Blue Ocean Academy conducted a free webinar on ‘The Project Revolution- Reinventing Project Management’ on 13th June. It was facilitated by Pallavi Kale, who is a post-graduate civil engineer and a certified Project Management Professional (PMP) and has more than 10 years of experience in the real estate industry. 100 professionals from different industries attended the webinar. We received great feedback from the participants for the insightful and informative webinar. Please find the important points discussed in the webinar below:

Transformation is explicit in all industries with the advancement of technology. As a result, organizations are forced to rethink the way they have been working for long. The world is being ‘projectified‘ and it’s moving towards a project economy. The leaders in an organization are turning into project management professionals who innovate and implement changes.

These leaders have the responsibility of turning the organization’s ideas into reality. This webinar focuses on the project economy and the techniques that professionals should understand to thrive in the current scenario.

What is project economy?

PMI defines The Project Economy as a "fundamental paradigm shift" in the business world toward using projects to handle work and solve problems. In a project economy, professionals are required to have multiple skills to carry out tasks in a systematic way. Organizations need project leaders who are experienced in process improvement techniques and ways of executing them in real-world challenges.

The involvement of human beings on the operation levels of projects is decreasing due to the advancement in technology. So, you need to be equipped with novel tools to stay relevant in the market dominated by projects.

Reinventing Project Management

The conventional ways of managing projects have to be changed to incorporate the new developments. Following are the five methods to reinvent project management:

• Simplification of project management framework

The project management framework should be easy to understand and implement. The project managers can summarize the progress of the project in a dashboard for all the stakeholders. Instead of having a lot of methods and processes in place, it is beneficial to have a simple and clear dashboard. Everybody involved in the project will be able to connect when it is visualized and simplified.

• Reshaping the project lifecycle

There should be a clear idea about the time that we are spending on each stage of a project lifecycle. For instance, if a company is spending a lot of time on idea generation, the market will be completely changed and the concept will be outdated when it’s completed.

• Revision in the concept of triple constraint to reflect the new reality

The triple constraint of project management is scope, cost and time. However, we should also consider three more constraints to determine whether a project is successful or not. They are sustainability, value, and relevance. The project should provide long-term benefits, it should add value to the organization and it must be relevant to the specific industry.

• Connecting project goals to global goals

From a broad perspective, project managers must connect the project goals to global goals. Connecting them with sustainable development goals can help them work for creating a better future.

• Increase in focus of Project-based goal

Many project managers are not aware of the objective of the project. This mainly happens when the project manager wasn’t involved in the project from scratch. The project cannot be termed success if it failed to attain its objective. So, the project managers must be involved in every stage and have a thorough understanding of its objective.