Project Management

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Topics: Construction, Financial Services
Greek Revival: Managing Expectations on the Road to Economic Recovery
The project economy is at the forefront of Greece's economic recovery, with heightened attention to benefits realization, talent development and resource optimization. Read more here:
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In post-crisis Greece, sponsors and stakeholders are understandably more risk-averse than ever before. Many sponsors—lenders, in particular—have moved to incremental funding models to reduce risks, says Constantinos Faitatzoglou, PMP, a project management consultant in Athens. Sponsors release funds in small chunks as milestones are completed to ensure the project doesn’t fall behind schedule or exceed the budget.

"Now it takes more tasks to complete a project, meaning that a project is cut into many smaller stages that need to be validated," Faitatzoglou says. "When a market is mature, you probably have just five or six stages, but in Greece you have 10 or 15 steps to [comply with bank-imposed controls] in order to release the funds. This creates extra administrative and bureaucratic work for project managers and their teams."
Now I understand how Ulysses felt when he made it back home.
You must remember the scale of projects that are been undertaken these days are always increasing with Project Managers expected to do more with the same or less resources and funding allocation as before the financial crisis. As in Greece there existed a large black unregulated market were a lot of contractor were paid cash in hand with no tax receipts being sent to the Government. During the economic boom, especially around the Olympics in 2004 this could be tolerated but when creditors started calling to Greece's door looking for their money back this only exacerbated the problem. As a result a new Framework and Guidelines for all project work undertaken in the private and public sector was created and enacted and as a result projects are now strictly monitored to ensure value for money and return on investment for creditors, Government and Citizens.
After a economical catastrophe, the prudent use of available resources is emphasized, the problem in all economies is that eventually bad habits return, waste, misuse of funds, corruption, etc. Greece was a harsh example, but Portugal as my country has gone through that too, and I start to see again signs of real estate speculation, increased private consumption backed by credit, all of which gave rise to the previous crisis. I hope I am wrong and that economic growth will continue, based on sustainable and job-creating projects because the citizens tend to forget quickly all of bad that happened in past.
It reminds me of the Wall Street Joke..."This time its going to be different". The recent acquisition by PMI of the Discipline Agile Framework demonstrates to us all that at the end of the day prudence, discipline and being humble are important traits in Project Managers who's success is intricately linked to the success of a sovereign country.

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