Question

Outline some of the main challenges associated with the financial and economics aspect of project management. You might choose to focus on technical skills or anything else you find to be a challenge for a project manager when it comes to responsibilities associated with the project economics and finance. Recommend a set of solutions for the identified challenges, as well as associated benefits and challenges

Answer 1

Project Management challenges:

1. Undefined Goals: when the goals are not clearly identified, the whole project and team can suffer.

2. Scope Changes: Also known as scope creep, this occurs when the project management allows the projects's scope to extend beyond its original objectives.

3. Inadequate skills for the project: A project sometimes requires skills that the project's contributors do not possess.

4. Lack of Accountability: A project manager's leadership qualities can shine when each member of the team takes responsibility for his or her role in achieving project success. Conversely, a lack of acountability can bring a project to a complete halt.

5. Improper Risk Management: Learning to deal with and plan for risk management is another important piece of project management training.

6. Ambiguous Coningency Plans: It's important for project managers to know what direction to take in pre-defined "what-if" scenarios.

7. Poor Communication: Project managers provide direction at every step of the project, so each team leaders knows what's expected. Effective communication to everyone involved in the project is crucial to its successful completion.