Ins and Outs of Project Management, References
How do the PMBOK…
An example of not accurately planning your schedule could be detrimental to an organization. If you tell your shareholders that the project will be completed by next year, but it ends up taking 3 years to complete, they will not be happy. It is likely they will cut ties with you, which means the majority of your budgeting will be gone as well. This is another reason why it is vital for PMs to give achievable goals/deadlines.
Team reports allow PMs to stay up to date with their team members throughout the project. At Dairy Farmers of America, the risk management team conducts daily check calls to made sure everyone is on the same page. This also allows for team members to learn form one another throughout the project, which benefits the whole team. Strong communication can be the difference between a good organization and a great one.