Bare bones

When the economy hits a downturn, a common response from executives is to cut expenses. But as the most senior managers have learned over the course of their careers, cutting back does not always save the organization. In fact, such decisions often hinder an organization's capacity to compete. This article examines how organizations can develop approaches to reducing expenses in ways that eliminate unneeded costs without losing critical resources. In doing so, it overviews how one company reduced costs without laying off workers; it describes the business advantages of navigating economic downturns, noting how these events force organizations to re-examine budgets and better monitor risks and expenses. It also explains how planning helps project teams perform more effectively and more efficiently. It then discusses the advantages of using project management to make financial decisions affecting entire organizations, noting how the discipline can help executives evaluate alternatives, allocate resources, reduc
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