Ninety-nine million U.S. dollars.
That is the amount of money wasted for every $1 billion invested in a project, or 9.9 percent loss for every dollar because of poor project performance, according to a PMI survey, Pulse of the Profession.
Are you willing to lose this much?
1 : Change is constant
It is a cliché but true: Change is continuous and the world goes through this in every second of every day.
In the project management landscape, the evolution of multi-faceted areas is also constant. Fluctuations and deviations disrupt the norm. New technologies, novel ideas and fresh faces in the realm of project management constantly alter the state of things.
To avoid wasting time and resources on projects, you need to be informed about the latest project management trends so you can also tailor your management strategies accordingly.
If you are a project manager in this century, then you have to have that adaptability and open-mindedness to roll with the times. You cannot stubbornly cling to age-old theories when new-fanged concepts have presented more tangible and successful proof. Continuous learning, such as investing in project management professional courses, is now a must, not a nice-to-have.
As the years go by, you will need to equip yourself with the right mindset and tools to be able to cope with a changeable future. Here are some of the trends and techniques that you would do well to follow:
2 : Build an innovative culture
As a project manager, you and your team members are faced with the usual triad of constraints: scope, time, and cost. This is usually part of a very structured way of executing project management tasks. How, then, can you lead your team to innovation when you seem to be boxed in with these parameters?
After discussion among-st managers and customers, it seems that the root of the problem is the perception of failure. When people fear failure from the outset, there is a certain paralysis that will keep managers from being inventive and original in their approach to create new products and services.
Ultimately, when you get rid of your anxieties that your project might fail, then nothing will hamper you from exploring the innovative possibilities that can bring success instead.
3 : Cultivate creativity in your team
Albert Einstein said, “Imagination is more important than knowledge.”
In project management, creativity is the seed that grows into fruits. That seed is the idea that you and your team come up with. When you nurture this idea with knowledge gained from training and experience, then it will thrive and grow. Combined with innovation – what you do to bring the project to life – your project will certainly bear the sweet fruits of success.
These ideas will come from you and your team members who are unique individuals with different strengths and capabilities. There are usually four personality types: The Curious, The Engineer, The Networker, and The Observer.
Every project needs a good mix of these personalities to co-exist productively. The tight collaboration of personality types will result in a project that is both strategically managed yet still creatively out-of-the-box.
4 : Invest in business mobility
You can also be ready for the future by supporting technology as part of the change. Successful projects backed by an agile business mobility solution can make your work more efficient.
More and more, agile enterprise resource planning (ERP) and enterprise asset management (EAM) software have introduced new ways of dealing with project management concerns.
Specifically,agile ERP systems give you a secure mobile enterprise environment where you can manage your project through a mobile device while on-the-go. You can also safely store and control business transactions in the cloud and access it whenever or wherever you are.
This leads to better efficiency and productivity, cutting down on administrative backlogs, and providing better customer service by providing fast and accurate information and results.
5 : Managing the Future
Traditional ways of managing a project are no longer enough to deal with the changes that happen every day. You will be inundated with various issues that stem from this generation’s obsession with innovation — and most clients want projects delivered with a “here and now” mentality.
The fast and furious pace of this century will leave you behind if you don’t shake a leg and equip yourself with the necessary tools. You need to be more than just the usual project manager who deals with numbers and deadlines all lines up neatly.
During these times, you also have to be a project superhero that is quick-witted, surefooted, and has the power tools that will enable you to juggle the million and one things that will ensure project success.
With creativity, innovation, and a mobile business suite, you can turn the 99 million mistakes to a 100% success rate.
AUTHOR : Jerrin Samuel is the Executive Director at Regional Educational Institute (REI) in Abu Dhabi. Since 1995, REI has been at the forefront of education by delivering quality corporate training courses in the UAE, helping many businesses and organizations achieve greater productivity and higher customer satisfaction levels.