How Does Hybrid Project Management Contribute to Managing Change in a Volatile and Uncertain Context in the Financial Services Industry: An Interpretive Multiple Case Study
Organizations, governments, and individuals around the globe are currently experiencing Industry 4.0 (also known as the Fourth Industrial Revolution, 4IR, or I4.0), as evidenced by new disruptive technologies appearing on a global scale at an unprecedented rate. This environment might be best described as volatile, uncertain, complex, and ambiguous (VUCA). Although organizations utilize a wide range of management methods to overcome unexpected challenges, including both organization development and change management, project management has emerged as a critical strategic competency for the delivery of strategic initiatives to increase business value. Organizations are increasingly gravitating toward the use of hybrid project management (HPM), as there are many limitations associated with using waterfall project management or agile project management exclusively. The primary research question is: How do project managers perform hybrid project management (HPM) to respond to and successfully manage change? A multiple case study approach developed by Stake was used to understand the lived experiences of individuals utilizing HPM in financial services organizations. Each participant was treated as a separate case study. Five participants working for financial services organizations with at least five years’ experience as non-IT project managers were interviewed. Interviews were transcribed, memos produced, and data was analyzed to establish nine significant themes. The study\u27s findings may be beneficial to individuals, organizations, and the field regarding HPM considerations. The study yielded two proposed models: the first aims to aid individual practitioners in mastering the necessary skills and roles required for implementing HPM, while the second is a nine-step model designed to operationalize HPM in practice
