Effective Management:

Managing Change

Project Management

New Approaches for the Era of Rapid Change

Vadim Kotelnikov personal logo Vadim Kotelnikov

Founder, Ten3 Business e-Coach Inspiration and Innovation Unlimited!

 

 

Project Management Project Management: MBA approach Project Management: MBS approach Ten3 Business e-Coach: global success Project Management: Two Approaches  - Classic Static and Modern Dynamic, Innovation Process

 

 

 

Two Groups of Activities in any Workplace

  1. Ongoing Operations the work performed over and over; produce similar products and have no defined end

  2. Projects all the work that is done one time; have a beginning and an end; produce a unique product

Corporate Strategy: 2 Logics

 

Project Planning & Management Approaches

Targeted Market

Effective Approach

Lifestyle; change cycle is longer than duration of the project

Project Administration

Rapidly changing; highly competitive; change cycle is shorter than or equal to duration of the project

Business Synergies

Four Project Categories

  1. New product, service or facility development produce something new in the organization.

  2. Internal involve infrastructure development, reengineering an organization, and other improvement that is internal to the organization.

  3. External involve new product/service development as an external venture, geographical expansion (e.g. developing strategic alliances, joint ventures, networks), or organizing of large events

  4. Client engagement are conducted for an external client or customer.

"Most projects require three hands." 

 

 

Two Phases of Project Development

  1. Promising to deliver

  2. Delivering on the promise

Project vs. Business Processes

Project

Business Process

Temporary: has a beginning and an end

Ongoing: the process is repeated over and over again

Produces a unique output or deliverable

Produces the same output each time the process is run

Has no predefined work assignments

Has predefined work assignments

Two Types of Projects and Project Management Approaches

Project Type

Management Approach

Lifestyle Projects developing new or improving existing products, services or infrastructures in a lifestyle business environment

Project Administration   classic approach built on the triple constraints of project management - cost, duration, and outcome

Venture Projects developing new products/services for rapidly changing and highly competitive markets

Business Synergies new entrepreneurial approach to managing projects; goes beyond the triple constraints to consider project and project outcome lifecycle in a wider context of the overall organizational strategy

Four Phases of a Project

  1. Initiation

  2. Planning

  3. Execution Phase

  4. Close-Out Phase ... More

Three Project Management Functions

Related Activities and Outputs

  1. Project Definition

  2. Project Planning

  3. Project Control ... More

What is a Project?

Unlike repetitive business processes or ongoing operations, projects are defined as work that happens one time only. Each project produces some unique outcome and has both a clear beginning and an end.

What is Project Management?

Managing projects is not the same as managing ongoing operations. This work that is unique and temporary requires different management disciplines.

Project management is both an art and a science. The science of project management goal setting, project planning, execution and monitoring tools provide the foundation for success in any project. Learning this basic science is requisite to practicing  the art of project management that encompasses political, leadership, and interpersonal skills, making and inspiring creative decisions, and much more.

Leadership vs. Management

Inspirational Leader: 10 Roles

Project management is the planning, organization, monitoring and control of all aspects of a project and the motivation of all involved to achieve the project objectives safely and within agreed time, cost and performance criteria. It is a set of tools, techniques, and knowledge that, when applied, helps you produce better results for your project. It contains the total amount of leadership skills, leadership tasks, leadership organization, leadership techniques and leadership measures for the performance of the project.

Two Approaches to Project Management

  1. Project Administration focuses on finding solutions within given constraints (output, time, and budget); characterized by an early design freeze that creates a stable target for the project; effective when duration of the project or the time required to innovate is shorter than the rate of change in the business environment.

  2. Business Synergies focuses on adding value to the organization and maximizing return on investment; does not lock down design earlier than absolutely necessary not to miss a newly emerging opportunity; effective for managing innovation projects in the rapidly changing business environment.

Strategic Project Management (SPM)

Blue Ocean vs. Red Ocean Strategy

SPM is the process of managing complex projects by combining business strategy and project management techniques in order to implement the business strategy and to deliver organizational breakthroughs.1... More

Identifying Project Stakeholders

"Satisfy stakeholders!" is the project manager's mantra. For successful projects, it's not enough to deliver on the customer's demand; projects have to meet all stakeholder expectations. Identifying stakeholders is a primary task because all the important decisions during the initiation, planning and execution stages of the project are made by these stakeholders.

The five primary project stakeholders are the project manager, the project team, the functional management, the sponsor, and the customer.  In a larger sense, anyone who participates in the project or is impacted by its results is a stakeholder. Each stakeholder has an essential contribution to make, and all stakeholder expectations need to be met. Contribution made by different people to the project is the principal criteria for identifying stakeholders... More

Apply the 80/20 Principle

The 80/20 Principle says that 80% of the value of any project will come from 20% of its activities... More

The New Business Synergies Approach to Managing Projects

The business synergies approach is concerned with discovering possibilities for adding value to the organization, not with finding solutions within given constraints. This approach uses a framework for thinking about projects based on business concepts such as increasing economic value, or Economic Value Added (EVA). The use of economic value as a decision criterion indicates a change in the way project success is determined and points the way toward the future of project management. While the old criteria of meeting outcome, cost, and schedule constraints will still be important factors for measuring the project progress, they are augmented by business factors that are used to measure project success.

The entrepreneurial approach to project management requires you to manage the project as if it were an independent business venture. But you must also manage with the larger organizational system in mind. You need to understand how the elements of the project affect the business as a whole and how elements of the business influence the project.2 This dynamic new approach to projects will serve you well whether your project is in a business, a non-profit organization, or a governmental agency... More

Turning Failed Projects Into New Opportunities

To profit from experience you must be open and willing to learn, even from what some people might consider a failure. What may seem to be a failure can actually lead to new opportunities, especially if the knowledge acquired from the failed projects can be exploited. Effective learning questions can serve as a starting point for the assimilation of learning. "Learning questions should focus on both project content and the project-development process. The trick is to generate double-loop learning: to learn what works and what does not, and about the assumptions (business logic) that lie behind why it works or why it does not. During reviews, it is important not only to digest what is learned, but also either to renew the commitment and motivation necessary to keep the project going, or to terminate it."1

References:

  1. Getting Started in Project Management, Paula K.. Martin and Karen Tate

  2. Project Manager's MBA, Cohen E. Graham

  3. ICB IPMA Competence Baseline, International Project Management Association (IPMA)

  4. The Fast Forward MBA in Project Management,  Erich Verzuh

  5. Staying Alive