Is Project Management Applicable in Down Economies?
Are you living in a down economy? Do you own a business? Are you interested in hiring project managers for your business projects? If yes then what are you waiting for? It is a general concept and most of the people strongly believe it that project management is not applicable in down economies. Previously, I was also thinking the same but I have read various books, journals and other related stuff in order to know what project scholars and experienced project managers say about it. Finally I have got the answers of questions like, is project management applicable in down economies and if yes then how.
We all know that project management requires some cost that is why it is generally perceived that business owners surviving in a down economy cannot afford to bear any extra cost but my research says that you can definitely apply project management in down economies. According to some of the project managers, you can apply it even in the worst economies. Aren’t you amazed on this? I was also amazed after knowing this and this amazement converted in to curiosity that how can a poor economy bear the extra burden of project management?
Its answer is really simple. Almost every single expert who says that project management is applicable in down economies also adds some other things. They say that although, you can initiate project management but you have to be extra careful for getting success as project management is much more difficult in down economies as compared to in good economies. You have to work within limited budgets as no one has enough money to provide you efficient resources.
Most of the projects failed in down economies due to the fact that project managers do not know the art of working in tight budgets. They overuse or misuse the resources as a result of which they face the resource shortage at the ending phase of project. As the companies are not ready to give any extra amount for project so the projects wound up without completion but this does not mean that all the projects fail in down economies. If you know how to manage the resources well then you can also complete projects within minimum budget.
In fact, I have read the examples of various projects in which the project managers were so professional and skilled that they not only achieved their project targets or goals successfully but also generated extra revenues from the project. As a result, the cost of project was covered in it and the end result was gross profit so it means it all depends on the project managers and project team. If you have a good project team then you can survive in every situation.