The Opportunity Cost of Not Using a Project Management Tool
Have you heard of the opportunity cost concept? It was developed in 1912 by Professor Friedrich von Wieser, an Austrian economist who suggests that the utility of a decision must be greater than the opportunity cost for it to be a good choice.
In this case, the utility of using a project management tool is improved productivity and efficient resource management. The opportunity cost is the monthly subscription fee, which could be $10-20.
Many business owners and project managers feel that getting a project management tool is unnecessary, especially if they have limited resources.
However, this could be a costly mistake. Most project success requirements rely on tool efficiency, and using an efficient project management tool can improve productivity and avoid challenges that could lead to project failure.
Many affordable project management tools, such as Asana, Trello, and Sync! are available. These tools offer a variety of features that can help you improve communication and collaboration, find the right talent, and manage resources effectively.
Below are some of the ways Sync! can help achieve this:
Improve Communication and Collaboration – Imagine working on a project and sending emails and files back and forth. How tiring and time-consuming can that be? Yeah, I know that’s right, FRUSTRATING! Ensuring everyone is aware of their responsibilities and is on the same page is critical.
Sync! Offers a platform where project members can communicate in real time, share files and get instant feedback, avoiding misunderstandings.
Finding the right skill/talent - While handling specific projects, as a project manager, you may need to outsource or look for new talent to help in project completion. Unfortunately, advertising, screening, and hiring the right skill can be time-consuming and tiring, causing delays to the project timeline.
Sync! has a marketplace feature where you can find highly skilled, vetted talent within a quick turnaround time.
Effective resource management – Contrary to the idea that a project management tool adds to more expenses, it allows SMEs to track their budget and expenses, stay on track financially and help to avoid overspending.
With Sync! you can tie milestones to amounts so the payment is only released when the work is complete and approved.
The opportunity cost of not using a project management tool can be high. An efficient tool can improve productivity, avoid challenges, and save money.
Sync! is an excellent option for African entrepreneurs searching for an affordable and easy-to-use project management tool.
Springer, Opportunity Cost. Retrieved from