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Project Manager : Project Manager June July 2012
www.aipm.com.au Project Manager 7 6 Project Manager THe rIse of socIAl ProjecT mANAgemeNT The proliferation of social media signals a shift towards collaboration at the heart of project management, according to AIPM. Margie O'Tarpey, CEO of AIPM, said: “Adoption of project management tools inspired by social media are growing. These tools are influencing the way projects are managed. Project leaders and other managers that work in collaborative environments need to facilitate conversations around tasks, issues and work .” A ‘social media’ approach encourages informal and regular conversations, she added. “It’s easy to use because most people are used to Twitter- style streams and Facebook-style walls, and it feeds the need of many people to get recognition for what they do.” The trend does not, however, replace general project manage- ment approaches. “There will always be a place for proven project management methodologies that have been tried and tested for years.” • neWs Risk management maturity linked to project success New research reveals the financial benefits of risk management, creating a business case for risk mitigation strategies. Global management consultancy Oliver Wyman has found a link between robust risk management practices and the financial success of infrastructure projects. According to the study titled Maximising Returns on Large Investment Projects, developing greater transparency around risks and tracking mitigation efforts closely can reduce the cost of government infrastructure investments by more than $5 trillion. “Identifying and mitigating risks enable governments and companies to reduce cost overruns and delays by 20 per cent, and sometimes much more,” said Kristina Gerteiser, associate partner at Oliver Wyman’s Corporate Finance & Restructuring practice. A global survey by Ernst & Young has also identified a positive relationship between risk management maturity and financial performance. Key findings include: • The top-performing companies (from a risk maturity perspective) implemented on average twice as many of the key risk capabilities as those in the lowest-performing group. • Companies in the top 20 per cent of risk maturity generated three times the level of earnings (before interest, taxes, depreciation and amortisation) as those in the bottom 20 per cent. • Financial performance is highly correlated with the level of integration and coordination across risk, control and compliance functions. • Effectively harnessing technology to support risk management is the greatest weakness or opportunity for most organisations. Agile skills in high demand More businesses are demanding Agile skills for project deliver y, according to recruiters. Russell MacDonald, Managing Director at RMA IT Recruitment, told Project Manager the trend is most evident in the finance and insurance sectors, which are “increasingly using Agile for web development projects”. J.P. Morgan’s Australian securities division is the latest financial services firm to tout the benefits of Agile. Late 2011, the division began importing Agile coaches and software development tools from J.P. Morgan’s international offices as part of a global, staged rollout. MacDonald claimed more businesses like J.P. Morgan would transition to Agile for the flexibility and opportunities for collaboration the methodology offers. “Businesses are becoming more IT savvy and will want to influence the development of new systems or functionality,” he said. “ This is fuelling a broader trend towards more collaborative approaches to IT project and service deliver y.” The involvement of the business is beneficial when taking an Agile approach, MacDonald continued, which is not necessarily the case when adopting other project management methodologies. “ The most successful implementations of Agile appear to be where the business is fully engaged with the process,” he said. adoption oF projeCt ManageMent tools inspired by soCial Media are growing. these tools are inFluenCing the way projeCts are Managed
Project Manager April May 2012
Project Manager Aug Sept 2012