Engineering is the application of science, technology and maths to solve problems. The Project Economy is here, it is one in which people have the skills and capabilities needed to turn ideas into reality. It is where organizations deliver value to stakeholders through successful completion of projects, delivery of products and alignment to value streams delivering financial and societal values.
It is important to note that, the Project Economy is a fundamental paradigm shift in the business world, using projects to handle work and solving problems, using projects to foster organizational change, as organizations that stick with the status quo risk not just treading water, but sinking.
Project Management deals with temporary speciﬁc initiatives, as projects are temporary endeavours undertaken to create a unique product, services, and or results. It is the application of knowledge, skills, tools, and techniques to manage activities associated with a projects in order to meet the project needs which includes: developing requirements, determining realistic goals, managing the triple constraint – Cost, Scope and Schedule, etc.
Now, how do we come about projects? Let’s take a look at the following factors; market demand, strategic opportunity, social need, environmental, customer request, technological advancement, legal requirement, etc. All these factors create projects and science and technology, with good project management will aid to achieving successful projects.
The largest percentage of organizational leaders think organizational agility is key to future success. It includes creating a culture that is receptive to change, which is a high priority in companies including the use of design thinking in projects. This human-first approach requires project teams to consider the point of view of every stakeholder involved in a process and working with them to develop solutions. Change happens through projects and projects have emerged as the way work is done. That is one of the fundamental changes in the business world that has led to The Project Economy.
More so, technical and digital skills are highly ranked among attributes they want to see in project leaders. While project managers do not need to understand every detail of technology engineering, they must know enough to assess the progress of technology, review deliverables and advocate for the needs of the customer.
The Project Economy is key to how an organization evolves, placing project managers at the center of the process as organizations are going to have to really rethink the way work is done. So, we’re seeing the world at the business level becoming projectified, with young talents coming out of developing nations, including those in Africa, leading to a new generation of project leaders in areas in desperate need of projects such as upgrading infrastructure and improving access to technology, combating the impact of climate change, and more so, with the right blend of technical and people skills artificial intelligence will be of great advantage to project leaders.