Project management is the process of planning and managing resources and procedures to achieve specific goals. Those goals take the form of a product, service or result whose value is the very raison d'etre of the project. No one would ever buy corporate stock, precious metal, or real estate if they expected its value to decrease. So too no sponsor or customer would fund a project whose product they expected to be worth less than its cost. Every project is an investment in work to produce a result worth more than the cost of resources. And as with every investment, maximizing the difference between cost and ultimate value should be the goal. Project managers who understand this concept and act upon it will clearly demonstrate their own value.
The Model of Project Management
The paradigmatic "Iron Triangle Model" of the project is so well known as to be a cliche. Yet it does contain an essential truth: that every project is a trade-off among scope, time, and cost. However, that is where traditional project management leaves the Triangle. The Total Project Control (TPC) approach takes it one step further: every project is an investment. And the quantification of the three sides into their monetary impact on value and cost is how we must plan, optimize and track a project in order to maximize its ROI or profit: the ultimate goal of every investment! The key to improving project and program management across the world is to start using the metrics and techniques that deliver quantified value and benefits.
Total Project Control
TotalProjectControl.com is a website dedicated to the improvement of project management the world over. By facilitating and encouraging much needed discussion about project management techniques, strategies, formulas and software, we hope to redically improve the world's understanding of this pivotal skill.