WHY YOU NEED PROJECT MANAGEMENT Let me come out straight. The world has problems and i hope you identify it with me. I must be quick to say that how projects are managed now in the world is a critical survival factor to the global and trending threats faced by corporations and organizations. In order to understand what differentiates highly successful project management from less successful project management, it is best to step back and look at the big picture: the environment in which projects are operating today. We note three inter-related drivers that are impacting many organizations today: slow economic growth, shifting global market priorities and a push for innovation—not just in product design, but in strategy and execution as well. In late 2011, the Economist Intelligence Unit lowered their forecast for global growth for 2012, stating that “Global economic conditions have deteriorated… (we have) accordingly lowered forecasts for both the euro zone and the United States. We now think that the euro zone will suffer an outright contraction in GDP in 2012, and that U.S. growth will fall below 1.5%.” Trust me, this is not pessimism; its a global reality and organizations realize this and needed to respond adequately. Global GDP growth was projected to fall from the 5% achieved in the pre-recession year of 2007 and the stimulus-laden year of 2010 to a projected 3% in 2012. There is simply less growth to go around today. That means organizations have to be better than ever just to be as successful as they once were. Even the Project Management Institute recognizes some evidence of how this is impacting projects from their own Economic Pulse Survey. Results from the most recent survey show that both the percent of project cancellations as well as the percent of professional development cancellations held at relatively high levels throughout 2011. About 40% reported that their company had cancelled or delayed projects and professional development training due to economic conditions. Organizations need to adopt best standards of achieving business objective without failing. With these demands on global market, failure is not a story. We must reduce the rate of failing on projects and increase business competences on project management which inturn enhances our ability to drive projects successfully. The key to this challenge is project management. The field of Project Management is a global investment for the salvation of change, business dynamics and institutional reformations. I am Eyitayo Ogunmola PM Hub Project Management Hub, Nigeria
Posted on: Thu, 25 Sep 2014 19:21:26 +0000
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