This pandemic has upended a lot of businesses. Some have pivoted while others have gone out of business. Project management provides firms with systems to better manage this current situation. Here are 5 reasons to use it during a pandemic.
Time is the one commodity that once spent you cannot go back. Project management provides you with a system (be it predictive, agile, iterative, incremental or hybrid) to save time. That is essentially important during a pandemic when your firm and your employees must be flexible and pivot on a moment’s notice.
Project management helps you track your costs. Whether you call it contingency, disaster recovery or business continuity plans, these plans bear an additional cost beyond your regular operations. Therefore, it is important to track them and ensure that the money is being spent correctly.
The definition of scope is what’s included and what’s excluded in your project. What would you mention what’s excluded? Because saying what’s excluded prevents a stakeholder from returning and adding this to your project. We call these unnecessary additions scope creep. Scope creep can kill your project and budget. Your project starts out one way and ends up another way all because of scope creep. And you can ill afford scope creep in the middle of this pandemic.
Quality is a standard. As a project manager, it is something that you don’t compromise. I will give you an example: even though restaurants were closed during the quarantine, the quality of food shall remain the same regardless of whether you are dining in or carryout.
This pandemic has brought about a unique set of risks. In project management, we have two reserves: the contingency reserve and the management reserve. The contingency reserve is for known risks. The project manager oversees this reserve so it is in the schedule baseline and cost baseline.
The management reserve is for unknown risks. This reserve is controlled by management. As you can see, project risk management helps keep companies afloat during this difficult time.
Here are 5 reasons to use project management during this pandemic. May these reasons help you stay afloat and profitable for 2020 and beyond.