PS4S16 MANAGING PROJECTS AND PROGRAMMES

1. Introduction

The study has aimed to discuss the role of project risk management to deal with future uncertainties and challenges in project management. This study has been formulated based on three scenarios such as Brexit, technological advancement, and the required skills for future employment. Based on these rationales the most important distortions and risks in P3M have been critically evaluated in this study. In terms of managing the programs and projects, the stakeholders of P3M can be benefited through the critical evaluation of the risks and challenges. This study has executed the importance of upgrading project management skills to secure the future sustainability of employment.

2. Main body

Brexit has brought upon many changes to the business deals in the UK as all the business rules and regulations have changed. In this regard, organizations and their stakeholders have faced major challenges in terms of various strategic factors. For example, organizations have faced issues in funding and investment, governance and stakeholder management, risk management, and skills and resource management. In the words of Read and Fenge (2019), Brexit suggests the exit of the British from the UK, and this post-Brexit transition has affected the project management. In terms of meeting the project management timings and budgets, many organizations may need to change their business strategy and adapt new strategies for business development.

Funding and investment

Brexit has created issues with funding and investment in the business by the investors as the business rules and regulations have changed. New rules and their impact on international business management are still unknown to many business experts and for this reason, they are unable to take risks of funding and investing (Bauzá et al. 2020). Previously, Foreign Direct Investment used to make huge contributions to business development in the UK. However, in the post-Brexit situation, the FDI investors are unable to analyse the effectiveness of business performance along with profit generation. As stated by Bailey et al. (2019), after the British left the UK, the rate of foreign direct investment has reduced by approximately 22%, which has reduced the productivity and income of the UK by 3.4%.

Business organizations have suffered from business uncertainty due to this Brexit episode as it left a political as well as economic shock to the business organizations. Lowered productivity due to the Brexit episode has increased the business uncertainty of many organizations. As opined by Hilčíková et al. (2020), Brexit has increased the production and manufacturing costs of the business organizations and reduced sales that increased threats for the organizations. In this situation, many investors have stepped back from investing in the projects of the UK as they had no confirmation regarding the certainty of businesses (Read and Fenge, 2019). Besides that, the rate of gross domestic products has reduced due to the increased product cost and uncertainty in income sources. Lowered investment rate has reduced the employability rate of the organizations that have directly affected social and economic factors in the UK (Fischer et al. 2018).

Governance and stakeholder management

Brexit has made the businesses in the UK and EU uncertain that has directly affected the governance and stakeholder management in the various business organizations. Uncertainty in the decision-making of various investors and fundraisers along with reduced FDI rate have created major issues in organizational governance (Hilčíková et al. 2020). Various stakeholders in the business organizations have become panicked in this kind of situation and its impact has been seen on the business performances. The Capital Market Union (CMU) initiative in the EU was silent in this post-Brexit situation that has severely impacted the corporate governance of the UK and EU organizations (Naumescu and Nicolescu, 2018). Direct and portfolio investment outside of the EU had been seemed to be more attractive towards the investors and business stakeholders. In this aspect, business organizations in the UK and EU have focused on investing in the international business market to ensure increased productivity.

Skills and resource management

In this post-Brexit period, organizations have focused on recruiting skilled human resources so that they can apply their effective skills and ideas for business development. Many organizations have decided to provide effective training and education to their employees regarding various business strategies to cope-up with this situation. As per the view of Brooks et al. (2020), enhanced skills and effective resource management are the business organizations that have become necessary in this situation. In terms of resource management business organizations have faced major challenges as in this situation, identifying potential talents to recruit them for organizational development was difficult. Besides, the lack of interested investors to invest in the projects of various business organizations has increased the challenge regarding financial resource management.

Risk management

Effective risk management is necessary for every organization to identify potential risks for the organization in terms of increasing future business sustainability. Potential risks can include financial risk, market risk, human resource risk, organizational risks, risks in cultural diversity, and others. In the words of Jazouli and Mitchell (2017), in this post-Brexit period, many giant organizations have failed to identify potential risks and generate strategies to mitigate those risks. However, those organizations can follow effective risk management theories to recognize organizational risks and mitigate them within the right time.

