On Wednesday 26th February we had two interesting guest lectures about project management and investment decision. I learned a few interesting points especially of the importance of communication in projects. In this article I will share what I learned from the lectures.
But first, what exactly is a project? A project has a defined beginning and end in time, and also defined resources, such as money and amount of employees participating the project. There are many different types of projects, for example team projects, educational projects and scientific research projects. Each project is different, but one thing in common is the importance of good communication and project management throughout the project.
In project management there are five groups of processes:
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- Initiating
- Planning
- Executing
- Monitoring and controlling
- Closing
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In all those processes it is important to communicate effectively, yet politely and with professional manners. There are two main methods of communication, active and passive. Active methods are for example face to face meeting, video and telephone conference, webinars and presentations in person. Examples of passive methods are e-mail, websites, blogs and podcasts.
Finally a few words about investment decisions. Regardless of the magnitude and nature of the investment decision, the moment when it’s made is extremely important for the company. To help to make an educated decision, it is wise to carry out market studies and analyse the activity of the company. The main sources of investment financing are own sources and borrowed capital, and there are many indicators to evaluate the efficiency of an investment.
In conclusion, good investment decision needs a lot of consideration. And although communication can be time-consuming, it will be rewarding when well executed. When a project is well managed and communication works, it will more likely meet it’s goals and be productive.
