Click the photo to listen to Marjorie talk.
Welcome
Hi! I'm so pleased to be your mentor. I look forward to helping you with your new project for
Rest Easy Hotels. I'm sure that we will both learn a lot as we go through this project together.
Projects Are Like Small Businesses
One thing that I have learned is that running a project is like running a small business.
In both projects and small businesses, there is a fine line between being successful and profitable,
and being unsuccessful and bankrupt. If a business fails, people will be out of work. A business manager must ensure the business turns a profit so it can continue serving its clients. Similarly, a project manager must take ownership of the financial side of a project to make the project a financial success.
Both projects and small businesses consume resources, such as staff, equipment, and facilities.
Projects, like small businesses, have stakeholders, or people who have an interest in the outcome of the effort. These people might have financial interests, like the allocation of equity capital, or they might have a stake in defining the objectives of the business or project. Most importantly, they demand returns on capital investment or specific results.
A small business carefully tracks its costs, schedules, and quality. Small businesses must always watch the bottom line when it comes to financial targets. The small business owner must work within a budget and control costs. It is imperative to a small business that it generate revenue and profit to ensure a positive cash flow. The same tracking is a necessary part of project management.