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Managing Projects in Difficult Economic Times
Given the current economic climate, management increasingly finds itself under severe pressure to prioritize investments, cut costs, and ensure that projects are delivered on time, within budget, and meet stakeholder expectations. This financial crisis affects businesses of all sizes and function. Not since the Great Depression has there been so little capital available to fund ongoing operations, let alone new projects. The challenge then becomes one of deciding whether to undertake any new initiative and what benefits we can expect before having a clear and full understanding of what the new initiative will look like. In other words, executives are now more concerned with making sure that the project initiation phase undergoes sufficient scrutiny to determine whether the expected benefits are real and the project is absolutely essential to meet strategic goals and objectives. A business case must be presented and the approval must be based on the objective value rather than on the whim of an executive.
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