The Importance Of Project Management Best Practices

Decent Essays

Business Memorandum

To: Business Partnership Committee

From: Name

Date: December 26, 2017

Subject: Company’s Public-Private Partnerships with an Emphasis on Business Improvement Districts and Park Conservancy.

In the highly competitive globalized economies, business must do everything they can to stand out from the competition and find new, innovative means of motivating and leading diverse business districts. Public- Private partnerships to improve park conservancy and business districts are often characterized by short deadlines and complex steps that must be done in an order for the project to be a success (Gilding et al, 2015). To accomplish our goals and complete new projects on …show more content…

Steps to Achieving Goals
Nearly all research on the BID stresses the significance of excellent communication for successful project management. It is necessary for project managers to engage in frequent and meaningful communication with each stakeholder. This precedent must be established from the project’s start, and all stakeholders should be made aware of the projects goals and objectives. They should be regularly updated on progress made towards reaching the goals and objectives (Gilding et al, 2015). This information must not be limited to just some stakeholders and must be shared with team members, managers, clients, sponsors, financiers, and valued customers and visitors to the flushing district.

Potential Risks
Threats to profit margins due to disengagement with community members, emphasizes that project managers should create a risk response team to handle specific concerns and questions regarding improvement initiatives (Meyer & Peng, 2016). Each project and task within the project are subject to risks. A BID risk response team is needed to identify risks, plan mitigations, and create emergency response and contingency plans. Without the team, a business opportunity can be seriously compromised or completely shut down due to unplanned happenings. The risk response team is a first line of defense for emergencies and even smaller problems (Meyer & Peng, 2016).
Potential Benefits
The potential benefits of holding a BID must be analyzed to determine

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