improving value creation through professional project management
The global travel and tourism industry continues to grow, now supporting 284 million jobs and generating nearly 10% of global GDP. The continued development of new tourism attractions and infrastructure provides great opportunities for project managers to work in the industry.
A lot of management time and resources in tourism are focused on the daily operations of the businesses. In fact, many hotel or restaurant managers would describe their business operations as their top priority and differentiating factor.
However, most of the competitive advantage for a hotel owner and operator is generated elsewhere. The value is created in the projects that are conducted to plan, build, select an operator, hand over to the operational team, renovate, and conduct other strategic, chain/company-wide projects.
With this in mind, it is surprising that much of the management time and attention is spent on operations and not project management.
We believe that . . .
- the hospitality industry is losing a lot of money in their projects
- a bad investment up front is difficult, if not impossible, to recuperate in operations
- better project management will help operators and investors recapture value from their projects at each stage of the lifecycle
- management staff in hotel companies are not sufficiently trained in project management
We are conducting a study of hotel industry executives and project managers to confirm these assumptions and will provide suggestions for how the industry can tackle these challenges.
You will be the first to see the results and we look forward to valuable discussions after the presentation.
PMI is a registered mark of Project Management Institute, Inc.