Jeffrey D.R.

Llano

BSIT 4-1 Issue: Economic Changes That Affects Project Management

Introduction

All over the world, economies are undergoing an economic adjustment process. This process is described by many different names like structural adjustment, globalization, export oriented industrialization, and sometimes simply economic development. If economic change is not in favor for project managers, resources for projects are expected to do more with less, so the project manager is expected to better manage those resources to achieve success. In such tight environments, the project managers skills in leadership are more important than ever and the methodology chosen has a major impact on how resources are managed. It is probably true that today, more contract and temporary positions in project management exist in proportion to full-time positions. Professionals that once had traditional, full-time, stable roles may be forced into contracting, which can be less secure. However, this can also provide many people the opportunity to broaden their experience and build a stronger resume, as well as gain more autonomy in their work-life balance. A related effect is a greater emphasis on portfolio planning of projects (for whatever industry the organization is in: construction, oil and gas, pharmaceutical, NGO, IT, etc.). This has created a positive opportunity for those professionals skilled in portfolio management practices.

But there are economic changes that has an advantage for project managers or what they call economic improvement/development but requires more experience. There will be an increased interest in credentials and certifications to complement experience. Competition for jobs is fierce, and experience remains as vital as ever. Many professionals are adding credentials and/or certifications to their resume to make themselves more appealing in a tight job market, and in response to more and more job advertisements asking for a minimum of credentials from interested applicants. This change is having several effects on the profession. As more professionals seek credentials and certifications, project management has become a career option open to more people. The ripple effect is providing a positive impact on the wider economy, with the economic multiplier effect of more employment in training, preparation and exam administration to support this up-skilling need. Several government and not-for-profit organizations offer financial assistance for job training, which provides

underemployed/unemployed with educational opportunities, while further extending the benefits to the training providers. Some changes to the Methodology of project management. Thresholds for change controls and performance metrics are tighter. Competent project professionals are striving; those at the lower end of the talent pool will find it a challenging environment in which to operate.