Project management: How to make good use of the financial resources?
A competent project manager has an equally competent and agile team. The team comprises of various subject matter experts who bring their individual expertise to the table and achieve dizzying heights of success. It must be noted that immense business productivity is the fulcrum on which the entire business rests.
A project manager has to perform various complex tasks simultaneously in order to complete the project on hand. He tries to complete each and every project in minimum time possible and enhance the project’s bottom line. A project manger has to co-ordinate with the logistics department, human resources department, sales & marketing department, purchase department and most importantly finance department (including cost and accounts section).
Speaking mainly of how a competent project manager uses his company’s finances to extract most benefits out of those investments.
Investment tips for a competent project manager
Here are few suggestions on how to invest in a project that reaps good profits:
- Overall wellbeing of the project manager – A project manager must not get stressed out because of the pressure from the management to complete the project in time and spend less money. He should be in a good condition both physically and mentally. The management should extend all the necessary help and support to the project manager. This will assure him that he can expect full consideration from the management in case anything goes awry.
- Execution of a good business plan – A company must have a clear idea as what are the basic amenities a project manager would need in order to complete a project in the stipulated time. Before starting a project, the company should have a well-sketched budget and a business plan. Moreover, the project manager must be able to persuade the policymakers of the company to have a financial priority list and make adjustments accordingly within the company’s finances. This will increase the performance of the project manager and the team. Ultimately, the project will be a profitable one.
- Reduction in work pressure – A company should be emotionally inclined towards the burden of the project manager he goes through each day. Therefore, as a burden reduction measure the management can shoulder some of the responsibility of the project manager. For instance, calculating the finances of the company and project on behalf of the operations department will give some relief to operations team. Mostly, an operations team would only need to know about the company’s bottom line and nothing more than that.
A competent project manager should have more skills than what are discussed above. Some of them are far-sightedness, problem solving skills, interpersonal skills and people management skills.