PM ADVISORY:

How to be Ready for the Recovery!

By Curt Finch
CEO of Journyx

CNN recently published an article about the aftermath of the recession, claiming that the economy is “finally back in gear.”  What does this mean for businesses like yours?  Projects that were sidelined for the past year or two could come off the bench, and there might be more money to go around.  Great news, right?  It depends on how ready you are to make the most of this new opportunity.  Are you confident that you will be able to put the right people on these projects and make the right decisions about how to spend this money? 

Successful project execution requires quality data on who is available and qualified to do the work, when specific tasks will be completed, and which projects are in danger and why.  Without this data, project managers are often scrambling to keep tabs on everything and address problems before it is too late.  Here are a few questions you need to ask to be sure that you are getting the data you need and putting it to good use in your organization.

1. Where Are We Profitable?

Now that money is not as tight as it was last year, how can you be sure that you are investing it in the right projects rather than wasting it on projects that will bring in a minimal ROI?  It is easy when you have the right data.  Believe it or not, simple project time data can tell you which of your past projects were successful and which were failures, how many people worked on these projects and how much time they spent, and which of your clients are profitable and which ones are not.  Without this information in hand, you cannot ensure success.

To read entire paper (click here)

About the Author Curt Finch Author Curt Finch is the CEO of Journyx (http://pr.journyx.com), a provider of Web-based software located in Austin, Texas, that tracks time and project accounting solutions to guide customers to per-person, per-project profitability. Journyx has thousands of customers worldwide and is the first and only company to establish Per Person/Per Project Profitability (P5), a proprietary process that enables customers to gather and analyze information to discover profit opportunities. In 1997, Curt created the world’s first Internet-based timesheet application - the foundation for the current Journyx product offering. Curt is an avid speaker and author, and recently published the book “All Your Money Won’t Another Minute Buy: Valuing Time as a Business Resource”.  Curt also authors a project management blog at www.project-management-blog.com, and you can follow him on Twitter at http://www.twitter.com/clf99.