You are probably wondering what does a stock price have to do with Project Management? Something my son said to me recently made me think this was a better title than the “Value of Project Management.” Let me explain.
My son, who owns shares of Carvana, told me it was trading at $22, or notably down from its peak of $110 before the coronavirus took a hold of market fears. The same company less than two months apart. What changed? Perception. The market’s perceived value of Carvana was now 1/5 of what it was before the crisis. The response to this can be: 1) you decide that Carvana is in fact worth much less than you perceived and sell your shares to minimize your losses, or 2) you decide they in fact offer the same value proposition as before and will recover to pre-pandemic values after the crisis ends, in fact, a great buying opportunity.
So this got me to wondering, if Project Management were a stock, would you buy or sell? You might sell if you perceive the value to be low. Administrative functions like filling out forms, booking meetings, publishing meeting minutes, and getting approvals could be accomplished by an administrative assistant or even AI. If your PM function operates in this manner, selling would seem prudent, but there is a better way.
How PM Benefits Customer and Business Value
The better way is the PM Promised Land where your PM function provides your organization with better run projects and you would certainly buy this stock anticipating it to increase in value. So how does PM increase the customer and business value if administrative tasks do not get the job done? It does so through project management that 1) fosters customer value first and foremost, 2) provides a culture of transparency, balance, and trust, 3) negotiates messy project change requests, 4) provides meaningful and timely data about the health (cost, schedule, and quality) of the project, and 5) tests and sees that things are moving along by walking around and engaging the team. This elevates it from an administrative function to a board room function, and that is fantastic customer value.
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If you are looking for additional insight on Project Management here are seven project management essentials to ensure an effective website launch.