Systematic risk theory

Systematic risk theory suggests the collapse of an entire system that can be social or organizational and leaves a huge impact. It is also known as the market risk that is important to the entire market as compared to particular business industry. According to the view of Jin (2018), systematic risk can impact the entire value chain of a business and take longer to adapt to the situation for future business sustainability. In the case of Brexit, the exit of the British has severely impacted the UK both socially and financially. Many employees who were British and used to work in many organizations of the UK were forcefully terminated (Hohlmeier and Fahrholz, 2018). As a result, an ethical issue has occurred along with organizational structure modification that has created many risks in the future business sustainability.

Technological advancement has been an integral part of business organizations for a long time now. The way of implementing advanced technologies in business organizations has dramatically changed in the last decade such as 2010-2020. According to the view of Yazdi et al. (2019), modern organizations seek help from advanced technologies to manage their risks and ensure proper management of their projects in order to deal with its uncertainties and challenges. Technological advancement has been encouraging vital changes in industries and sectors which requires proper alignment and implementation of these technologies within a business. In case a company or sector fails to implement advanced technologies appropriately in their business, it might become obsolete in the modern business world.

Advanced technologies bring new scopes for innovation and development within an organization and companies need to innovate their processes to be in the trend. Therefore, it can be stated in this context that it is significant for business organizations to adopt modern technologies such as artificial intelligence (AI), in their business. As argued by Samimi (2020), artificial intelligence along with robotics have dramatically transformed the way an organization works. It is one of the significant essentials of modern-day business and is utilized to perform various tasks within an organization. According to reports by leading tech journals, it has been revealed that frontier technologies currently represent a 350 million US dollars market and are expected to grow to 3.2 trillion dollars by 2025. This phenomenon can be beneficial to those companies who have already implemented advanced technologies in their business or are willing to align modern technologies in their business.

The majority of organizations operating in developed and developing countries such as the UK, US, and Malaysia have been actively engaging in an adaptation of modern technologies in their business. However, there are many companies, especially those of underdeveloped countries such as sub-Saharan Africa, that are still unprepared to equitably use, adapt and adopt the latest technological revolution. As per Technology and Innovation Report 2021, every developing nation has been urged to be prepared to witness a massive technological change that eventually will hit their market and societies (Unctad.org, 2021). As per the view of Valipour et al. (2017), it is considered to be significant for companies worldwide to pursue science, technology, and innovation policies according to their development stage and social, economic, and environmental conditions.

Advanced technologies play a vital role in achieving the Sustainable Development Goals of an organization. It is considered to be significant for businesses of all sizes to proliferate, innovate and adapt quickly to move with time. Failing to achieve this can make a product and project lifecycle in many sectors obsolete (Themsen and Skærbæk, 2018). Therefore, it is significant for companies of all sizes to adopt advanced technologies in their business according to the requirements of their organization. Technological advancement has a significant impact on a project, program, and portfolio management (P3M). It can enhance the effectiveness of P3M in the future which can be beneficial for the overall business of an organization.

Artificial Intelligence (AI) is all set to transform the way an organization operates its business. AI can be implemented in an organization to manage its risks properly which can ensure proper management of its project. As narrated by Xia et al. (2018), technologies with artificial intelligence are almost everywhere in modern times as a significant number of technologies are constructed using AI. AI is a broad term that requires its users to dig deeper into its specification to understand its impact on their business. Machine Learning is one of the most common kinds of AI which have been used by the majority of businesses worldwide in modern times. It assists an organization to process vast amounts of data in a limited period and its algorithm learns more over time to get better at what they do.

Presentation of more data to Machine Learning algorithms can improve its modelling. Machine Learning can be used by business organizations to manage their external data properly which in turn can help the company to handle its macro-environment properly. The advanced technology of ML has been widely used in modern chatbots that are available to answer the queries of customers 24/7. This has made it easier for companies to increase their customer engagement which in turn has significant impacts on their business. AI has widely been used in autonomous robots that are utilized in manufacturing and shipping units of business industries and various other sectors.

