Overview
In the series on “Future Trends in Project Management,” John McGrath, a project management advisor and lecturer, highlights the critical importance of incorporating ‘Facility Management within Project Management‘ plans.
McGrath emphasizes the need to integrate facility management into comprehensive project planning. Providing valuable insights on how this convergence can enhance overall project success and address emerging trends.
Through insightful analysis, he navigates the evolving dynamics of project management, illuminating the pivotal role of facility management in shaping the future of successful project execution.
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Facility management and project management converge when assessing lifecycle costs beyond the initial capital investment.
The introduction of ISO 55000 has made lifecycle costing a tangible challenge for many organizations. Consequently, organizations must seamlessly integrate lifecycle costing into the comprehensive consideration of project tasks and associated costs. This shift underscores the need to integrate ISO 55000 principles. This ensures a thorough assessment of the full scope of project work and its costs. Embracing lifecycle costing as an integral part of project management strategies helps organizations navigate modern challenges, foster sustainability, and achieve long-term success.
Why is the total cost of ownership important?
Consider the total cost of ownership for a product or project holistically, including the entire lifecycle, not just the capital investment.
Further Insights
Find out more about Cora’s project portfolio management software solution.
Check out our Project Management Paradise Podcast for more information here.
