Why Smart Companies are investing in Project Management Now

Many organizations are investing heavily in Project management training and coaching right now despite a global economic slowdown. Why? Because the Project Management toolbox consists of powerful tools and techniques that can positively impact your bottom line and help your organization preserve its output even with staff cuts.

With economic pressures looming over the world, most executives are probably seriously pondering how to manage the impact of outside forces on their business results. Just as with individual consumers, who are “tightening their belts” right now, it isn’t surprising that many organizations, even those that may be economically healthy, are seriously considering whether or not to cut fixed spending with layoffs.

While the dictate from the top may be to reduce the workforce numbers, once the shake-out occurs, organizations will be facing a tough challenge to preserve output, deliver their strategic and operational plans and stay poised to meet increasing consumer demand once the economy turns up. That is why many of our clients are counting on Project Management to get them through this period of uncertainty and making an extra effort to invest in Project Management coaching, training and project auditing to prepare for the future.

Here are some of the benefits of professional project management that they see for senior managers, functional managers, stakeholders and teams:

Senior Managers can benefit from better use of company resources, more attention to risk management, better project cost and schedule estimating and better project monitoring and control. Conducting Project Audits and Health Checks help senior manager’s pin-point the core reasons for lack of project success, enabling them to immediately put in place actions which will improve project performance.

Functional Managers can benefit from the improvements in processes realized through project management and better allocation of resources-both people and monetary-as well as expansion of the organizational retained best practices. Better utilization of resources and improved systems of tracking the allocation of their resources across a number of projects helps improve staff efficiency and effectiveness.

Stakeholders receive earlier notice to “red flags” or project problems that may be indicators of more trouble to come as well as better quality planning, quality assurance processes and quality acceptance steps, which are critical in today’s competitive and transparent vigilante consumer environment. Additionally stakeholders are able to better contain costs, scheduling and budgeting with professional project management. Risk assessments on projects helps to identify the early warning signs of potential problems which might affect stakeholders, ensuring they put in place contingencies to better manage these risks, reducing any negative impact on their key customers.

Project Managers and Team members experience much improved productivity of work by applying sound project planning processes. This is a result of clearer understanding of their roles and responsibilities, better definition of their work requirements and less rework. Team work also provides each individual the freedom to focus on the activities most aligned with their talents and passion. They’ll experience a reduction in stress and increase in a sense of control over what has to be done, why it has to be done and by when.

The project management toolbox consists of powerful and effective tools and techniques that significantly improve productivity when applied properly. Perhaps it’s time that you considered adding it to your strategy for survival and growth?

Michael Stanleigh

Michael Stanleigh, CMC, CSP, CSM is the CEO of Business Improvement Architects. He works with leaders and their teams around the world to improve organizational performance by helping them to define their strategic direction, increase leadership performance, create cultures that drive innovation and improve project and quality management. Michael’s experience spans public and private sector organizations in over 20 different countries. He also delivers presentations to businesses and conferences throughout the world. In addition to his consulting practice and global speaking he has been featured and published in over 500 different magazines and industry publications.

For more information about this article you may contact Michael Stanleigh at mstanleigh@bia.ca