“Property development: becoming your own project manager, or hiring in outside help?”
The article “Property development: becoming your own project manager, or hiring in outside help?” written by Paul Naybour brings important pointers to the surface. Companies must weigh the advantages and disadvantages of either assuming the responsibilities of a project manager themselves or hiring a project manager to assume those responsibilities. It is recurring question that requires thorough research and consideration before an answer can be reached.
Inf act, this was a question that was raised at my current workplace. My company had decided to create a new company offering to customers – the procurement of new plant construction (N.P.C.). Shortly after having started this new endeavor two years ago, my company realized that they may have bit off more than they could chew. They missed important project deadlines, underestimated the risk of the project, overestimated the budget of the project, etc. This resulted in a chaotic web of problems which were due to both a lack of time, experience and knowledge within our company. It was a struggle that the management team tried to juggle for nearly two years, but they realized that a change needed to be made in managing the N.P.C. project.
In the article, Naybour mentions a couple of factors to consider a company must decipher whether there is either the need or lack of need for a new Project Manager hire. First, the time frame of the project must be considered (“Property Development”). The project must be completed by a given deadline. The company must decide whether they can finish the project internally or if they need external help to finish the project. Second, the amount of the Project Manager’s experience must be considered (“Property Development”). If the project requires a considerable amount of knowledge/experience, the company must assess if they are qualified to complete the project. These are a couple of points to consider when deciding to use internal employees or find external candidates to complete the project.
My company assessed the situation and recognized the need for a new full-time Project Manager hire. Ideally, they wanted a manager with both nuclear project management and N.P.C. experience. However, the pool of candidates with both nuclear N.P.C. experience was very small. They were unable to find a candidate that met both of those requirements. Even if they had recruited a candidate that met those ideal requirements, this new hire most likely would have needed a high salary and fallen outside of my company’s budget. This was why they chose to hire a fairly recent undergraduate student with a degree in mechanical engineering. This new hire was new to the nuclear industry and new to the working world. My company decided to go this route to keep within their budget for the project. This was a thrifty alternative that allowed them to keep within their budget as well as fill the N.P.C. project holes that had previously existed. As discussed in class, this could be considered one of the Project Priority Matrix’s “tradeoffs” (“Defining the Project,” slide 10). My company decided to prioritize the need to meet their budget and fill the full-time position as the first priority while putting the experience/knowledge of the new hire as secondary. Nevertheless, the new hire added value to the N.P.C. endeavor and continues to gain the experience/knowledge at my company.
Cook, Lori. “Defining the Project.” MGT 598: Project Management. DePaul University, Chicago. 11 July 2015. Lecture.
Naybour, Paul. “Property Development: Becoming Your Own Project Manager, or Hiring in outside Help? Project Accelerator News.” Project Accelerator News. Project Accelerator News, 17 June 2015. Web. 11 July 2015.