Small and medium sized companies can easily improve profits from investigating how the organization is spending the work hours. Defining key performance indexes and measuring performance will increase efficiency through increased focus on value creating activities and reduced time spent on internal activities.
Introducing a centralized server solution for planning and monitoring the projects will also improve efficiency. All project data will become available to all the relevant stakeholders and fragmented plans and vast numbers of spreadsheets will become obsolete. This will help reduce risk and improve transparency in the project work. Introducing a more systematic approach to project execution will also help make the organization more disciplined when it comes to how to execute projects and meet requirements at the different stage gates.
All companies have limited resources in some key areas of expertise. Understanding the requirements and knowing the capacity are key to focusing the resources on the key projects hence reducing risk and improving the likelihood of completing projects on time. This is also the first step towards managing risks in a structured manner.
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