Project Management Competencies and Project Selection Methods

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In order to be effective it is important for the project managers to have sound judgement about the functioning of the project so that they are able to make fine decisions regarding the project. They are also visionaries who are able to convert the organisational vision into project (Hankel et al. 2016). They have the abilities to direct the activities of the project for the successful completion of the project even after having hurdles and disturbances. Efficient project managers are also motivators and inspirational who provides the team motivation and inspiration to give their best towards successful completion of the project within budget and schedule.

They are also able to identify the resistance and overcome it along with understanding the project issues and conflicts and are able to find successful resolutions for it. They are productive thinker who think about the success and not the barriers. Even though, the project may face some barriers the project managers have the ability to overcome them and successfully lead the project towards its conclusion. Along with this, I think it is equally important for an efficient manager to be an efficient decision maker, communicator, negotiator, and team builder (Blaskovics, 2016). An efficient decision maker will be able to identify the key issues in the project and is able to choose among the best alternatives available for dealing with the identified issues. An efficient decision maker will also be able to make the decisions in time. An efficient manager is able to control the projects without causing conflicts relating to the power. An efficient manager is able to communicate effectively with his team and supervisors. According to me, communication is essentially important in a project for the project team to have clear information about the project goals, plans, strategies, or any structures regarding the project. It is important to have negotiating abilities for being able to get want is required. An effective and efficient manager is a team builder who has the abilities to encourage people to work together as a team, resolve the conflicts and achieve the project objectives together (Kamardeen&Sunindijo, 2017). 

I have read about the advertisement industry taking a blow because of the COVID-19 situation, causing lockdowns globally. With the lockdown the industry has suffered a blow with no advertisement orders, cancellation of client commitments, and hence no income. However, post the reopening of the lockdown, the clients have to make informed decisions regarding selecting their advertisement projects. It should be based on the measurement of the benefits that the company would receive because of the project. Since advertisement projects are generally carried to make the people aware of the products and services offered by the companies, thus, the two methods that could be best suited for this would be benefit-cost ratios and economic value added method (Karasakal& Aker, 2017). These methods would help the companies to understand if the perceived benefits from the advertisements would exceed the expected costs, so that maximum profitable outcome can be achieved from the project.
According to me an efficient project manager, will be able to understand which projects to undertake for maximum profits.

References

Blaskovics, B. (2016). The impact of project manager on project success—The case of ICT sector. Society and Economy in Central and Eastern Europe, 38(2), 261-281.
Henkel, T. G., Haley, G., Bourdeau, D. T., & Marion, J. (2019). An Insight to Project Manager Personality Traits Improving Team Project Outcomes. Graziadio Business Review, 22(2), 1.
Kamardeen, I., &Sunindijo, R. Y. (2017). Personal characteristics moderate work stress in construction professionals. Journal of Construction Engineering and Management, 143(10), 04017072.
Karasakal, E., & Aker, P. (2017). A multicriteria sorting approach based on data envelopment analysis for R&D project selection problem. Omega, 73, 79-92.

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