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Foundations of effective PM - Coggle Diagram
Foundations of effective PM
Role and Values of a project
A. What Qualifies as a project
Project have a definite time lines from start to end
The processes followed and the outcome of each project are unique
Involves multiple people, groups and organizations
Projects require a purpose (ex-
Market Demand, Business need, Tech breakthroughs, Customer orders, Legal requirements, Enhancements
) to be initiated and carried out.
B. Justifying a New Initiative
A business use case is made by listing all the values/results the project can achieve that fulfills the users needs
Value creation in terms of
Financial gains, Strategic (Strategic projects can incur loss but there is a value in learnings), Social good, Quality improvements, Empowerment, Customer satisfaction, Value unlocking thru tech innovation, Intellectual property and Time savings
C. Project Management
Utilization of skills, resources, tools, techniques, and experience in order to effectively coordinate project activities and achieve goals
Project Manager
Inputs Needed
Variety of technical data
Finance and Budgets
Reports
Schedules
Working with Stake holders, Customers, Project Sponsor
Resource Management
Four Major Responsibilities
Requirements Management
Maintain control over scope and objectives. Ensure that evolving needs are properly captured by project scope and objectives
Ensure that project activities are aligned with goals
Administrate Change Control procedures.
Address Stakeholders needs
Balance different conflicting stakeholders needs and implementing the best solution
Maintain Communication
Ensure Stakeholder has up-to-date information
The project team is informed of changes if any
Balance Resource Constraints and Priorities
Financial Constraints
Time/Schedule Constraints
People Constraints
Quality Constraints
Scope Constraints
D. Project Foundations
This is critical to ensure that the business case is sound and every one involved is on the same page and agrees to terms of action
before any project work is commenced
1. Needs Assessment
determines the pressing need for the project and the value it can create by solving a problem.
By addressing needs, value is created
Conducted by PM, Project Sponsor, Business Analyst
2. Business Case
After needs assessment is done, those needs are distilled and a business case is created.
This business case lists the objectives and is used to justify the initiative (Project initiation)
Should indicate economic feasibility and expected net benefit of the project
Timeline of benefit realization vs cost should be considered. Describe the different milestone and increments here
3. Benefits Management Plan
Describes how and when project benefits will be delivered
Defines target benefits and timeframes, lists risk factors and assumptions and constraints
Includes metrics that can be used to verify delivery of benefits
4. Project Charter
This is the first or founding project document created or approved by the project sponsor
Defines core project objectives, provides for funding info and funding tranches, names key staff and project manager
5. Project Management Plan
Created by project manager and project team
Describe how project objectives ("mentioned in the
project charter
and
business case
") will be completed and how project work will be managed
E. Key Project Roles
Leader - Also known as PM, Project Coordinator, Scrum Master, or other titles
Facilitator- Often fulfilled by PM
Sponsor - Responsible for committing resources , funding and certifying project objectives. Also selects the PM and key members of the team.
Owner - Often fulfilled by Sponsor. Triages the requirements for ongoing work based on an understanding of value, risk and dependencies
Domain SME - Knows the subject well and assist in implementation activities
Customer - Primary beneficiary of the project work.
End User - May or may not be the same as customer. Provides perspective in planning and validating work.
8 Governance body - Does audit. May be internal or external. Checks is the project is done as per the compliance standards
F. Project Life Cycle and Project Methodologies
Initiation, planning, executing and closing. Throughout the entire lifecycle each aspect is monitored and controlled.
Project Life Cycle Phases
2. Planning
Plans outlined for management of all aspects of the project
Its an iterative process
3. Execution
Work gets done as per the objectives and requirements by following the project plan.
Its an iterative process
4. Monitor and Control
Project progress and performance is measured.
Changes are proposed where necessary to meet existing or shifting goals
Its an iterative process
5. Project Closing
We conform if the objectives were met
Handover the final product to the customer or designated recipient
1. Initiation
Business case is made
Project is chartered.
Core team is formed
Project Methodologies
The best methodology should be chosen based on the nature of the project like:
Predictive
Iterative
Adaptive
Deliver Value through project initiatives
Value may be traced thru several steps to ensure that we are aligned with the objectives alluded in the business case
How to Realizing Benefits - Stack
1. Strategy
Core reason for the Orgs existence
Described in Orgs Mission and Vision Statement
2. Objectives
Its important to distill the strategic vision into specific, measurable goals
Objectives are high-level in nature
Many Initiatives may be necessary to achieve this objectives
3. Initiatives
Initiatives are a specific portfolios, programs and projects put in place in order to achieve some objective
4.Capabilities
Projects generate more capabilities that Org can use to fulfill objectives or it may be a skill acquired in doing the project.
5. Outcomes
Outcomes are derived from our capabilities. This is a result that may be tangible or intangible in nature.
