Executive Report: Challenges in the Management and Planning of Major Economic Projects / Impact & Recommendation

 The management and planning of highly financially and economically significant projects, with a duration of 3 - 6 years, present a number of significant challenges that can impact the success and viability of such projects. This executive report examines the main challenges faced by these projects and proposes strategies to effectively address them.

Principal Challenges

Complexity of Planning and Coordination

Long-term projects often involve multiple stages and tasks that require precise coordination. Complexity is increased by having to manage diverse teams and resources over an extended period of time (Redalyc).

Impact: Inadequate planning can cause delays and cost overruns due to lack of synchronisation between phases and sub-optimal resource assignment.

Recommendation: Use of advanced project management tools, such as planning software that facilitates the visualisation of interdependencies and the evolution of the project in real time.

Quality Management and Regulatory Compliance

Ensuring that the project complies with quality standards and applicable regulations is essential to avoid sanctions and ensure the sustainability of the project (Redalyc).

Impact: Failure to comply with regulations can lead to legal sanctions, additional costs and a loss of reputation.

Recommendation: Implement a comprehensive quality management system and keep up to date with regulatory changes to ensure compliance.

Talent Management and Human Resources

Effective talent management is critical to ensure project continuity and maintain quality. High staff turnover and the need for specialised skills are recurring challenges (Cio Magazine).

Impact: Lack of adequate human resources can lead to delays and negatively affect project quality.

Recommendation: Develop talent management strategies that include training programmes and employee retention policies. Implement a knowledge management system to preserve lessons learned.

Communication and Stakeholder Management

Effectively managing stakeholders is critical to aligning expectations and gaining support for the project (Redalyc).

Impact: Lack of clear communication can result in conflict and lack of support needed to move the project forward.

Recommendation: Establish a clear communication plan that includes a stakeholder management strategy to identify and meet their needs.

Innovation and Adaptability

Maintaining the capacity to innovate and adapt to changes in the environment is crucial for the relevance and competitiveness of the project (Redalyc) (ESIC).

Impact: Lack of innovation can make the project obsolete before its completion, and lack of adaptability can prevent effective response to changes in the environment.

Recommendation: Foster a culture of innovation and flexibility to adapt quickly to changes and adopt new technologies and processes.

The key to success lies in comprehensive planning, effective risk management, rigorous financial control and continuous and effective communication with all stakeholders. Implementing best practices and advanced management tools can help mitigate risks and ensure long-term project success.

  

Sources consulted:

 1.     "Manual de planificación de medios", ESIC Business & Marketing School. Consultado en: ESIC Business & Marketing School​ (ESIC)​.

2.     "Gerencia de proyectos – Revista CIO en Español", Revista CIO. Consultado en: Revista CIO​ (Revista Cio)​.

3.     "Redalyc", Revista Española de Dirección y Administración de Empresas. Consultado en: Redalyc​ (Redalyc)​​ (Redalyc)​.

4. 4. "CEPAL Review", Comisión Económica para América Latina y el Caribe. Consultado en: CEPAL​ (Repositorio CEPAL)