Project Management Knowledge

Project Management in a Troubled Economy


With the economic changes that have occurred over the past year it’s not surprising that project managers might be asked to tighten their budgets and try to get work done more quickly with fewer resources. It has never been more important in project management to avoid costly delays and cut costs wherever possible.

One thing the project manager will have to decide on is where cuts should be made. Most often these cuts should occur across the board so that no single phase of the project is hit too hard. If everyone shares a little in the burden it’s less likely to have a major impact on operations. Focus on needs and eliminate wants.

It’s also important not to sacrifice quality in the final product for the sake of saving money. Figure out what can be trimmed down without affecting productivity.

The project manager must, during difficult times, run a very tight ship. Deadlines must be met and delays must be avoided. By paying close attention to details, problems can be identified early and dealt with expeditiously thereby avoiding irreparable damage to the project’s bottom line.

Choose projects carefully and only take on what can be handled monetarily. Know when to say no to projects that probably won’t have a good return on investment and focus on projects that have more promise. It might also be a good time to invest in project management training which can help promote better performance when the economy takes a turn for the better.


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