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READ THE ARTICLE BELOW AND ANSWER THE QUESTIONS THAT FOLLOW: PRESERVING PROJECT CONTINUITY IN THE FACE OF COVID-19 By Jim Banaszak, Roberto Charron, Jack Guevara,
READ THE ARTICLE BELOW AND ANSWER THE QUESTIONS THAT FOLLOW: PRESERVING PROJECT CONTINUITY IN THE FACE OF COVID-19 By Jim Banaszak, Roberto Charron, Jack Guevara, and Kevin Stokvis Advancing infrastructure projects means owners must protect people, projects, and performance. This will require adopting an agile posture, continually assessing risks, and adjusting operations. The COVID-19 pandemic is a health crisis that has leaders across the world grappling with the well-being and livelihoods of their communities. The economic challenges wrought by the pandemic continue to mountand with them comes much uncertainty about the future. Capital projects have been hit particularly hard, with worker absences, supply-chain disruptions, and deteriorating investor confidence taking a toll. Although many projects will continuein fact, our analysis suggests that despite economic headwinds, $8 trillion in capital delivery is expected to continue throughout 2020three primary challenges have emerged, all requiring new levels of agility from project owners: Fluctuating guidance and restrictions. Policies put in place to flatten the coronavirus curve have already disrupted the availability of labor, materials, and equipment, and are likely to continue doing so even as they ease. Further waves of the virus, and global variations in severity and timing, will make it difficult to for project owners to predict the impact as governments balance healthcare outcomes with reopening the economy. Market conditions. Supply chains and contractors will be strained, and project owners must be prepared for the possibility of insolvency or bankruptcy alongside cash flow shortages. Cash and working capital. Resources will be increasingly scarce as the markets and economy falter and then recover, and a challenge that may be compounded by low cash reserves. Yet, irrespective of the pandemic, projects still face a performance barand owners face an uphill battle. Although they will likely look to governments and corporate stakeholders for initial guidance, the burden of leadership at the work site falls squarely on their shoulders. The COVID-19 crisis will test even the most sophisticated project owners, and passing that test will take a focus on three core priorities: protecting people, the project, and performance. QUESTION FOUR [25] In light of the article above and the COVID-19 pandemic, evaluate the effectiveness of the role of virtual teams within a project management space
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