2022 in Project Management - 2/8
A Look Back at Unprecedented Challenges and Opportunities in a Year of Great Change
2022 has been an unprecedented year, and it brought with it a wide range of challenges and developments that have the potential to change the way that project managers approach their craft.
This is the second article in the list.
2. Cryptocurrencies meltdown
Growth pains or fatal blow? Whether the crisis of 2022 is a temporary slowdown, or the beginning of the end for cryptocurrencies, a paradigm shift in the way we manage money and payments is happening.
Will blockchain emerge from the trough of disillusionment in 2023, or will it remain a solution in search of a problem?
Whatever the case, the market crash of Bitcoin and cryptocurrencies in general may create a negative perception of blockchain technology as a whole, which could lead to a decrease in investor confidence in the blockchain technology, regardless of the specific industry or application. The decreased confidence could lead in turn to a decrease in the amount of capital available for new blockchain initiatives, and a loss of interest from potential users.
Takeaways for your project
If you are managing - or about to start - a project dealing with any kind of blockchain-based technologies, you must assume that the perception of its risk level has changed as a consequence of the events in 2022. For this reason, the first generic piece of advice is to step up your risk management activities.
In addition to that, you might find that some of the following apply to your project.
Some of the stakeholders might have changed their attitude towards the project, especially if their initial support was fueled by the massive growth experienced in the past. Review your stakeholders list and verify all the assumptions that you have made about their engagement.
Plan a thorough review of the expected benefits: even if they are not dependent on the market value of cryptocurrencies, a review will remove uncertainty about the goals and increase trust.
Government regulations might evolve: stay alert and be ready to extend the scope of your compliance activities in order to ensure that your project complies with all applicable laws and regulations.
Reconsider your communication strategy, as the general perception has changed and what was previously seen as “up-to-date with the latest trends” could now encounter strong skepticism.
The List
Cryptocurrencies meltdown (this article)
Upcoming:
Breakthroughs in nuclear fusion research
Natural catastrophes and heat waves
The Football World Cup
The Aquadom collapse
Generative AI goes mainstream
ABBA Voyage virtual concert
Bonus point
Agile Methodology and big-”A” vs small-”a”: according to the State of Agile report 2022, "Accelerate Time to Market" is the #1 expected result of an Agile transformation. The ability to manage changing priorities has disappeared from the radar, meaning that it is relevant for no more than 30% of respondents.
Up next
#3: Breakthroughs in nuclear fusion research
Quote from a friend:
Fabio, you’re joking. Do you really think that nuclear fusion will have an impact on Project Management?