(Newswire.net — February 23, 2021) —
The COVID-19 pandemic has changed life as we used to know it; the crisis has governments from different parts of the world grappling with their people’s livelihoods and well-being.
Economically, the pandemic has caused significant problems, with most of the resulting challenges continuing to mount—and there isn’t any certainty about the future.
Here are a few initial statistics on the impact of the COVID-19 pandemic:
- The aviation industry was hard hit, leading to the grounding of more than 90% of the global fleet.
- The prices for global commodities fell by 20.4% in March 2020.
- There is a forecasted drop in global trade by about 27%.
Prevailing Challenges
Even though most projects are still ongoing, this hasn’t been without significant challenges, as outlined below:
1. Fluctuation in Restrictions and Guidance
The launch of policies to reduce the spread of the coronavirus led to significant disruption of the available labor, equipment, and materials.
The emergence of further virus waves and the difference in different countries’ timing and variations has made it even more challenging for project managers to ascertain the pandemic’s impacts on the current projects.
2. Market Conditions
The pandemic strained contractors and supply chains, and this situation is likely to progress for a longer time.
Cash flow shortages, bankruptcy, and insolvency are some of the expected consequences of a strained market.
3. Cash and Working Capital
The organization’s resources—cash and working capital—have been adversely affected by the pandemic.
With the continued negative growth in the economy, resources are increasingly becoming scarce. Such conditions point to a case of low cash reserves and the inability to fund projects in progress.
Addressing the Prevailing Challenges
Even during a global pandemic, as a project manager, you have a performance bar to meet. And if you are a project owner, yours is an uphill fight to stay afloat.
Although the promise of government guidance and corporate stakeholders’ support appears promising, the leadership burden is squarely on your shoulders.
Irrespective of how sophisticated you are as a project owner, there is no doubt that you face the test on protecting the project, its people, and performance.
So, what is the solution?
- Suppose many people continue to work and stay close to one another. In that case, you are risking a further spread of the coronavirus, and an outbreak in your organization could paralyze all operations.
- Better and more secure working norms, broader concerns, and flexible working systems can help address the challenge of protecting your organization’s human resources.
- There is a need for better safety measures to prevent and account for on-site transmission.
- Your organization should adopt new operating practices that align with the WHO’s guidelines, including proper sanitation and physical distance.
Remote project management could prove to be a valuable idea during this pandemic.
Leveraging a few tools such as video communications enhances stakeholders’ visibility into any process without flouting any pandemic guidelines.
With the right remote project management approaches, companies can redesign their processes, uncover better supply chain and resource management approaches for improved project performance.
Moreover, with good creativity and determination, remote project management can help address most of the challenges caused by the COVID-19 pandemic. However, companies should engage professional project management consulting experts to make the best out of remote project management.