The ongoing economic uncertainty —what its impacts will be in the marketplace and when those effects will be felt—has many companies considering where they may need to cut costs or reallocate their resources. As organizations try to navigate this changing landscape, solid project management expertise will continue to be a vital asset.
When uncertainty permeates the marketplace, fewer organizations are willing to pursue projects that focus on new product innovations or expansions. Instead, companies shift their efforts toward projects that reduce costs and initiatives that are designed to create a leaner, more efficient environment. The financial meltdown several years ago triggered a similar sea change across businesses in almost every sector, and it’s a strategy firms are likely to adopt again.
It’s crucial that organizations are able to execute the money-saving measures necessary to carry them through this changing circumstances. But as companies shift their efforts toward cost-saving projects, they’re often simultaneously looking for ways to implement staff reductions as part of their financial pullback. If personnel cuts impact the project team, the organization is likely to find itself in the midst of a no-win situation. Critical initiatives need to be undertaken, but the firm may no longer have sufficient staff available to execute these projects.
It’s a fine line to walk and most companies encounter serious roadblocks along the way. Without the necessary personnel to oversee projects, activities quickly fall behind. This leads to the need to spend more money to bring things back on track, or—in a worst-case scenario—the project never gets finished. The necessary cost savings are never achieved and the company’s ability to control spending and maintain forward momentum in a difficult environment continues to diminish.
When resources are limited—whether it’s staff, or funding, or both—a sophisticated project management solution becomes even more important because the organization is operating closer to the edge. There is simply no room to fail when it comes to the priority projects that are given approval to move forward. Projects teams must execute every activity right the first time, and in the most efficient and cost-effective way.
The ongoing uncertainty —what its impacts will be in the marketplace and when those effects will be felt—has many companies considering where they may need to cut costs or reallocate their resources. As organizations try to navigate this changing landscape, solid project management expertise will continue to be a vital asset.
MAINTAIN STABILITY AND DRIVE RESULTS WITH SOLID PROJECT MANAGEMENT
A project management methodology that includes a robust control and early warning component is critical in this situation. The proactive notice provided by stringent project controls gives project managers time to resolve potential delays, conflicts between critical-path activities, inefficient task sequencing, budget discrepancies, workforce gaps, and other challenges.
In an uncertain environment, when projects are increasingly aimed at reducing expenditures, a project that runs over budget or past the deadline becomes a dire problem. The right methodology will ensure that projects are executed in line with their target completion date and within their allocated budget. At PMAlliance, our experts can help wary firms devise and execute a project management strategy that leverages resources efficiently and effectively while ensuring that the necessary expertise is available to drive mission-critical projects to a successful