Hello, this module focuses on how to manage projects in a complicated world. The world is changing rapidly and in unpredictable ways. Just consider the changes caused by new technology, worldwide trade and competition, social and political disturbances, and the environmental emergency.
You might think that project management has little to do with these major global matters. However, all kinds of organizations, whether large or small, are impacted by the world they operate in. How a company understands and responds to this complexity influences the projects it chooses to undertake and how it handles them.
This week, we begin by examining frameworks that help us grasp this intricate world. These frameworks guide our actions, responses, and decision-making in the face of complexity.
Next, we delve deeply into various methods and practices for managing projects when faced with uncertainty, instability, and change. These methods include linear approaches and life cycles, often known as the waterfall method, as well as iterative or agile approaches. You will explore the pros and cons of these methods, as well as the ongoing debates about them.
By the end, you’ll grasp how to use and blend these methods effectively to achieve successful project outcomes.
To start off this week, we’re interested in hearing about your experiences. Considering those major global issues like technology, competition, social and political changes, and environmental problems, think about how they impact your organization and the projects you’re involved in.
Feel free to share your experiences with fellow learners in the discussion.
As a PM Solving of problems has become less difficult because of the advancement in technology and knowing that you have competitors and those ahead of you in an organization or a niche keeps one in check to know how to think outside the box to do things in a different and unique way.
The impact of technology, competition, social and political changes, and the environmental crisis on organizations and their projects is profound.
In my experience, technology has been a double-edged sword – providing new opportunities but raising all concerns about data security/usage. Competition will always drive us to innovation, and it can also create pressure to cut costs. social and political shifts often leads to regulatory changes that affect project timelines and budgets.
The environmental crisis is pushing organizations to adopt sustainability initiatives, which can impact project scopes.
i am eager to learn more as we proceed in further discussions/classes.
In the Nigerian banking industry, As a banker, I have seen firsthand, how global issues have a profound impact on banks and their projects.
Technology: Technological advancements like mobile banking and digital payment systems are reshaping customer expectations. Nigerian banks need to adapt by investing in digital infrastructure and innovative services. For instance, the adoption of mobile banking apps by banks like GTBank and Zenith Bank is a response to changing customer preferences.
Competition: With an influx of both traditional banks and fintech startups, competition is fierce. This requires Nigerian banks to enhance customer experience and develop competitive pricing models. An example is the competition between Access Bank and First Bank, both striving to offer attractive financial services to gain a competitive edge.
Social and Political Change: Nigerian banks are affected by changes in government policies and socioeconomic shifts. The recent cashless policy initiative by the Central Bank of Nigeria has led banks to adjust their strategies and invest in infrastructure to support electronic transactions.
Environmental Crisis: Climate change and environmental sustainability are emerging concerns. Nigerian banks like Stanbic IBTC are increasingly considering environmental responsibility in their projects, such as funding sustainable initiatives and adopting eco-friendly banking practices.
These global issues necessitate adaptability, innovation, and responsible banking practices, shaping the strategies and project priorities of Nigerian banks.
With the big global issues, I think it’s been able to impact my organization by encouraging us to develop external and strategic thinking.
Also enable us to anticipate future business threats and take action to avoid minimize the impact.
Also avoid taking action that is doomed to failure from the outset, for reason beyond our control.
One key factor that affects my organization in this complex world is the constant evolution of new technologies and the competitive market environment.
For instance, when there is a breakthrough technology like brain chips or artificial intelligence (AI), we need to allocate a team to invest time and resources to explore these new technologies and determine how we can leverage them to improve our projects.
Furthermore, in the face of market competition, we dedicate time and effort to understand new methodologies and emerging companies. Sometimes, this may result in the termination of other projects to ensure our organization remains competitive.
Considering these major global issues like technology, competition, social and political changes, and environmental problems, the impact on organization and the projects.
To succeed as a project manager, we need to master the skill set very well. we need to know the best combination of project approach and methodology to execute the project in context. we need to under who are the stakeholders and the different level level of communication or building communication with the stakeholders.
Why am saying this, in the early days of fintech in Nigeria i was working with a tech. company. we had a project to work on mobile money aggregator, and on the other hand, the company has a sister company to function as a mobile money operator in the company.
A sudden change in the political power in the country firstly suddenly affected the project. This was a major challenge faced by the company. By the time this problem will be resolved after more than 1 year, the project was faced with issue of technology, because the technical partner from France has deploy the solution to another competitor in the industry.
Before i left the company the project was not executed.
If there has been an effective team of experienced and professional project managers onboard this project , there would been probably a strategic win-win decision taken on the project so that the company will not loose.
Managing Projects in a complex world with the growth in technology and global changes makes it even more interesting. You just have to be updated with every trend and update as a project manager so you don’t float
The world itself being a global village, means things are changing rapidly, hence the need to always update and upgrade
Global issues like Technology, competition, social and political change, environmental crisis can easily change a clients deliverables on a project at any time.
Technology and competition can affect the quality, social and political could impact on the scope and budget, while environmental crisis could all aforementioned components including the timing
Therefore, all these must be considered during the risk and impact assessment of any project at any given time and possible solutions must be proffered ahead of the exercise.
As an account relationship officer, these major global issues somewhat affects my organization in every aspects.
Technology: This is fast rising in the world now, because technology continues to take its turn on improvement. Thus, it affects us positively as many transactions are being done online by customers (by themselves), all thanks to technology.
Competition: Every financial institutions wants to be the best in the global market. So as such, there is room for competition and adjustments as we try to make sure we help and satisfy other customers to avoid losing them to other competitors.
Social and Political Changes: Here, my organization is greatly affected as it has adapted to civilization, reformation, formal education, amendment of new policies as well as technological advancement, which has helped in improving the existence of the financial sector in Nigeria.
Environmental Problems: My organization would definitely encounter environmental problems, because it has to deal with other financial institutions around her, how to deal with the competition, and finally the area/point at which the organization is situated and if it is accessible to customers, in order to avoid complaints/bad reviews which would have a great impact on the organization.
Being an international company, the things that affect us includes,
Technology – Regular training on all personals on all new technologies to be able to support clients effectively. Political changes- Amending and introducing new policies by the government of all the countries we are present and the countries of our clients.
Competition- ability to be creative and innovative to enlarge our client base.
The aspect that affect my organization is the political aspect because we work for government and we had a project to deliver before the past government left, now there’s a new one on board and the project has stalled for months now but we are hopeful to start by next year and after we had a meeting with them.