Project Management Knowledge and Practices make a perfect CEO
Who are Project Stake Holders?
There are four categories of stakeholders that a project manager needs to satisfy. They are, Shareholders, (Public or Private), Board of Directors that represent the Shareholders, Customers and Employees. Furthermore, there are also Suppliers/ Partners that also need to be satisfied as they are also part of the Business process.
Project Duration: Every CEO will have one year to achieve the agreed upon financial figures with a planned profit. This means that he/she needs to achieve the TIME goal of the project with COST efficiency. This will be the knowledge required in Time Management and Cost Management too.
The Triple Constrains of Project Management – Business Results Achievement COST Vs TIME Vs SCOPE Vs TIME SCOPE COST
Knowledge, Methods and Techniques
To achieve such Goals he/ she requires resources such as Human and Materials and also the use of some technology/tools, with selected processing that is suitable to each operation. This means HR Management and Procurement Management are key to success of his/her operations.
The success of any product/service is its acceptance by the customer base, which is generally related to its quality, which is based on industry or international standards such as ISO/ANSI/BT or some form of 5S or global quality standard. This means the Knowledge of Quality Management and the practice of quality assurance and quality control have to be adhered to in business operations.
Every organization has its own goals and annual targets that are clearly defined and communicated by the Board of Directors to the CEO. The CEO will then have to communicate these to his/ her team.
This is clearly defined in Project management as Scope Management and Communication Management, which involves all forms of communication to successfully handle day- today problems and find solutions.
As a successful CEO many risks have to be taken in order to improve business and be competitive. However risk needs to be planned, so that it can be mitigated and avoided wherever possible. In circumstances where it cannot be avoided, risks will be absorbed creating the need for additional funds and resources. This knowledge could be used in Risk Management.
All this knowledge, technology, and tools will be applied as and when needed by the key project manager of the organization, the CEO. This is referred to as Integration Management.
The key success factors of many CEOS a re Integration, Communication and proper Risk management related to the business environment, while being focused on the yearly plan and keeping team members on motivated and on the right track.
For more information on acquiring more Knowledge in these 9 areas by means of attending 35 hours of Project Management Professional Education, please contact Project management Institute Colombo Sri Lanka Chapter.www. pmicolombo.org.