{"id":19,"date":"2021-11-16T22:23:25","date_gmt":"2021-11-17T03:23:25","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/projectcostsrisksqualityprocurement\/front-matter\/overview\/"},"modified":"2021-11-16T22:23:25","modified_gmt":"2021-11-17T03:23:25","slug":"overview","status":"publish","type":"front-matter","link":"https:\/\/pressbooks.bccampus.ca\/projectcostsrisksqualityprocurement\/front-matter\/overview\/","title":{"raw":"Overview","rendered":"Overview"},"content":{"raw":"The world we live in is constantly evolving and changing around us. In the business world, global competition is putting pressure on prices, response time, product\/service innovations, customer expectations etc. The business landscape is changing where we have many emerging new businesses and some businesses have ceased to exist. New innovations and technologies solutions are continuously evolving to address the needs of industries and markets globally. New emerging employment trends are shaping the ways both employers and employee think about the workforce and hiring practices.\n\nDisruption is the new normal especially as we gradually come out of experiencing life in the midst of a global pandemic. The pandemic began against a backdrop of extraordinary change driven by new technologies, a push for governments and organizations to demonstrate a deeper commitment to social accountability, and rapidly evolving customer expectations. So much is at stake and unfortunately, many organizations have not survived the economic conditions brought about by these forces of change. Government,\u00a0non-profit,\u00a0and business leaders\u00a0alike\u00a0know that continued success depends on\u00a0an agile mindset.\u00a0Organizations\u00a0need highly adaptive people\u00a0to deliver on\u00a0bold and complex project ideas.\n\nThis open textbook focuses on planning and managing four critical processes of project work \u2013 cost, uncertainty (Risk), procurement and quality. We will discuss applicable project management artifacts created during projects. It is assumed that this book will be used by students who have already completed an introductory or foundational Project Management course.\n\nThis open book follows the approach taken by Project Management Institute (PMI) and will remain aligned with PMI as their\u00a0best practices evolve.\n\nPMI in 2021 released the Megatrends 2021 report<\/a> which identifies five global trends reshaping the world:\n
    \n \t
  1. COVID-19<\/li>\n \t
  2. Climate Crisis<\/li>\n \t
  3. Civil, Civic and Equality Movements<\/li>\n \t
  4. Shifting Globalization Dynamics<\/li>\n \t
  5. Mainstream Artificial Intelligence<\/li>\n<\/ol>\nSunil Prashara PMI president and CEO, stated in the Megatrends 2021 report introduction\u2026 \u201cAs this year made clear, change is inevitable. But by understanding the drivers behind the volatility, organizations and their leaders can thrive in the Project Economy, delivering positive social impact at a time when it\u2019s needed most.\u201d\n\nBased on research, industry data and interviews with project leaders, the report summarizes each of the five megatrends and then offers guidance on ways that organizations can address these developments through their projects and their approach to executing them. Organizations must:\n