Projects need to consider the commercial context of the project throughout the project’s life cycle. Traditional project constraints such as the iron triangle need to be further expanded to consider financial, contractual and legal contexts to ensure effective decision-making. An awareness of these streams (financial, contractual and legal) will ensure all potential exposures are considered well in advance of, and during project implementation. Project Investment appraisal techniques, non-financial accounting methods, procurement route, contract and pricing strategies and dispute resolution methods are essential components of project management practices.
Now thinking time:
Why is commercial context awareness is important for Projects and Project Management practices?
What do Project Manager and Project Team need to know in relation to Commercial context in Projects and Project Management practices?
What are the range of Commercial context methods, routes, techniques and tools?
What is the new Project Business Environment?
Why commercial context awareness is important for Projects and Project Management practices?
It has becoming increasingly important for Project Manager to be aware of the business environment impact to a project’s financial, contractual and legal context. Macro, meso and micro factors will cause different level of impact to a project’s continuing progress. The Project Manager and his/her Project Team must be competent to appraise the financial contractual and legal exposures well in advance before deciding a project’s viability. All project terms and conditions must be appropriately assessed before any decision is made to award and continue with the project. These terms and conditions are contractually and legally binding. Once approved, it can become more difficult to manage risk as the project progresses.
Today’s Project Manager also needs to explore the changing requirements of project management in the current business climate. The traditional project manager role focused on the processes and tools needed to complete a project within a set budget and time frame. It no longer makes best business sense to develop a long-term plan and stick to it at all costs. Factors such as globalization, stricter accountability, employee development, change and risk management and unstable economic conditions all require that companies today are able to adapt to quickly in order to succeed in tough economic climate.
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