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The Project Economy

If you have been following the ProjectPro conversation over the last month or so, you will now be familiar with concepts such as the inevitability of change, and the need for continuous self-improvement by learning, unlearning and relearning. We also discussed the need for knowledge, skills and experience to be considered competent in the field of Project Management, and gaining the authority to manage the change that projects bring by obtaining a certification through a recognised authoritative body, and joining a supportive professional community.

This finally brings us to the point where this all comes together, in the Project Economy.

What is the Project Economy?

Cindy Anderson, vice president, brand management at PMI (the Project Management Institute) says they define the Project Economy as one in which people have all the skills and capabilities they need to turn ideas into reality – no matter what project they are working on. It is where organisations deliver value to stakeholders through successful completion of projects, delivery of products, and alignment to value streams. In turn, all these initiatives deliver financial and societal value.

Project Economy

PMI has long advocated that all change in organisations is brought about through projects, and that companies need to have the skilled staff to do this.

“The future of work demands that organizations build the flexibility to accommodate whatever skills, capabilities, and project delivery approaches are needed for specific work.” – Project Management Institute 2019 Pulse of the Profession: The Future of Work

In reality, most organisations have ideas and strategies which are not clearly connected to their capability to deliver, and this leads to amongst other things, a waste of money. Through #projectisation, organisations can become more #efficient, more #agile, more #flexible with staff, and more willing to use input received from the customer or client.

It shouldn’t be just about WHAT organisations do, but also HOW they do it. By adopting projectisation, organisations can have the right people and project leaders, at the right place and time, to convert the organisations ideas and vision into reality. Projectisation means having the project management skills, capabilities as well as soft skills required for creating and delivering measurable value for the organisation.

Top three trends driving the Project Economy

Lastly, I would like to share the top three big trends driving The Project Economy, according to the PMI 2020 Signposts Report:

1. Africa and most of the developing world boast a new generation of talent eager to tackle projects.

2. Climate change is an existential threat to civilization, but project professionals can play a pivotal role in avoiding the point of no return.

3. Artificial intelligence is creating diverse opportunities, and a demand for the right blend of people and tech skills.

If you want to read more about the Project Economy, click the link to the following article:

WELCOME TO THE PROJECT ECONOMY by Cindy Anderson https://www.linkedin.com/pulse/welcome-project-economy-cindy-anderson-cae/

José de Franca is a certified Project Management Professional and PRINCE2 practitioner with over 15 years’ experience working on projects of various sizes and industries. He is currently the Training Manager at ProjectPro Management Services (Pty) Ltd.
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