In an economic environment characterized by near unprecedented losses in business profitability, jobs and personal wealth, the average business manager or owner is focused on keeping the lights on. Faced with the operational imperative of maintaining an acceptable level of business with fewer and fewer resources, who can afford the “luxury” of a Project Manager – much less an entire Project Management Office (PMO)? Let’s face it…project management is a skill that is “nice to have”…it’s not critical to the operation and survival of the business…right? Well, not so fast! Perhaps it’s time to rethink that position because of two – and ultimately three – good reasons: The Recession, the Stimulus and the inevitable Recovery.
Counter-intuitive though it may seem, the tighter the economy the greater the need for the project management discipline and controls enabled by professional project management. During these difficult times, most businesses find themselves with very limited resources. Budgets have become constrained and fiscal accountability is more important than ever. Only the most critical, strategic projects should be selected for execution and these must be delivered on time, within budget and at acceptable levels of quality. Reworks and delays are cash-draining propositions that few businesses can currently afford. Now, more than ever, projects must be executed with all the discipline and efficiency that a skilled Project Manager brings to the table. In so doing, fewer resources will be spent to realize the project’s value. While the statistics may vary, it is generally accepted that unskilled project management is one contributing cause of project failure. If that is true, then to not apply proven best practices, principles and techniques is to risk paying more for the capability the project will deliver.
But, enough of the recession! Perhaps your business is one that will benefit from the availability of Stimulus funds. If so, your need for skillfully managed projects will increase if your business is to wisely and efficiently deliver as expected. No business wants to leave money on the table – and opting for the benefits provided by professional project managers is one way to minimize potential risks and avoid potential losses. And it hardly matters what type of project is being undertaken. From construction to Information Technology and everything in between – the same principles apply and the same benefits are there for the taking. With the distribution of Stimulus funds comes an increased level of public and private interest in ensuring that these funds are wisely spent on projects that deliver value. Good project management practices will increase the likelihood that the desired results are achieved. And a well functioning PMO can provide the needed oversight. This is more than just good policy…its good business.
Now what of the future? Eventually this 21st century economy will be in recovery and businesses will refocus on gaining a competitive edge. When that happens, companies that adopted disciplined project planning and management techniques will be well positioned to swiftly respond to pent-up marketplace demands. Having already invested in project lifecycle best practice, these companies will be able to leverage that investment to deliver for their customers. It’s a win-win-win scenario in the immediate, short and long term. So whether you invest in a single Project Manager or build an entire PMO, the value brought by project management practices may indeed be critical to your operation during times of economic challenge and prosperity – now and in the future.
