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Future of Project Management

Future of Project Management

In today’s world, project management has become universal as its methodologies are being used in virtually every industry. It is both an art and science, and businesses can reach to organizations that provide a training program for project management. In the 20th century, project management has been a prudent attempt that focuses on the technical tools related to business work schedules, time management, and program management.

 

The challenges that are approaching in the 21st century change the way the businesses manage any change in their projects. But now as the jobs are evolving, mainly the traditional jobs, project managers are looking more creative ways to manage stuff like budget, scope and project ROI.

 

The 21st century challenges us to change the way we initiate and manage change in our organizations. Traditional jobs are changing. PMs are partnering with business analysts to drive value through projects. BAs are focusing on strategy, innovation, value vs. requirements management. Project managers are focusing on creativity, complexity management, continuous delivery, project ROI vs. project schedule, budget, scope.

Organizations cannot find the talent they need to negotiate the constant change and unrelenting complexities of the 21st century. They need critical thinkers with the ability to adapt, invent, and reinvent. Collaborate, create, and innovate. Understand and leverage the complexities to harness creativity.

 

To remain competitive in these challenging times, on a broad scale one needs to master these skills.

1. Adaptability
The speed of work is only getting faster and faster. That means new project management methodologies, new tools, new organizational demands, new employee demands and new market dynamics will all require project managers to be even more adaptable than they are now.

2. Strategy
As more and more administrative tasks become automated, it’ll be incumbent on project managers to take on a more strategic role, Biafore said. That manifests itself in a few different ways.

Project managers are increasingly going to need to know what’s most important to stakeholders and deliver that, even if it means changing the scope of the project. When managing others, they need to keep them focused on those results, as opposed to being bound to process.

And, increasingly, project managers should push back – or, potentially cancel projects all-together – that they believe won’t accomplish an organization’s priorities.

“Project managers can increase their value to their organization by expanding beyond project management,” Biafore said. “Large projects involve a great deal of business analysis and change management, in addition to project management. Project managers who understand how these three knowledge areas interact are able to increase the probability of project success.”

In other words, no longer is a project manager just an executor. Moving forward, it’s more important they act as a partner to business leaders, with a clear focus on what’s important.

3. Empowering employees
By empowering employees, they serve as more than just task-doers. They serve as strategic partners who can help you solve complicated problems and provide critical real-time feedback. By leading this way, not only will the people you manage be happier – you’ll also produce better results.

 

THE RISE OF THE 21ST CENTURY PM AND BA PRACTICES – IT’S ALL ABOUT VALUE

Project management and business analysis are transforming themselves before our very eyes to create better business outcomes. Some refer to it as ‘Breakthrough Project Management.’ The idea of the enterprise business analyst (EBA) and enterprise project manager (EPM) partnership is coming into its own. The focus is clear: it’s all about value.

While traditional approaches to PM and BA are still effective for low to moderately complex projects, they will often be used in very different ways. Project requirements and plans will be leaner, more visual, and updated iteratively as more is learned. Teams will welcome change that adds value. Projects will be simpler, smaller, and more manageable, with fewer features. Project success will be measured in terms of value to the customer and wealth to the bottom line.

EXPLOITING THE POWER OF SHARED LEADERSHIP WILL BE THE KEY

The PM and BA will not be alone in their leadership roles. Key project leaders in multiple areas will share the leadership of the project and will be fully accountable for project performance.

March 19, 2018

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