As the project environment grows in complexity, project management will require team, stakeholder and executive collaboration in the future like never before. On-the-job application of training, custom-made project approaches, innovative project tools and smarter resource management will be essential for driving the greatest business impact. Not only project management, but also the definition of «project success» has changed to encompass more than the triple constraint of time, cost and scope.
Programme management will gain momentum, but resources remain in short supply. Increasingly, large initiatives undertaken by corporations and government agencies are being recognised for what they are and aren’t – namely programmes, not projects, which require a highly advanced set of skills supported by appropriate tools and methods to successfully execute. Yet many organisations struggle to find the right people and lack the management practices necessary to ensure success. In the future we will see more investments made in competency models, training, methodology development, tool use, and career paths to ensure that professionals who carry the title «programme manager» are fit for the role.
Smarter project investments will require a stronger marriage between project management and business process management (BPM). In the financial services industry, and specifically in the insurance sector, there will be a continued laser-like focus on performing business processes as efficiently as possible to drive down operating costs. The philosophy of BPM is fast becoming a key factor in project selection.
Good project managers will buck unemployment trends. Even though unemployment is at record levels in many countries, good project managers are hard to find. Recruiting continues even in tough economies and organisations need individuals who can perform the basics flawlessly. The hunger for project management basics, in particular risk management, will continue to surge in the future, especially in such countries as India and China where project manager attrition rates are disturbingly high and continuous training of new staff is critical.