Projects in the Knowledge Economy Patrick Onions

New ways of working have to be explored to ensure learning and knowledge become prime foci in the Knowledge Economy. One approach would be to re-engineer conventional processes to centre on knowledge rather than on tangible deliverables and their production activities. This paper demonstrates that strategy, by proposing radical new theories of projects and project management. Project management has been successfully applied in wide range of industries where deliverables are tangible and planning and control are predictable, such as construction and aviation. These are environments where the outcomes and tasks to achieve them are known or can be accurately described. Knowledge Economy projects on the other hand are characterised by knowledge intensive or novel activities, unique or unknown solutions, complex and dynamic environments, and skilled and creative staff. Projects in the Knowledge Economy have been difficult to plan and control. Empirical evidence suggests a higher than normal project failure rate in information technology, creative industries and research. Lack of success may be attributed to the inherent complexity and ‘unknowability’ of these projects’ work breakdown structures, particularly during initial planning phases. Conventional project management approaches have attempted to mitigate this situation through techniques such as iterative methodologies, experience based estimation and project reviews. By accounts these too have met with limited success. Lack of an explicit theory of project management hampers efforts to devise new approaches. Establishing theory for knowledge-based projects and knowledge based project management was consequently a primary objective of this research. This theory uses algebraic models to redefine projects as finite sets of interrelated knowledge configurations, and project management as a process of systematically and optimally arranging and coordinating these knowledge configurations to achieve specific objectives. It is intended that these theories address the demands imposed by the Knowledge Economy on projects, whilst retaining those project characteristics that are important to practitioners. These theories will also underpin a knowledge based project management methodology that may be used to inform and describe relevant practice.