The winning formula for project management

Project management traditionally focuses on the triple constraint - cost, time and quality. Yet projects are frequently late, exceed their budget, or fail to meet requirements. In times of recession, budgets are cut and the pressure to deliver increases but this can exacerbate problems, leading to unnecessary expenditure and reducing the likelihood of projects delivering benefits.

Judicious pruning and tight control are key to managing projects under pressure. By focusing attention on long term goals, projects can unlock hidden potential and exceed expectations. Project managers need to look beyond the end of their project, in much the same way that a karate master concentrates on a point beyond the brick he is trying to break. By moving the focal point of a project beyond ‘the deadline’, barriers to change are more readily identified and creative solutions found.

Here are five steps to success for managing projects in a recession:

1. Get ready for change. Business cannot carry on as usual. Once planned, projects resist change, so you need to look for ways to introduce change right from the start. Surface resistance and address concerns. Find the ‘show-stoppers’ early and deal with them, or stop the project.

2. Aim for success. Be clear about the purpose of the project and ensure objectives serve the overall purpose. Make the links explicit. Do not let existing processes drive the project;challenge convention and tradition where necessary and innovate to meet the demands of the project.

3. Gain commitment. Gain commitment from stakeholders, suppliers, customers and team members from the outset. Understand what’s in it for them and mange relationships individually and in person. Communicate face-to-face whenever possible and supplement with digital communication to share information and increase currency.

4. Energize the team. Your project is a great way to empower individuals to feel they can make a difference. Motivate you team by encouraging them to shout for what they need and provide suitable forums for them to do. so.

5. Review and revise. Frequently assess risks and opportunities. Monitor costs and measure progress towards goals. You can only control what you can measure, so be sure to measure the right things.

Karen Thompson is a lecturer in Project Management in the Business School.