion: The company wishes to expand into new markets. New markets might mean new countries or new consumer sectors or new services.
- Accommodating the client's request: One of the clients is asking the company to develop a product/service for him.
- Nature of the business: There are companies where the main business is to execute projects, such as contracting companies in construction.
- Research and Development: Sometimes R&D is a the goal in and for itself. So companies, to stay ahead of the market, work on challenging projects to advance their technology.
- Upgrade of an old system: For example, the company wishes to upgrade its old network infrastructure.
- Response to change: Change is all around us, and companies need to adapt to both internal and external changes, and sometimes the only way to adapt to change is through projects.
- Fix defects: In some cases, a whole new project is planned and executed just to fix defects in a previous product.
- Create a new version of a product: It is very important for companies to keep their products up to date, so they initiate projects to update their products.
- Enhance a service: Let's say that the company runs a mobile network, and in some areas the reception is poor. The company will then initiate a project to enhance the reception in that area.
And, the eleventh reason and the most important reasons for companies to undertake projects is to make more money to satisfy the shareholders and the stakeholders.