First and foremost, Happy New Year everyone!
2014 has officially begun, and as with every New Year, it is important to reflect on the previous year and set goals for the future. Many of the resolutions that we made last year are still prevalent this year because they are foundational for a hedge fund’s success. This year we are offering a few more critical recommendations to ensure that your company and IT operations run efficiently and effectively.
If someone were to ask me which project management skill is most crucial to the success of a hedge fund project manager, I would say communication. Take it a step further and ask me which part of a project initiative is most important to a project’s success, and I would say project structure.
I am a big proponent of transparency. Project structure serves as a base for the assignment of project tasks to team members because it greatly increases transparency across all levels. When done effectively, it helps control costs, analyze risks, measure performance and break project complexities into manageable parts (building blocks). Breaking a project down into applicable building blocks of structure (called “work packages”) is most effective because it forces the project manager to know something about the essential aspects of project planning.