Re-Frame Project Success for the Strategic Business Project success is most often measured by answering two questions. (A) Did we meet the schedule goal? And (B) Did we meet the budget goal? A good indicator project success will improve over time is periodic review of the Time and Budget Dashboard by management. This approach is valid but not sufficient for framing project success over the long-term. Time and Budget Dashboard[/caption] It is very common that once a project is closed, it falls off management reporting dashboards. This is a serious mistake! Strategic success is dependent on the outputs of the project, not the inputs of Time and Budget. The outputs / benefits of the project are measured after project close and take the dimensions of customer satisfaction and business success. It will take several months or quarters after the project is finished until customer satisfaction can be measured. It will take even longer until business success can be measured. By re-framing the measurement time-horizons for projects and their outputs, we can provide more effective visibility and accountability at the management level for the strategic success of projects. The re-frame is to include medium-term and long-term results as part of project tracking and reporting. Team success can be measured in the Short-term. That is Time, Budget and other metrics such as scope, quality, stakeholder engagement, and others. Customer success can be measured in the Medium-term. Customer success is the metrics that indicate how well the product is meeting actual needs and how well the product is providing customer net benefits. Business/Strategy success can be measured in the long-term. Business success is the metrics that indicate how well the overall strategy is benefiting the enterprise, such as market development and risk profile. Measurement Time Horizons[/caption] Organizations have made great strides implementing project methodology and management reporting on time and budget. However a systemic flaw is introduced by reporting only short-term project success measures. There is correlation between success in short-term and success in the long-term but there is more to the picture. We need to re-frame and extend the time horizon for tracking project success to include medium and long-term measures. By linking Customer (medium-term) and Business (long-term) actual measures to project reporting we will gain improved insights on the projects that have either advanced or held-back the realization of strategic objectives. Stephen Wise http://www.IntegrationProfessionals.com/ January 27, 2014 By Administrator Account Measurement, Project Management Ideas, Strategy business, customer, dashboard, executive, long-term, management, project management, results, schedule, sponsor, strategy, time 0 Comment Read More >>
5 Secrets of Successfully Implementing Strategy It is common to find a cultural divide between the strategy folks and the implementation folks inside an organization. As comparison, Strategy thinking is intellectual. Strategy development is sophisticated and often done off-site by executives. A completed Strategy is polished and presented by the top executives. The Strategy is locked for the year. And, Implementation thinking is practical. Plan development messy and done by managers. Planning assumes that all the tasks and dependencies can be identified and solved. The plan will change every day based on progress and issues that occur. Strategy-Execution-Success[/caption] How can the organization ensure the outcomes from the implementation meet the needs of the strategy? The Strategists include the implementers in the strategy development process. One of the strategists assumes accountability for the successful initiation, planning, execution, and closure of each of the plans as well as active involvement in selected risk mitigation and issue resolution. The implementers ensure that a business case is provided that links the forecast benefits and risks of the strategy to the forecast resources and constraints. Viability of the business case should be validated periodically during and after implementation. The implementers select appropriate tools and methodology to plan and execute the detailed tasks necessary to achieve the plan. The implementers ensure the accountable strategist is aware of progress and risks and engaged for collaboration and assistance on all unresolved issues. Increased collaboration between Strategists and Implementers is low-hanging fruit for improving outcomes. Leaders among the strategists and leaders among the implementers who reach across to each other and increase their mutual overlap will see desired outcomes increase significantly. Stephen Wise www.IntegrationProfessionals.com January 18, 2014 By Administrator Account Communication, Methodology, Project Management Ideas, Strategy benefits, business, business case, execution, implementation, issues, methodology, outcome, planning, risk, strategy 0 Comment Read More >>
Team Building - Thoughts to move forward The world of work is shifting, which present special challenges for firms looking to hire and develop quality team members. Fortunately, there is a way to leverage the power of standards and competency development tools to mitigate some of the uncertainty and experimental elements of bringing on new talent. By adhering to a strong standard internally, firms can reduce their chances of making poor hires and increase their odds of growing top performers. The modern staffing climate and business environment combine to make firms feel as though hiring and developing staff will be a continual struggle. Yet there is no need to feel like a victim of forces beyond one's control. Instead, by stepping forward with a solid plan, it is possible to trim costs and improve the talent base. Stephen Wise www.IntegrationProfessionals.com November 21, 2012 By Administrator Account Challenge of Team Building Series, Project Management Ideas challenges, firms, hire, looking, plan, shifting, standards, talent, tb9, team, work 0 Comment Read More >>
Team Building - Plea of the Project Manager The top global business challenge is hiring and developing the right team members to continue positive business growth, according to the 2011 edition of the PricewaterhouseCoopers (PwC) Private Business Barometer.[1] This report marked the second year that staffing dominated the barometer of business challenges, but it is merely the ongoing documentation of a problem businesses of all sizes face in the present talent market environment. Despite historically elevated global unemployment levels, businesses worldwide face a significant shortage of competent staff members. Firms that are unable to find the talent they need go to the market at a disadvantage. Firms with the right talent can secure additional market share, meet customer needs, and innovate for the future. How then can firms ensure that they are not left behind in the global talent race? It is not hopeless. There are a number of specific solutions employers can pursue to make themselves hiring leaders in their target talent markets. These solutions are not merely to throw money and perks at the problem. Instead, through the strategic implementation of hiring and competency development standards, organizations can set themselves apart as the discoverers and creators of an elite pool of loyal talent. This post is first in a series on Team Building for the enterprise. Stephen Wise www.IntegrationProfessionals.com [1] The PricewaterhouseCoopers (PwC) Private Business Barometer. Human Capital Magazine, May 5th, 2011. Retrieved August 1st, 2011 from: www.hrleader.net.au/articles/B5/0C0705B5.asp October 11, 2012 By Administrator Account Challenge of Team Building Series, Project Management Ideas business, challenge, development, disadvantage, elite, global, growth, hiring, issues, loyalty, market, perks, race, solutions, staffing, standards, talent, tb1, team, unemployment 0 Comment Read More >>