One way to increase your efficiency ratio is to cut costs, but another way is to increase output. It is in the vein that our bank decided to add to our cost and hire a professional project management team to get more stuff done. It has worked like a dream as we now can take on more projects, get them done in less time and have a methodology to improve the process of project management.
Tag: Project Management
In 1997, NASA launched the Cassini and Huygens probes on a 20-year mission. Cassini successfully reached Saturn’s rings before the planned burnup in the planet’s atmosphere in September of 2017. Huygens, meanwhile, successfully landed on Saturn’s moon, Titan. The Cassini-Huygens mission is said to be the most complex project in humankind’s undertaking. The mission spanned a record 40 years, included 260 scientists in 17 countries from three different space agencies (Europe’s and Italy’s).
We thought we were good at project management. In fact, since the bank’s inception, the management team would divide up projects, and we would crank through them. As a team, we did fairly well – low drama, timely execution and we could control each project nicely. The problem was, we didn’t know what we didn’t know. Finally, we got backed up with all the projects, and at $3B of total asset size, we cried uncle and went out and hired a full-time project manager. It was eye-opening. She took us to a whole new level that we never knew existed.