C. Myblog

The Folly of a Poor Project Management Process

March 26, 2015

Credit unions are no longer what they were. At one time, they braved a new path in the banking world with the assistance of SEGs, and filled an open need for workers in America. That need is still there but many credit unions have grown from servicing singular employers into servicing entire communities. With that great responsibility, these credit unions have put training programs in place for their front-line staff – especially tellers – because this is where the members interact most.

What they are missing is training in other areas of the credit union that might have less direct member impact, yet greater indirect member impact. One of the best examples of this is the credit union’s project management process.

For any credit union that has ever tried to take on a meaty project (e.g., installing a new core, transitioning a loan origination system or relocating a facility) the strength of their project management process will never be more evident.

If that project was completed on time, in scope, and in budget, then the credit union employed a strong project management process.

If that meaty project was completed somehow, by the skin of their teeth, well past deadline and decidedly over budget, then that credit union employed a weak project management process.

Here are some of the key things that go wrong when credit unions are weak in project management:

  • There is not an executive sponsor or the executive sponsor is not appropriately engaged
  • The credit union does not develop a formal project plan for its bigger projects
  • A tracking system is not created that is capable of providing variance analysis data
  • No one attempts to manage project scope and or key stakeholders have different understanding of the scope, schedule or resource changes throughout the project’s life cycle

The above list of project management fails could be avoided if credit unions take time to train key people on successful project management – for the benefit of the credit union and its members.

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