The Project Economy – can it turn your ideas into reality?
Updated: Dec 12, 2020
The Project Management Institute defines the Project Economy as ‘one in which people have the skills and capabilities they need to turn ideas into reality’.
These ideas deliver change. Research cites that executives’ time is split between 'running the business’ to ‘changing the business’ used in a 90:10 ratio. It’s estimated this now reversed to 30:70 with the majority of time spent on changing.
Problems organisations face today no longer fit in neat categories such as operations, finance or technology. With global forecast of project values totalling $20.2trn by 2027 - reducing the current levels of projects completely failing must be a priority. Project professionals will need to adapt from the three cornerstones of scope, time and budget to be successful.
Christopher Ellehuus suggests a better approach means stopping thinking about the challenges faced in terms of ‘project management’. Instead, reframing the question to how to get work done and solve problems most effectively. He adds -‘Stopping thinking about project management as a technical discipline, and recognizing it instead as being a combination of skills and disciplines that are needed to get work done today.’
We agree completely with this. A move away from project management focused on rigid processes, opaque reporting and complicated terminology is needed. Our preference is to focus is on getting work done and ensuring work is aligned to a business strategy – allowing those ideas to become reality.