AI can also help business organizations to automate their business activities. This has resulted in the replacement of the human workforce by autonomous robots in business sectors. Most of the major organizations implement robotics in place of the human workforce to automate their business activities. This helps an organization to manage its risks caused due to human error and ensures proper management of its project, program, and portfolio. Implementation of AI is said to gain pace in the 4th industrial revolution. As argued by Daniel and Daniel, (2018), the fourth industrial revolution (4IR) has blurred the boundaries between physical, digital, and biological worlds. The implementation of robotics by replacing the human workforce from organizations has a significant impact on the economy.

Stakeholders’ theory

Risks in a business organization are referred to as undesired events, situations, and conditions. There are many types of risks prevailing in an organizational environment that changes constantly and also risks its stakeholders. Analysis of risks is an important process that involves identification, analysis, and evaluation of risk. The stakeholders’ theory of risk management helps an organization to manage its risks involving its significant stakeholders such as investors, employees, suppliers, customers, government, and others. As influenced by Ahmad et al. (2018), stakeholder theory is a theory of organizational management as well as business ethics that accounts for business constituencies that have been impacted by business entities such as employees, customers, and others. This kind of risk management theory can be useful in managing risks related to stakeholders within an organization.

Project risk management has played an effective role in terms of identifying potential risks in technological advancement in this present business era. Organizations have implemented advanced technology such as Artificial Intelligence, 3D printing as well as autonomous robots to make the business operation error-free (Amalnik and Ravasan, 2018). Human errors can cause huge project failure and that can make rapid financial losses in a business organization. In this aspect, various organizations have switched to integrate advanced technology as it can prevent human errors in an important project. However, every organization is bound to adhere to the business laws and ethics and cannot refuse human workers to work in their companies. In this regard, human workers are supposed to enhance their employment skills so that in the era of strong competition among the job seekers they can grab the opportunity (Dumitraşcu-Băldău and Dumitraşcu, 2017).

Effective business knowledge and skills are required in terms of organizational development which requires huge experience of the employees. The candidates in the future, for example, candidates of 2030 will face more competition in grabbing job opportunities in reputed organizations. As argued by Ahmad (2017), organizations in the future are supposed to recruit at least 50% of human workers and the rest can be autonomous robots and AI technology. In the case of securing future business sustainability, compliance with the employment act is necessary by the business organizations. For example, retail giants in the UK such as Tesco, Sainsbury, Walmart, and others are expected to integrate robotic technology in their logistic department (Noor and Esa, 2021).

Human workers often make errors in the logistic department and carrying heavy weights can create ethical issues in the company. In this aspect, in terms of preventing such issues from an ethical perspective, many organizations have decided to implement advanced technology in their organizational business operation (Shukla et al. 2021). In this same context, not recruiting human workers can create severe economic issues like unemployment and lower collection of taxes. This kind of activity can eventually create pressure on the UK government and in terms of preventing this issue, despite strong competition, human employees will apply for jobs. As suggested by Bushuyev et al. (2017), to secure a safe place in the reputed organizations by holding a good position, future candidates need to enhance their project management skills and knowledge.

Employees can be bored of practicing the same tasks for a long time but machines will never complain regarding this. In addition, a salary hike is a basic right of the employees along with paid leaves, but robots do not demand that (Paramboor and Ibrahim, 2018). In this context, many organizations have switched to terminate human workers and replace them with robots and advanced technology. As stated by Wang et al. (2019), poor communication among the stakeholders can create massive project management issues in future organizations. Employees are expected to possess data science expertise to occupy a safe and secured position in an organization. Competition with other employees to get rewarded by organizational top management is tough but competing with advanced technology is even tougher. Therefore, the future candidates who will be willing to get selected in a reputed business organization will have to enhance their project management skills and knowledge.

In the future, most organizations may switch to remote working to save their production cost and budget for increased organizational sustainability. As argued by Amalnik and Ravasan (2018), advanced technology can be applied to follow instructions and work accordingly but human workers will be needed for working with emotional intelligence. Adaptability skills will be required in the future by the human workers to adapt to advanced technology and help in organizational development. As recommended by Dumitraşcu-Băldău and Dumitraşcu (2017), project managers will need to generate innovative and creative ideas to deliver effective performance in organizational development. Skilled project managers will help business organizations in the future by making flexible working hours and successfully adapt to the new changes. Taking various online courses on project management skills, reading books, and volunteering for new projects will help future employees in understanding the risks and mitigate them (Ahmad, 2017).

