Project management is defined as a systemized approach to defining, organizing, planning, monitoring and controlling projects. In order for a project to be run even somewhat efficiently, these key aspects of project management must be present. Unfortunately, even if all of these aspects are run well within a project, not everything will be perfect and there will likely be some setbacks.
In the era of technology that we live in, some projects have been taken over by algorithms and robots, and I wouldn’t be shocked if this trend continued. But most projects still require human labor in order to be executed. Before any project is started there must be people in place that are capable of doing the job. This is an important part of any project in order for anything to get done.
A lot of people like to focus on the tasks within a project and the final goal, but it is interesting to look at what group or team is being set to take on the task. I was fortunate enough this past summer to be included in the expansion plans of the company I worked for. Witnessing all of the moving parts of organizing and planning was great experience and makes me think about what goes on within other projects when I see them.
Recently, Arby’s acquired Buffalo Wild Wings for about $2.9billion, but this is only the start of a much bigger project. Executives have created Inspire Brands Inc., which will now oversee Arby’s and the newly purchased Buffalo Wild Wings. Inspire Brands Inc. will look into many more acquisitions across different sectors to create a different kind of restaurant experience.
Merging the two restaurant chains and trying to turn around Buffalo Wild Wings’ struggling financials are already big projects, but looking to acquire even more pieces to this greater puzzle will make everything even more complex. Taking the right steps in managing this project will be important moving forward to make sure that each acquisition is a smart one.
Some aspects of managing this big project can go back to the fundamentals of project management. Inspire has already defined what its plan is moving forward, but now the firm will have to get the right people into place in order to organize, plan, monitor, and control all of its future moves.
In a project as big as this one, there are some things that might be important to consider. After seeing a small-scale expansion this past summer and the challenges that came along with it, I can’t help but think of the challenges that might be faced during this much larger project. Consider what some challenges might be moving forward for Inspire and what some options may be to help improve how the project could be managed.