Question

How do you think we should value management? Specifically how might we try to determine MRP_L for managers? Does management skill matter? Are managers that can make a meaningful difference rare?

Answer 1

Value management is a combination of planning tools and methods to find the optimum balance of project cost and risk benefits. In order to make the right decisions about the optimized balance of benefits, risks and costs, it is the process of planning, evaluating and developing the project. Managing the project value increases the likelihood of producing the results and creating the benefits.

Management of value is close to management of benefits, but these two concepts are not the same within project management. When we talk about managing benefits within a project, we focus on the actual outcomes in relation to expectations in order to determine whether the benefits are being delivered to the client. Management of project benefits generally involves scheduling the project's deliverables. While, quality planning and project management is about matching the expected benefits with available financial resources and reducing the probability of risk event that could cause project failure.

The labor demand curve tells us how many workers a company can recruit in a given period of time at a specified wage rate. The demand curve for labor emerges from the projected marginal income product of labor (MRPL) in the theory of sustainable labor markets.Industries are believed to be maximizers of income and will choose a level of employment that maximizes profit. The MRPL curve is the labor demand curve. MRPL falls when the returns are set to decrease. Management skills in the abstract are something you hear a lot about; but you can find that you are at a loss to describe what the word really means. Management skills can be almost anything in the broadest sense that helps you to effectively manage others. While some skills will vary depending on your industry, there are several universal skills in almost every work environment.

Managers who can motivate their employees are their company's true assets. Not only does this type of interaction increase productivity and employee satisfaction, it also sets a good example. Hiring managers are looking for leaders who can detect the strengths of employees and encourage them to develop their skill sets. The best managers have a keen eye for areas that could be improved and know how to approach these issues diplomatically so employees feel encouraged to make productive changes instead of being discouraged by their deficiencies.

Most of us have met a boss, manager, or leader at one time or another that made us feel respected and appreciated. And as a result, we could do more than we felt we could ever do. Most of all, that's the sign of a true leader— someone who makes you feel, think, behave beyond the boundaries you've expected to your own abilities and abilities. Moreover, they make you feel valued and you're part of something bigger than yourself. All great leaders draw strength from a well-built self-awareness base. Leading from within requires a comprehensive self-understanding. It includes the ability to recognise your own strengths and weaknesses— in terms of skills that can be leveraged by recruiting people who make up for your weak spots, as well as emotional triggers. Managing these stimuli requires a high level of emotional awareness, as well as knowledge of how to adapt and willingness to change your actions as an effective leader. You have permission to be imperfect, often flawed and weak, but you never have to allow internal turmoil to wreak havoc on those you are leading.