Ask yourself: What is it going to cost me this year for a failed or poorly managed project?

The answer is simple. A LOT!!

2008 was tough, but 2009 was brutal.

The credit crunch pretty much stopped businesses from investing, which meant that many projects and organizational initiatives were put on hold. As companies worked to come up with new business strategies, solve internal problems with fewer resources, and survive, as many of their competitors fell out of the race, projects were shelved.

Well now we’re in 2010! And the name of the game appears to be growth. And growth means projects. Projects, in my opinion, are the growth vehicles for organizations. Projects are the change drivers. Projects are the opportunity grabbers. An organization’s growth and success depend a great deal on new projects, as opposed to a disproportionate focus of time and effort on “ongoing operations” or “business as usual” tasks.

How projects are planned, organized, coordinated, monitored, controlled, and executed, in other words, how projects are managed, is critical to an organization’s success.

Companies are operating leaner than lean, nowadays. They are up to their eyeballs in doing more with less. That means they have to do a whole lot more with a whole lot less. There is no wiggle room for bloat. There is no margin for error. People need to be on their game, at the top of their game, despite the fact that their workload has doubled…, no tripled… Oh! I mean quadrupled. Whew!

In today’s world, project failure could quite possible equate to C.E.M. (short for Career Ending Move. I once had a PM tell me he always keeps a copy of his resume in bag.)

2010 is really the year of When Failure to Execute is Not an Option. Businesses can’t afford to make mistakes when it comes to executing their projects. Today, they have to get it right the first time. This means that with the high cost of project failure, it’s not smart business to let individuals and teams “figure it out” or “make it up” as they go, with the hope that it will all work out in the end.

No. Today, businesses need relevant skills and capabilities when it comes to managing projects. Project management competencies are essential. Real world hands on experience for managing projects is critical. Not a business analyst who hasn’t led a team through the tough waters of unexpected risks; not a programmer who has the technical skills, but lacks the interpersonal and people management competencies to build a high performing team.

Nope. This new project frontier requires the right head, the right hands and the right heart. Not the “maybe, sort of, kind of, I’ll give it my best shot, high risk, low return” variety.

Businesses are sinking or swimming in a sea of change right now, and project management is the art and science of making change work and making change happen. Ultimately, change is about:

• Leading people
• Managing processes
• Controlling projects
• Measuring performance

Translation, project management. It is the power tool that leads to improved customer satisfaction, better organizational effectiveness and greater operational efficiencies.

Over the next few months, I will be writing about genuine project management. The power tool that delivers excellence when it is properly used. The power tool that transforms cultures and organizations when it is applied with rigor and intensity. Project management is a great tool, but watch out, any tool in the hands of a fool quickly spells…

D-I-S-A-S-T-E-R!

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