Project Spending: Investment and Insanity
- Author Robert Steele
- Published November 21, 2011
- Word count 422
For anyone who has worked in retail, you know that customers have a variety of ideas as to what "expensive" means. Terms like "sale," "deal," and "cheap" are all a matter of perspective. When I worked in retail, out of all the people who know what they wanted, there were three general ways to make a purchase:
-
spend whatever amount of money for the best product
-
spend a medium amount of money for a decent product
-
spend as little money possible for a minimum quality product
Though I was always an advocate of getting the best, long-lasting product, as long as people understood what level of quality they were buying, I was fine.
I think these types of people everywhere. When it comes to hobbies, talents, work, and relationships, quality depends (in most cases) on the time and effort put into that activity.
I think project managers can be categorized the same way:
-
those that invest large amounts of costs and resources into producing top quality results
-
those that invest medium amounts of costs and resources for medium quality results
-
those that invest the least amount of costs and resources for minimum quality results
I think it is very important to note that these categories aren’t necessarily ‘good’ or ‘bad.’ Each aspect can be positive and negative depending on the situation. Sometimes, a project’s quality is less important than saving time and money, and, sometimes it’s the other way around. Overall, a manager must have the skill of knowing how to prioritize costs and resources.
Another important thing I learned in my retail experience is that there was one other category of people that stood out among the rest: the person who wouldn’t spend a dime unless it was the best product listed at the same price as the cheapest. The latter was hardest to confront for I couldn’t explain that it was impossible to live up to their expectations.
I think project managers, team members, and executives alike are capable of thinking the same way. These individuals might put in as little effort as possible, yet expect that the project will produce top possible quality. Such expectations are a surefire way of destroying a project. In addition, this obliviousness to reality can further damage the team and even the enterprise because the decision maker can refuse to take responsibility for his or her actions. To Albert Einstein, this would be the definition of insanity: "doing the same thing over and over again and expecting different results."
Combining his personal experiences, social observations, and a variety of philosophies, Robert Steele provides easy-to-understand explanations of business management basics. He creates unique, easy-to-understand perspectives on today's project management methodologies. Resource: http://www.attask.com/topics/project-management-methodologies
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Benefits of Active Listening
- How to Resolve Differences in the Workplace Without Argument
- 5 Proven Ways to Motivate and Retain your Technology Employees
- 10 Reasons to Start Benchmarking Your Business Today
- Fostering Collaboration in a Technologically Evolving Workplace
- 20 Best Employee Time Tracking Software to Streamline Your Workflow
- Healthcare Project Management: Ultimate Guide
- Leadership Advisory: Embracing Output and Results-Driven Management for High-Performing Teams by Dr. TA Malapane
- How to Shield Your Contracting Business from Common Risks
- "The Future of Money: How Digital Currencies are Transforming Global Finance"
- Advanced Analytics in Supply Chain Management: Driving Efficiency through Data
- Zodot — An end to end free Saas Platform to Automate Your Daily Business Activities
- Guide to Workforce Planning: Process and Strategies
- Effective Business Mentorship Strategies for Startups
- Next-Generation Seismic Techniques for Efficient Permian Basin Exploration
- The Major Challenges In Government Payment Processes – Survey Reveals Critical Inefficiencies
- The Psychology of Online Bargain Hunting: What Small Business Owners Need to Know
- Cultivating a High-Performance Culture in Bangladesh: The Strategic Imperative of Employee Engagement
- Improving Coding Efficiency: Streamlined Workflows with Medical Coding Audit Services
- Ensuring Coding Accuracy: How Medical Coding Audit Services Identify and Correct Errors
- Streamlining Insurance Verification: How Healthcare Automation Services Simplify Eligibility Checks
- Managing Administrative Overload: Streamlining Processes with Healthcare Automation Services
- Navigating State Licensing Variations: Expert Guidance from Medical Licensing Services
- Ensuring Accurate Documentation: The Role of Medical Licensing Services in Error Prevention
- Navigating State Licensing Variations: Expert Guidance from Medical Credentialing Services
- Handling Multiple Credentialing Applications: Streamlined Management by Credentialing Services
- Handling Complex Medical Histories: Efficient Record Management by Patient Access Services
- Improving Overall Patient Experience: Enhanced Satisfaction with Patient Access Services
- Finding the Perfect Partner: A Comprehensive Guide to Choosing the Best Virtual Assistant Agency
- The Transformative Potential of Medical Virtual Assistants in Healthcare