1952_Module 12 Lessons Learned and Review - Read-Only.pdf

~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! 1952 Leading Projects in Organizations Module 12: Lessons Learned ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E!...

~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! 1952 Leading Projects in Organizations Module 12: Lessons Learned ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E! Module 12 - Section 1 Knowledge Management  "Knowledge management (KM) is the process by which companies systematically and intentionally create, share and apply knowledge (information) critical to key business strategy, decisions and operations." - Knowledge Management Pilot: by George Bell dont be an information hoarder and take the info with you Q The Knowledge Management Paradox Source Best Practices m Knowledge Management, ProJectManagement com, Bell hllps 'www prme;ctmanagement com1presentat1onsJ18243/Knowledoe-Mana2ement-8Pst£ract1ces  Knowledge Management Results Organizations with Knowledge Transfer 48% W ithin Budget 75% 42% On Time 74% 62% 82% 0% 10% 20% 30% 40% 50% Poor Knowledge Transfer Good Knowledge Transfer ~ UN I VERSITY OF TORONTO Source. Captunng the Value of Project Management Through Knowledge Transfer, PMl's Pulse of the Profession; March 2015, page 6 ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 10 hnos IIYfW« pcm ocoOeammohhn11oht-leadersb1of911lse/raQ111ce-vah1e-knowledoe-1ranster  Knowledge Management Strategy Think of knowledge as a strategic asset that needs be managed But knowledge is different from other physical assets The more you give it away, the more valuable it becomes Understand where knowledge adds value in your organization Invest in creating and using this knowledge effectively Make knowledge accessible to anyone who can use it or contribute to it Create an atmosphere where knowledge assets increase and continue to be relevant Build this in from the beginning - start a lessons learned list, manual, quick tips, etc  Knowledge Management - Five C's Content: - Schedules , budgets, logs , reports , statistics, metrics , implementation plans; project "stuff" Context: - Business cases , analysis, research , strategy documentation; links "stuff" to business objectives Communities of practice: - People, both staff and vendors , interested in contributing to and using "stuff" Computing: - Staff who collects , tag , and maintains the "stuff" Communications: - Systems , structure and archives which makes "stuff" available when and where it is needed ~ UNIVERSITY OF TORONTO Source: Best Prachces m Knowledge Management, ProjectManagement.com, Bell, Slide 9 ~ scu ooL 00 CONTINUI NG ST UDIL~ hllns ,Jwww pr91ectmammement cgmlpresent;1t1ons11924JfKnowtedae-Manaoement-8est-Pracllces Knowledge Transfer Life Cycle 1. Identifying - Determine what knowledge needs to be transferred Assessing a ) Id ent1·ty ·mg 2. Capturing - Accumulate \ the essential knowledge 1 that needs to be transferred 3. Sharing - Establish methods for transferring the knowledge Applying Capturing 4. Applying - Use the knowledge that is -'... 5. trarAs:seuing - Evaluate ~ the Sharing benefits of the knowledge that is transferred  Proiect Knowledge Management Determine the significance of Give structure Use knowledge knowledge ; to knowledge to solve decide what to through content problems and invest in for creation achieve results content Capture Evaluation Combine, refine Disperse Take and clarify knowledge , possession forms of making it of a record knowledge available when knowledge hrough content and where it's design needed Source Knowledge M.lnagement Prlot ProjeGI, ProJeCtM.in.igement com, Bell , Shde 2 httos ,lwww PfOl!!Ctmanagem@nt c9mlprf!sentahoos 1 1TT8§/Kn owt@dQIJ:--Management£1l9)-Pr9u1ct Crga)lnq-a- 14 Sustamable Q1ffprent 1at1nq-811s1nns-Ca2abthty  Knowledge Transfer Considerations Accuracy- Is the knowledge correct? Thoroughness/ Precision - Did we get everything? Or did we gather things we did not want? Originality- Do we already have this knowledge? Relevance- Is it relevant to our business? Helpful? Impact - Does it have the potential to affect behavior and business outcomes? Materiality - How much will it impact the business? Currency- Does it represent the best thinking today? Accessibility/ Retrievable - Can we get access? Can we find it? Actionable - Can we apply it? Learning- Did we learn anything new? Continuous Improvement- Did the knowledge get improved? ~ UN I VE RSITY OF TORONTO Source: Best Pract1ces m Knowledge Management, ProjectManagement.com, Bell, Slides 15 17 ~ scu ooL 00 CONTINUING STUDIL~ hl!Ps 11www ormectmanagement com1oresentsit1oos11974J/Know!ed9f!-Managem2nt:flf!Sl Pract1ces 15 ~ Knowledge Management - Exercise IC-2.1 Responsibility assignment matrix Implementation process From the following list of items, WBS Vacation schedule which documents would be Final schedule particularly useful to spend RFPs time tagging and archiving for Resource calendars the purposes of sharing Quality assurance test cases knowledge for future projects? Timesheets Meeting minutes Categorize them as either: Final Budget 1. Store for organizational T earn Charter Issue log knowledge transfer Change management log 2. Archive with project Dashboard status reports Preliminary budget documentation Personas Draft schedule Presentation templates ~ UN I VE RSITY OF TORONTO Risk log ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 16  Results STORE FOR ORGANIZATIONAL ARCHIVE WITH PROJECT DOCUMENTATION KNOWLEDGE