Date Added: Sep 2009
History shows that many companies bi-pass project management during recessionary periods as a cost saving measure. And in growth periods, some companies apportion project management too thinly across their project portfolios. Either measure, when undertaken, is fraught with risks and potential for significant cost overruns. By design, companies undertake projects because the outcome is deemed to be profitable or desirable. As part of the approval process, each project is thoroughly vetted and cost budgets, deliverables, timelines, resource requirements, responsibility charts and ROI targets are formally documented along with other technical and business considerations. So, irrespective of the economic conditions, a project's desirability ultimately is based on this thorough evaluation of the risks, costs and potential rewards.