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Summary: New Responsibilities for the Project Manager
Review: Future project managers' success will be graded by their contributions to the enterprise's economic value than their completing a project on time, within budget.The authors argue project managers will function as entrepreneurs or CEOs, assuming responsibility for the ultimate success of their projects. In the business that means they will be responsible for producing a level of customer satisfaction high enough to produce sales generating enough cash flow to cover project and operating expenses, make a profit and pay back the cost of capital used to produce the product. Only at this point will the project produce enough economic value to enhance shareholder value. To accomplish this, project managers will require new skills. They will rely not only on traditionally operational skills, but also knowledge of the enterprise's: 1.Accounting and Finance 2.Organizational Strategy 3.Marketing and Value Propositions 4.Human Relations 5.Internal Processes. This will require, the authors say, a radical change in the measurement and control systems of most organizations. For project managers to act as CEOs, they will have to be treated as CEOs. They will have to be judged not only by detailed assessments of their project outcomes, durations and costs but by new metrics based on increases in shareholder or stakeholder value. If the authors are correct, the Project Manager's maxim of "Make it fast. Make it good. Make it cheap.," is in the process of being replaced "Make it Economically Viable."
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