TRANSFER Final Budget Draft Schedule WBS Presentation Templates Quality Assurance Test Cases Team Charter Responsibility Assignment Matrix Timesheets Personas Vacation Schedule Issue Log Dashboard Status Reports Implementation Process Meeting Minutes Risk Log Preliminary Budget Change Management Log Resource Calendars RFPs Final Schedule ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ Q Knowledge Management - Questions 1. In PMl's Pulse of the Profession Capturing the Value of IC-3.1 Project Management Through Knowledge Transfer they IC-3.2 identified that companies who had good project management practices: a. Were less likely to finish within budget b. Were to finish on time all the time c. Were more likely to achieve their project goals d. Were more likely to promote the project manager 2. Capturing project knowledge involves several steps. Which of the following steps are critical in this establishment of a knowledge management process? a. Retrieving project data , tagging information for easy searching , storing for future use a. Identifying assets, capturing useable relevant details , establishing methodology on how to share these b. Establishing a file management structure, retrieving project documentation , storing information c. Auditing existing project archives, tracking frequency of use, removing stale data materials __________ Answers available via ,..__Interactive Content on Quercus_. 17 ~ U NIV E RSITY OF TORONTO g SCH OOL o, CONT I NU I NG STUDI E!  On 'Insanity' "Doing the same thing over and over again and expecting different results." - Albert Einstein Source The Importance of Lessons teamed and the Les.sons Learned Facilitator; ProJect Management com, Shde 5  Why do Lessons Learned? Capitalize on a firm's growing corporate project experience Focus the project manager to act on discovered lessons learned on a formal basis This will help: - Save costs by capitalizing on found, shared, and reproducible efficiencies - Retain client loyalty and increase sales by providing more cost effective and operational deliverables - Retain project managers as they will face less stress if they follow "revealed" lessons learned remedies: A more relaxed staffer will stay on the job longer Turnover is expensive - Continuously improve upon project best practices Super helpful so ppl aren’t starting from scratch each time or asking a bunch of repeated questions Lessons Learned Process Steps include: - Identify comments and recommendations that can be valuable for future projects - Document and share findings - Analyze and organize the lessons for later application - Store findings in a repository - Retrieve the lessons for use on current projects Questions to ask include: - Were the project success criteria achieved? - Were the project vision, objectives , requirements , assumptions , and constraints clear? - Were the schedule duration and/or client expectations realistic? - Were project sponsors and project clients communicated with regularly? ~. ~ rt.~-;;p;s~w_~~y,uabJe,nt0a~eariyc,l!jfll@etrs,i;amdruntne4§llTI(J)Je©t. Exit Transform 0 (.) organization, recovery Q) ~---~ a: ~ - - - ~ might not be a good 0 en 0 option () Re prioritize Salvage Exiting or terminating the project could Low be a more valid Low Business Value - - High of Project to the proposition Organization ~ UN IV ERSITY OF TORON TO ~ SCIIOOL oo CONTINUING STUD IL~ 30  Proiect Closure This is the final point for the PM and project team to review all the project deliverables in order to ensure that the project has met its objectives It is the crucial juncture where project activities must shift to operational activities with respect to the deliverable Even though this stage of work requires completion of a large number of activities, it is usually rushed or ignored in favour of far more attractive activities No matter how projects end, you need to complete project closure activities ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 31 Proiect Closure - Tasks This phase encompasses all of the usual tasks for both administrative and contract closure, including: - Perform scope verification , obtain formal acceptance from the project client and other key stakeholders - Address any residual concerns and/ or risks - Collect and archive plans, records, drawings, and other project documents - Audit the project performance; gather and document lessons learned - Pay remaining invoices, resolve disputes, transition contracts - Close off project finances , administration tasks - Place staff and resources For your project to be a success, ensure a ; ~!f~fii~~J~ plan is in place and has been 32  Proiect Closure - Checklist There are many tools and templates available to support the 'hard' side of project closure, such as checklists Project Closure Questions Explanation Have all the project objectives been achieved? Is the client/ customer satisfied with the overall project? Have all necessary post-project support agreements been established? Are there any major remaining concerns for the project? What are the key lessons learned from the project? If you had it to do all over again , what would you do differently? Do you believe the solution was cost-effective? ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 33  Proiect Closure - Steps The steps shown here serve as a reminder to the project leader to recognize contributions, gather lessons learned, and prepare for the next round of work Hold project closure meeting ~ Make a 'clean ' break :) Prepare and share lessons learned Celebrate completion ) Recognize team members / ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 34  Definition for Proiect Success (1) Project success is often measured as: - Within Schedule I ----~ ~:3:·_ - Within Cost ----- : ----- - Within Scope ' - Within Quality - Accepted by the Customer Project success is also a combination of both the 'How' and the 'What' Project success is much broader, is often multi-faceted ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 35  Definition for Proiect Success (2) Other criteria that may be considered in reviewing a project's success include: - Customer reference - Health and safety - Follow-on work - Environmental - Benefits realization protectio - Technical superiority n - Strategic alignment - Corporate reputation - Regulatory agency - Employee alignment relations - Ethical conduct ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 36  Definition for Proiect Success (3) A project life-cycle is part of the product life-cycle Projects deliver the objectives of a product I Idea Introduction!·· Grow Decline / Retire 1 1 Proof of Requirement i Test Pilot i i Concept Pro· ct Life-c cle e Concept i Planning i Execution i Closing ·tation i' :' i' '--·---·······------------- ' ---------'---------------------------·---------------------·------------- Transform ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU ING STUD IL~ 37  Critical Success Factors (CSF} Project sponsor and other key stakeholders consider certain CSFs as fundamental to achieving excellent project results and declaring a project success Examples of CSFs would include: - A clear project business case, mission, objectives, and deliverables - Top management support, including an effective sponsor - Sufficient resourcing - Strong, ongoing communications, monitoring, and feedback ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 38  Key Performance Indicators (KPI) Indicators show progress toward the project goal A KPI should be quantitative to help make the process a practical one Examples of KPls include: - Performance on project budget (variance from baseline) - Performance on project schedule (variance from baseline) - Number/kind of requirements developed , tested , or completed - Achieving high level of retention with personnel - Return on investment exceeds 12% in the first year - Warranty returns are less than 1.5% during the first year ~ UN I VE RSITY OF TORONTO ~ SCIIOO L oo CONTI NU I NG ST UDIL~ 39 Success Is a Function of CSFs and KPls Straightforward CSFs and KPls make success easier to measure for all project stakeholders and help to build commitment CSF There should be a relatively small and prioritized set of CSFs + + Project Success and KPls to maintain KPI focus for all involved Informal CSFs and KPls are likely to cause communication issues -- fti~6~! ~6JT~t1~~!~toT~ i, 5 40  Proiect Closure - Exercise lie~ @work IC-2.2 Project Closure Questions Explanat10n Have all the project objectives been Benefits of$2 ,100,000 in savings realized due to reduced rental costs; achieved? over the $2,000 ,000 goal Final program costs were $1,565 ,000 , over the program budget of $1,500 ,000, but under the business case constraint of $1 ,750 ,000 Is the client / customer satisfied with Besides completing on time and wi thin budget and within revised scope , the overall project? staff can more easily commute to work, reducing employee turnover New employee laptops purchased IT team pleased with installation of new secu rity software Have all the necessary post-project Final report and lessons learned presented to the Steering Committee support agreements been Pam , the Project Sponsor signed off on the project established? All remaining invoices paid and all documentation reviewed , updated , and posted in the JKLM PMO archives Are their major outstanding concerns JKLM HR team investigating increasing w ork at home options about the program? Allowing 10% more employees to occasionally work form home will enable reconfiguration of existing space for a client meeting room in new airport location What are the key lessons learned N/A N/A Open and ongoing communication plus staff engagement is critical from the program? If you had to do it all over again , N/A N/A We would have started investigating rental space, fees , and options six what would you differently? months earlier Do you believe the solution was The ongoing reduction in rental fees will improve operational efficiencies cost-effective? ~ UN IVERSITY OF TORONTO ~ SCIIOOL oo CONTINUING ST UDIL~ 41 Q Proiect Closure - Questions IC-3.3 IC-3.4 1. You are reviewing a troubled project and must make a recommendation on whether you should try to rescue it. Using a decision matrix, with high/low scores on the cost of recovery and the benefit to the organization , you have determined it has a _ a. High cost but high value and therefore should be discontinued b. Low cost but high value and therefore it should be continued c. High cost but low value and therefore it should be continued d. Low cost but low value and therefore should be continued 2. Key Performance Indicators may also include: a. Reporting on business goals and metrics after the project has been COm P.leted b. Delivering presentations, reporting regularly throughout the project C. Updating project budget baselines, forecasts, and the expected final costs d. Communicating project status in dashboard reports; with red , yellow , or green status Answers available via Interactive Content on Quercus 47