Project Management - Three Tips For Managing Projects in a Recession

We are into our second year of the biggest recession we have seen for over sixty years and there is still no end in sight. We have known for some while that the economic good times had to come to an end. However, there appears to be no end to the downturn in sight.

If you are responsible for a portfolio of projects what does this mean for you? I believe you will face three big challenges in the months to come:

1. You will come under financial pressure as your organisation looks for ways to cut costs.
2. You will come under even more pressure to deliver your projects on time and under budget.
3. You will struggle to keep your best people.

So, what should you do right now to stay in control and maximise the chances of success, even when money is tight and confidence is low? Here are three steps that you can take right now.

Focus on your "must do" projects; cut the rest

Review all of your current projects, both the ones that are currently underway and those that are on the launch pad. Divide them into two groups: (1) projects that you have to complete, and; (2) projects that you can choose not to complete.

You need to look at your "must do" projects to see which may need more money and which can survive with less.

Invest in your key programmes

Your priority must be to focus time, attention and money on your "must-do" programmes. You will have to take some tough decisions, but I believe it is essential that you::

• Stop projects that are floundering;
• Put projects on hold if you can;
• Take the funding that you would have spent on these projects and transfer it to your mandatory projects instead.

Take these actions and you will have a better focus on a smaller number of key projects and the money to fund them from existing budgets.

Put your best people on your key programmes

Do not let your best people leave just because the projects they are working on get cancelled. That is asking for trouble. Instead, move them onto your key projects and programmes.

There is never a good time to move people onto different projects, but this is a great time to do so:

• You will get the right people working on your key projects;
• You will provide certainty to those people who need it;
• You will demonstrate good leadership, and;
• You will raise peoples' confidence about the projects they are working on and about their own career prospects.

Summary

Take these three steps and you will have a better chance of delivering your projects in tough times. Your key programmes should come through this period intact, you will help your organisation manage on less money and, as the recession ends, it will be in a much stronger position to compete in the future.

Bryan Barrow specialises in helping IT Directors who are frustrated because they cannot get their key projects completed on time and on budget. With Bryan's help they are able to get projects delivered faster and at a lower cost, so they go on to profit. Bryan is the author of Managing Project Risks: How You Can Deliver Your Projects On Time and Under Budget... Guaranteed!

For a copy of Bryan's free special report visit http://www.bryanbarrow.com/free-risk-management-report/.

(C) Copyright - Bryan Barrow. All Rights Reserved Worldwide.