From Financially Focused Project Management
Introduction
One of the biggest challenges project managers face is balancing, organizing, winning, overcoming, placating, supporting, guiding, leading, and as appropriate, modifying the human aspects involved with the project. The key areas to be addressed include:
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Project sponsorship and leadership
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The organization structure and culture
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The project team
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Communication
The Network of Relationships
Figure 3.1 presents the hierarchy needed for smooth operations and to enhance the opportunity for profitability.
Figure 3.1: The Network of Relationships.
Top Management/Stockholders/Stakeholders
Generally speaking, those at the top level of management in a company have a high level of intelligence, education, experience, and interpersonal ability that qualifies them for their positions. They are usually proven leaders and command the respect of their subordinates. And thank goodness that respect exists, because the loyalty of a company's workers is an integral trait of successful projects.
Senior corporate officials must thoroughly support the project before it gets off the ground. Often, before significant funds are allocated to initiate a new undertaking, a detailed presentation must be made to and a formal approval received from the company's board of directors, who are elected by the shareholders. Top management with the support of stockholders/stakeholders needs to continue in the oversight capacity, holding the project manager accountable to schedule and cost requirements. Periodic status meetings are held, where the project manager presents details regarding progress. At these meetings, and also on an occasional informal basis, executives interrogate the project manager to ensure the full story is being presented and there are...
Products & Services
Topics of Interest
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