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Are Project Managers really worth the business expense?
As most Companies struggle in the U.S. Economy, we often wonder where it is best to cut costs and avoid layoffs. Do Project Managers really add value to your business in hard economic times? Well, that's a question that most CEO's would like to understand from any business perspective. There is no doubt that project Managers contribute to the bottom line in any business. But can you really afford to keep project managers or should you groom employees to be working managers?
Its never a bad idea to start grooming young employees to take on additional management activities. Its good for employee development and it also helps contribute to the bottom line. But how far should you go before employees start reaching a level of burn out? If you want to maintain employee satisfaction and keep your employees, then its wise that you plan for some disgruntled employees as well. Never overwork your employees to the point at which they are dissatisfied coming into work. Don't forget what they have done the last 10 years in contributing to the success of the business when the economy was flourishing.
Project Cost Management
Do you need to cut costs now? If so, then its probably time to start looking at Overhead. That doesn't necessarily mean laying off employees. Its just means, reducing cost of goods and planning projects to reduce cost in your facilities. How can this be done? You can do this by having your Project Managers prove there worth to the Company. So what better way of getting a Project Manager to prove there worth? Have them lead up cost reduction activities that can significantly help with the Companies bottom line. Remember, your in survival mode and its important to put your resources where you need them. The key to a successful business, is to keep growth at a medium rate and maintain all of your employees. You can recover from hard economic times if you work your business successfully within.
Importance of Project Management
Project management is vital to a Companies long term success. It is most important that all tasks and schedules are completed on time to ensure profitability success and payback of project overhead. Hitting business schedules are important when lenders or investors are looking to see a successful launch of a product that is profitable. Setting Project Management deadlines for your business is critical to all aspects of the business. Typically the Operations teams are the ones who will successfully pull a project in ahead of schedule. It takes a lot of hard work to launch a New Product and meet schedule especially when roadblocks or significant obstacles run course causing schedule slips.
Most often Project Managers are looking for tools to be able to manage an effective long term schedule for implementing milestone goals and achievements. It is important that Project Managers continue to monitor the success of each Milestone set fourth by the business teams and goals. This assessment of achievement can ultimately help a Project Manager bring in a product ahead of schedule. The best tools used for Project Management are:
- Business Plan
- Milestone Checklists
- Microsoft Project
- Business Case Justification
- Project Charter
- Risk Assessment
- Score Cards and team Building
At the end of each business day, the Project Manager has contributed a lot towards success. Any Project Manager can lead a team effectively by continuing to monitor milestones, contribute to employee satisfaction and team building and awarding people for accomplishing significant milestones.