Meaningfulness of basic factors of economic competition through the prism of the use of instruments of project management in an entrepreneurship

Abstract

The main factors of economic competition are considered, namely: people, time, money and quality. The ability to manage these factors through specific project management tools is reflected. The practical significance of each of the factors of economic competition is emphasized and the appropriate project management tool for the management of each of the factors on the example of companies in various sectors of the economy, based on research results or statistics. In particular, when considering the factor of economic competition "people", it is recommended to pay special attention to their role in improving the effectiveness of strategies implementation and changing the goal as a key quintessence of the organization, and for the development of this factor improved stakeholder assessment process is proposed, which is often used in project management to increase its competitiveness. Another tool in people management is analyzed - SCRUM teams, which have become especially popular globally. Research data on the level of their use in various areas of management are presented. To control the time parameter of economic competition, it is recommended to pay attention to the SMART technique, according to which the goals should be specific, measurable, achievable, relevant and limited in time. The importance of the "time" factor in the competitive environment is demonstrated by the example of postal companies and compared their level of competitive advantage according to this criterion, as well as those companies that responded quickly to restrictive measures during the Covid-19 pandemic and changed their priority projects to those that are more urgent today. Regarding the "quality" factor, analyzing the world's achievements, attention was paid to the effectiveness of using 14 principles of E. Deming, which still remain relevant. The "costs" factor is governed by classical and further tools such as budgeting and the popular E. Deming cycle. It is concluded that the use of various project management tools in the field of economic competition to increase the positive impact of its factors allows ensuring the desired level of competitiveness of the organization of any field of activity and at any stage of its life cycle. These tools are easy to use, versatile and practical.