96 - Part II - Project management 7.0 V.pdf

Advanced Project Management Framework II v. 7.0 What is success and what is failure? Ask the above question to ten interested parties. Everyone of them will have his/her...

Advanced Project Management Framework II v. 7.0 What is success and what is failure? Ask the above question to ten interested parties. Everyone of them will have his/her own view. Success or failure is what each particular interested party perceives it to be. You'll just have to accept that. The previous quote is essential. But do you agree? How do you define the success of a project?  Meeting predefined scope, time, and budget goals Objective Criteria Achieving specific, measurable objectives set at the project's outset Delivering the agreed-upon deliverables Stakeholder satisfaction Subjective Criteria User adoption and feedback Long-term business value Defining project success Define should involve both success criteria at the start of the project objective and subjective measures: Include metrics from multiple perspectives (financial, customer, Balanced Scorecard Approach internal processes, learning and growth) Weight these criteria based on project and organizational priorities Identify key stakeholders and their success criteria early Stakeholder Alignment Negotiate and agree on a shared definition of success Regularly review and adjust as needed throughout the project Conduct lessons learned sessions Post-Project Evaluation Assess both immediate outcomes and long-term impacts  Projects – Why? In general, projects are initiated to address specific challenges or capitalize on emerging opportunities. Usually: 1.Problem Resolution: Projects may be created to tackle identified issues or meet specific needs within an organization. For example, corporate restructuring initiatives are often launched to address inefficiencies or adapt to changing market conditions. 2.Innovation and Opportunity Exploitation: Projects can arise from innovative ideas that are believed to generate significant benefits or competitive advantages. These might stem from business needs, technological advancements, or market trends. 3.Gap Fulfillment: Some projects are initiated to fill existing gaps in products, services, or processes. These projects aim to complete or enhance current offerings to better meet customer or stakeholder expectations. 4.Adaptation to External Constraints: Projects may be necessary to ensure compliance with new regulations, adapt to environmental changes, or respond to shifts in the competitive landscape. 5.Strategic Alignment: Organizations often initiate projects to align their operations with long- term strategic goals, such as entering new markets or diversifying product lines.  What does it mean to manage projects? Plan Money Organize Enterprise Time To achieve Direct resources Equipment something Control People Warning POV Determining factors in project success 80 % 20 % Phases Executing and Initiating Planning Closing Controlling 5% 14 % 80 % 1% Effort required for project execution Metrics Projects that use metrics to monitor and measure performance are likely to encounter fewer problems. 8 Essential KPI Metrics for Teams Measures of Project Management Performance and Value Metrics and KPI's for Successful Project Management The need for project management metrics  Culture In a strong project culture, team members are typically more satisfied, committed, and supportive of each other. Project Management: Organizational Culture How Company Culture Affects Project Management  2 Processes # Process Groups Check on iCorsi the full resolution. Processes While the knowledge, skills, and processes described in project management frameworks provide a valuable foundation, they should not be applied blindly across all projects. For each unique project, the project manager, in collaboration with the project team, is responsible for determining which processes are most appropriate and the optimal degree of rigor for each process. Processes 1 Project Management Processes Processes 2  PDCA - Plan – Do – Check - Act The project follows the Deming Cycle The Project Management Process Groups form a dynamic cycle throughout a project's lifecycle  9 Project Management # What’s the meaning of Project Management?  Project Management – Definition (PMI) Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. It’s the practice of planning, organizing, and executing the tasks needed to turn a brilliant idea into a tangible product, service, or deliverable. Project Management Features 1. Professional Discipline 2. Experience-Based 3. Continuous Improvement 4. No Universal Solutions 5. Interpretative Skill 6. Project Uniqueness 7. Contextual Factors Project Management Project management is executed through a series of processes, leveraging knowledge, skills, tools, and techniques to transform inputs into outputs. To ensure successful project completion, the project team must: Select, within groups of project management processes (also called process groups), the processes needed to achieve the project goals. Use a defined approach to adapt the specifications and plans of the product to the requirements. Comply with the requirements to meet the needs, desires and expectations of the stakeholders. Find the right balance in the conflict between the demands of scope, time, cost to produce a quality product. Project Management The Triad in Project Management (the pillars of integration) Explicit responsibility for the integration of individual contributions to the project The planning and control systems for the prediction and integration of individual contributions to the project The project team, as a place of integration of the contributions of all project participants  Project Management inside an organization ISO 21500  Project documentation and information - Process groups and interactions  2 Program and Portfolio # Program A program is defined as a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Program Management 1 The Standard for Program Management Program Management 2 Project Manager vs Program Manager Portfolio Management A portfolio refers to a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. Portfolio Management 1 The Standard for Portfolio Management Project Manager vs Portfolio Manager Differences / Relations  9 Project Sponsor A project sponsor is an individual or a group that provides financial and other resources and support to a project. The project sponsor is usually at the senior management level and either owns the project or is at least partly responsible for the project's existence and therefore, its success. # Project Sponsor Project Sponsor The project sponsor Working with your sponsor Project Sponsor Project Sponsor The project sponsor Working with your sponsor  2 Stakeholders A stakeholder is an individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. Stakeholders may be actively involved in the project or have interests that may be positively or negatively affected by the performance or completion of the project. The project team must identify internal and external, stakeholders in order to determine the project requirements and the expectations of all parties involved. # The project manager must effectively manage the influences of various stakeholders in relation to project requirements to ensure a successful outcome Stakeholder Management Managing Project Stakeholders Stakeholder Engagement Stakeholder Analysis How?  OR the Classic approach: Identify – Analyze - Assess Identification Analysis Assessment - Identify all potential project - Evaluate the potential impact or - Predict how key stakeholders are stakeholders support each stakeholder could likely to react or respond in various generate project scenarios - Gather relevant information about each stakeholder, including: - Classify stakeholders based on - Plan strategies to: Roles and departments their attributes Enhance stakeholder support Interests and expectations Mitigate potential negative Knowledge levels - Define an appropriate approach impacts Influence levels strategy for each stakeholder or - Develop contingency plans for stakeholder group different stakeholder reactions Stakeholders One of the classification model used for stakeholders analysis is: Power/interest grid or Menelows Matrix, grouping the stakeholders based on their level of authority (“power”) and their level or concern (“interest”) regarding the project outcomes; Assignment for the next time…