PMcrunch

There is always something going on that we can “take advantage of”. When we are in school, we can take advantage of the opportunity to learn new things in a free thinking environment. When we are on vacation, we can take advantage of the opportunity to sit back, relax and have a good time. When the weekend comes, we can take advantage of the opportunity to get some extra things done around the house, or to see to some friends. Now, we find ourselves in a recession. So, the natural question is, “What can we do to take advantage of the recession?”

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I am struck by one common thing called Integration Across Disciplines. I think this is one of the most important concepts in project management, and even more so in program management.

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In these tough times, many people are losing their jobs and the same is true within the project management ranks as projects and programs are canceled. The question of how we can cope with the potential job loss is well documented and it is important that we develop the self-honesty and fortitude to deal with this possibility.

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In these tough economic times, it will be quite a challenge for so many of us to make it through the year with a strong financial performance. I have been thinking about what some of the keys are to ensuring that 2009 is a solid year. The best conclusion I have is that the customer is king. Here are my thoughts.

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In any organization of any size and in any industry, politics is a reality. The word politics is, I would say, very definitely perceived differently by different people. Some perceive it positively, and perhaps as a game; others perceive it negatively as something to be avoided. Let’s take a closer look at the reality of politics.

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Two methods of capital budgeting often used on project and in project portfolio management are internal rate of return(IRR) and net present value(NPV). They are close cousins but take a little bit of a different look at the value of a project. They are both time based and bothrelayed to cash flows over time on a project.

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Sunk costs are exactly as the name implies: they are costs that are “sunk”. The money spent is irretrievable. It is gone, history, sunk. However, often there is either a misunderstanding or an emotional attachment to money that was spent. This is a difficulty that we, as forward looking project managers, need to remember.

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In managing a project or program, we start with an objective, work in the details, get buying, put together a schedule, and implement. Of course, that is a very simplified version of what happens in project and program management but…

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Projects, like anything else, are subject to change. One of these changes is changes in stakeholders. Many times a project will be very viable for a particular stakeholder, but priorities might change with a new stakeholder. This is also especially serious when the stakeholder is actually the sponsor of the project, the number one stakeholder. Let’s look at some key aspects of maintaining project control during these types of changes.

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With the election of Barack Obama as president of the United States and his coming inauguration in January, we are beginning to see what his priorities would be; this is an opportunity to think through what some of the impacts will be in the project management world.

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