Harnessing Project Management for Increasing Productivity

The emergence of the project economy marks a significant shift in how businesses and nations operate. As highlighted in a Harvard Business Review article HERE, "the project economy" has arrived, signifying that project management is becoming central to our increasingly project-based economy HERE.  The impact is broad, changing: Labour: our work and careers; Business: markets and management processes; Nation: standards of living and productivity.

Defining Economic Productivity. Economic productivity measures the efficiency of producing goods and services within an economy HERE and the various forms of productivity HERE. It's about how effectively inputs like labor and capital are transformed into outputs. In a project-based economy, this definition takes on new dimensions, emphasizing not just the quantity but also the quality and relevance of outputs.

The Rise of the Project Economy. The Harvard Business Review article on "the project economy" suggests that project management is no longer a specialized skill but a core competency in today's business world. The skill does not come naturally, it requires training, practice, and a supportive culture. Projects have become the essential model for delivering change and creating value. This shift requires a reevaluation of strategies to enhance productivity, where traditional linear processes give way to more dynamic and flexible project-based approaches.

Project Management as a Productivity Driver. In the project economy, effective project management is key to maximizing productivity. It involves more than just meeting deadlines; it's about optimizing resources, innovating processes, and aligning projects with strategic goals HERE.  In sectors like IT, project management ensures that technological advancements are efficiently translated into productive outcomes.

Targeted Immigration in a Project-Based Economy. The skills required in a project-based economy are often highly specialized. Countries like Canada and the U.S. have turned to targeted immigration policies to attract the necessary talent. This approach not only fills immediate gaps but also brings in diverse perspectives essential for innovation in a project-centric environment. However, the effectiveness of this strategy depends on the country's ability to integrate immigrants without straining its service capacity.

Service Capacity and Sustainable Growth. As economies transition to a project-based model, the service capacity to integrate new talent becomes crucial. Overburdening the infrastructure can negate the benefits of targeted immigration, making it essential to balance immigration with adequate service and infrastructural support.

Comparative Perspectives. The U.S. and Canada offer contrasting examples in adapting to the project economy. The U.S.’s larger and diverse economy naturally aligns with a project-based approach, leveraging its dynamic workforce. Canada’s targeted immigration strategy complements its move towards a project-centric economy, though it must continually balance this with its service capacity.

Conclusion. The arrival of the project economy represents a paradigm shift in economic productivity. Effective project management, aligned with targeted immigration and mindful of service capacity, is crucial for nations adapting to this new economic model. This approach, coupled with policy support in infrastructure, research, and development, paves the way for nations to thrive in the project-based economy. - Editor@KEInetwork.net

PUBLIC WEBINAR

How Better Project Management Can Contribute to Reversing Declining Productivity

Thursday February 1st, 2024

4:30PM MST   3:30PM PST    6:30PM EST

Zoom in

https://us02web.zoom.us/j/82390691947

We hear daily of the consequences of Canada's policy to increase immigration - adding to it's labour supply, for addressing the serious and persistent decline in productivity. Another option is improving Project Management with the advantage that it does not tax the country's service capacity.  This webinar is the second in our series on improving project management.   

Increasing  Resilience

Business shocks have become the new norm for organizations. Companies need to be prepared and ready to act—and quickly HERE

Are our youth prepared for work HERE and HERE

Labour Shortages - Where?

Canada's labour market has returned to health HERE

US labor market shortage forecast for 2024 HERE

Japan drawing on foreign labour top address shortages HERE

Czechia looks to immigration to solve labour shortages HERE

World wide labour market strong - unemployment low HERE

The Future Is Near

CLIMATE. Sunny UK warming up – explains a lot HERE

HEALTH. Cell Therapy promising in treating inherited deafness HERE

ENERGY. Digital control of fusion plasma reaction HERE 

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