Finding a New Way to Increase Project Management Efficiency in Terms of Time Reduction
Keywords:Investment, Time pressure, Company, Projects, Improvement, PM, Implementation of Strategies, Knowledge, Innovation
There are three basic constraints called ‘the golden triangle’ in each project: time, budget and scope. Researchers and practitioners are trying to find a way to increase the efficacy of the project’s outcomes in terms of shortening the project’s duration, lowering budgetary costs and meeting the scope. Although several publications have been written on that topic, there is still no common solution in place. However, more in-depth research related to the specific type of projects or industries is being conducted and this paper seeks to incorporate additional knowledge into that contemporary field. Furthermore, this is of growing importance in modern, turbulent times, where the expectations of profiting from lessons learned are ever increasing.
Following the current market demands, in the article a new, innovative approach is proposed to manage the expectation that future projects will have a shorter duration. Therefore, the idea of creating specific roadmaps is proposed, which should help the decision makers improve the efficacy of project management in the company, where the process of such improvement is measured using the maturity levels assessment concept.
Based on the world-wide quantitative studies in the construction, information technology and machinery industries, specific roadmaps for each industry were determined. The purpose of these roadmaps is to indicate the most effective investment sequence in the increase of project management maturity, which should result in a decrease of future projects’ duration. Moreover, discussions on the limitations of such investments are examined.