What to Expect: Anticipating and Adapting to Dynamic Economic Trends
project management office,
critical success factors,
Managing for Stakeholders,
Categories: Project Leadership, Continuous Learning, Collaboration, Servant Leadership, Priorities, Value, Cultural Awareness, project management office, Project Failure, Best Practices, Project Delivery, Metrics, project management, critical success factors, Managing for Stakeholders, execution, Project Success, Culture, Project Dependencies, Business Transformation, Transformation, Disruption, Design Thinking, Project Management, Cost, Risk, Career Development, Stakeholder, Change Management, Leadership, Program Management, Benefits Realization, Complexity, Consulting, Decision Making, Business Analysis, IT Strategy, Business Case
By Peter Tarhanidis, Ph.D.
In the ever-evolving landscape of corporate strategic planning, organizations face the perpetual dilemma of choosing between capital spending for growth—and optimizing operations for efficiency. Striking the right balance amidst economic trends and leveraging organizational strengths becomes paramount when navigating through strategic projects. Meeting shareholder and stakeholder needs, while aligning with the organization's mission, presents a constant challenge.
To anticipate potential initiatives, project managers must consider global macroeconomic conditions and CEO outlooks. A preliminary assessment based on the United Nations World Economic Situation and Prospects and OECD Economic Outlook reports for 2024 reveals a projected global economic growth slowdown from 2.7% to 2.4%. This trend suggests a delicate balance between slow growth and regional divergences. Key considerations include:
Examining the corporate landscape, a survey of 167 CEOs in December 2023 indicated a confidence index of 6.3 out of 10 for the 2024 economy—the highest of the year. The CEO upsurge assumes inflation is under control, the Fed may not raise interest rates and instead reverse rates, setting up a new cycle of growth. Furthering the CEO agenda, McKinsey & Co. identified eight CEO 2024 priorities:
As project managers, navigating the uncertainty of economic shifts necessitates staying vigilant. The year may bring variables and predictions that impact the execution probability of strategic projects. Shifting between growth plans and efficiency drivers demands different preparation. To stay prepared, consider the following:
In an environment of perpetual change, proactive monitoring, adaptability and strategic collaboration will be key to successfully steering projects through the dynamic economic landscape.
How else can you stay prepared as the demands shift on you and your team?
By Yasmina Khelifi, PMI-ACP, PMI-PBA, PMP
As I shared in , global projects have become the norm in many industries, and a rich source of performance. Business is done in global English, so in a certain way, that influences the project’s culture. Fortunately, cultural diversity is still present. How do you become more culturally self-aware without falling on the traps of prejudices or wrong assumptions?
Over my career, I’ve been asked the following questions:
These questions may be full of good intentions, but can also sound naïve. How much can we guess from a family name? Family names have histories, and sometimes you inherit a name from past generations with whom you don’t have any links; or you may have typically French names but with foreign origins. For instance, one of my colleagues I've been working with for ages recently told me her mother was Polish. As the last name was French, I wouldn't have guessed it.
More importantly, how do the answers to these questions help you to become culturally more self-aware? Don't they reinforce our biases? (For the record, I was born in France and don’t speak Arabic.)
Here are four ways I’ve experimented to embrace a learning mindset:
As a global project manager, it is key you discuss the ground rules and values with the team from the onset:
Include snippets of diversity learning in your day-to-day project activities with small actions; this can also be an indirect way to ask people.
Don’t push back if you feel the colleague does not want to talk. Just because the projects are more international doesn’t mean we can ask any question.
For a few years, I’ve taken part in many intercultural courses—although some of my colleagues told me that can be stereotypical. It’s true that if you begin with a course without having had any practice, you might have some prejudices. Going back and forth between practice and theory enables you to take small steps and adjust—and learning will stick.
Learning languages is also my passion. Through this, I could discover a lot. Talking to people in their languages (or learning some words) forges stronger connections.
Practice makes perfect. Through working with some of my African colleagues, I discovered how their societies are mixed. They have national holidays for Muslims and Christians. They are also comprised of many different ethnicities. For instance, Côte d'Ivoire is represented by more than 60 ethnics. It gives me humility to face my knowledge gaps.
Volunteering is another great way to learn as you go. You can deliver several projects with worldwide peers in a short period.
Global teams raise a set of challenges, but also provide a rich human experience. What other ways do you become more culturally self-aware in your project teams?