In the future, project managers will have to work in a remote team so that cultural diversity can be established in the organization. As narrated by Noor and Esa (2021), cultural diversity in an organization is necessary to understand the different cultures of this world. Understanding different cultures can be beneficial in increasing the collaboration among team members and enhancing communication skills. For example, in China people are deeply dedicated to their job roles and do not prefer to enjoy leisure time. On the contrary, people in America do not like the Japanese replying ‘yes’ to everything, and the Japanese believe that Americans do not keep their promises (Bushuyev et al. 2017). In this aspect, in terms of minimizing possible challenges due to cultural diversity, future employees are recommended to possess effective communication skills and adapt to cultural diversities.

In the future, project managers are expected to possess data science expertise as future organizations will apply the Internet of Things and other advanced data science to their organizational development. Knowledge of IoT is a must for every employee of 2030 to ensure data security, identify various risks in the systems, as well as unload various tasks of the administration department automatically. According to the view of Shukla et al. (2021), problem-solving skills are essential for project managers in present and also in the future. Several risks can emerge in an organization that cannot be solved using advanced technology but through effective emotional intelligence. In this aspect, future project managers are supposed to be skilled in various factors such as negotiation skills, team management, time management, risk management, and leadership skills (Noor and Esa, 2021).

Knowledge of effective communication skills will be required in future project management to work in a diverse project management team. In this aspect, knowledge, and skills on effective communication tools will be required for future project managers to secure their position in those companies. As argued by Wang et al. (2019), communication tools in project management include various software that is used to assign jobs to the employees and monitor them. Various communication tools to explain job details can be the projector, discussion board, chat tool, daily stand-up meetings, and weekly status reports (Paramboor and Ibrahim, 2018). However, effective communication will be required through effective project management tools and communication software. Protection motivation theory and risk compensation theory can be used to explain this scenario better.

Risk compensation theory

Risk compensation theory helps to understand the reasons for taking risks in businesses by project managers. In terms of feeling a greater sense of security, most project managers take risks in their business and achieve greater success in the project. However, there are some exceptional cases too, in which project managers have faced massive losses in their business due to taking the risk. In this context, it can be said that the poor-risk analysis skills of the project managers have caused such massive losses to their business. According to Shukla et al. (2021), risk compensation theory suggests that people take risks based on their organizational behaviour and safety measures taken by them. The majority of risk compensation theory suggests transportation safety that includes seatbelts, anti-lock brakes, warning systems, and air bags. Other researchers have argued that risk compensation theory is not effective in terms of identifying and mitigating various organizational risks. [Referred to appendix 1]

Protection motivation theory

This theory depicts that people often protect themselves when they identify any risk and take necessary steps to prevent that. According to Wang et al. (2019), protection motivation theory is the most effective theory that is followed by the project managers to explain the perceptions of various risks. The health and safety of the employees are also considered as potential risks in an organization that can be controlled by applying this theory. Prior analysis of risks in an organization helps the project managers to take preventive measures to confront the risks and achieve success.

3. Conclusion

This study has concluded the impact of Brexit, technological advancement, and the requirement of project management skills in the project managers for the future. Brexit has changed the international business rules and regulations in the UK that have affected business deals and business performances. The economic strength and social strengths of the UK have increased due to Brexit as the revenue generation and cash flow in the UK increased. The rate of unemployment in the UK has reduced which has developed the living standard of the people in the UK. This study has depicted that due to technological advancement, human workers have faced major risks in terms of future employment and their financial security. However, this study interprets that despite technological advancement few special skills cannot be replaced with human workers. Therefore, future project managers are supposed to enhance their project management skills so that they can compete with technological advancement.

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Appendices

Appendix 1: Risk Compensation Theory

(Source: Shukla et al. 2021)