6. Benefits
Tangible and intangible gains made by the org as a result of the initiatives and associated outcomes
7. Value
Project results should be traceable all the way back to the Strategic Vision (first step) in order to ensure true value creation. If the net cost is less than the value derived from the initiative, then the initiative has served its purpose. On the contrary, if the expense is hig compared to the value, then the initiative has failed to meet its objective
Org Structure & Influences
Org Structures Can affect....
How project develop and progress
How resources are allocated
How resources are made available
Types of Org Structure
Functional - PM's authority is low in this traditional Org structure
Matrix (Weak, balanced and strong) - PM's authority is better than functional structure but less compared to projectized structure. Many Orgs follow this Org structure.
Projectized - PMs authority is very high
Org can influence in following ways
Org Culture
Development Style - Traditional waterfall, Agile
Project Structure - PMO, Program management, Portfolio management
Project Management Office (PMO)
Creates and maintains standards and governance shared between projects in an enterprise, and assists project teams in coordinating and executing work
Sets policies and standards for how projects are managed
Serves as a resource for project teams and a facilitator for a project manager.
Curates tools and templates that can be reused across projects and maintain uniformity and better reporting.
Maintains the repository of documents and artifacts pertaining to each project.
Develop KPIs and Metrics
Defining governance policies
Coordinating overall resources
Establish deliverables and maintaining the definition of done.
Measure aggregate performance and assessing each project performance within the program or portfolio.
Types of PMOs
Supporting
- Low control. Facilitating mostly. Supplies best practices, training, information, data and templates
Controlling
- Moderate Control . Require compliance to methodologies, frameworks or governance style
Directing
- High Control. Direct control over each projects' management. The PM should just ensure that the team comply as per the direction set by the PMO without questioning.
PM vs PMO
PM
focus
is on specified objectives, whereas PMO focus is when there is a major scope change.
PM has
control
over only assigned resources, whereas PMO controls dispensation and optimization of resources.
PM
manages
project constraints like balancing cost, schedule, time, risk, quality. Whereas, PMO manages methodologies, risks, standards and interdependencies and concerns itself with project governance
Factors to be considered effective execution of the project
Geographic Distribution of resources
Infrastructure and human capital
Industry and Government standards
Organizational Traits
Personnel Administrations
Marketplace conditions
Stakeholder risk tolerance
Political climate
Established communication channels
Commercially available tools and information.
Project management information systems
Organizational Process Assets (OPA)
Intellectual product unique to the organization and its work, including artifacts, policies, processes, plans, procedures, and other sources of knowledge. eg.
Work Breakdown Structure
Budgetary Templates
Organization Chart
Scope Baseline
Requirements Traceability
Contract Templates
Risk-related Data
Resource Calendars
Procurement Schedules
Vendor Selection Criteria
Change Control Policies
Projects in programs and portfolios
Often times a project will be within a larger context of programs and portfolios rather than on their own
Program Management
Optimizes the allocation of resources and talents and the prioritization of several projects to achieve a set of related goals
Programs unlock benefits not available by managing projects individually
Program management focuses on project interdependencies, finding optimal combined approach to accomplishing several projects
Portfolio Management
Goes a step further than Program Management. It Optimizes resources throughout the enterprise, coordinating efforts across programs and projects to achieve strategic goals and organizational vision.
Portfolio management maximizes value across programs and projects
Aligns programs and projects to top-level organizational objectives
Sets organization-wide policies, procedures and resource allocations
Principles and Practices
Project teams should be driven by principles and values and this is primary. Processes just serves as a guide in achieving our goals and objectives. Remember, process should not drive leader, rather should only empower and guide leaders in reaching objectives by creating value. Process should not come in the way if its not serving its purpose.
There are 12 principles that should drive PMs to help achieve the objectives that they have set out to accomplish
Twelve Principles
Key principles apply to all projects, but how they are applied must be tailored to project needs
7.Be a Good Steward
Acting with integrity requires upholding truth and remaining receptive to feedback
Leaders should exhibit care for the resources at their disposal and the impacts of their use
While remaining open to change, effective
stewards exhibit commitment and loyalty
Leaders must rely on an ethical/moral/legal
hierarchy when conflicts arise
5. Enable and Facilitate Change
Effective change management enables the transition to a desirable future
Critical to understand the human impact of the change process as well as intended results
Expectations are managed by effective leadership
Successful initiatives build consensus beyond key decision-makers
8. Tailor Approach to Context
No two projects are identical, so all benefit from tailoring
Tailoring increases odds of success and value generation
Strict adherence to a methodology is a form of tailoring
Tailoring offers an opportunity to build consensus
4. Address Opportunities and Threats
Risk identification should take place upfront and then continuously
Proactive management is always most effective and often cheaper
Risk attitude, appetite and thresholds must be understood
Not every good opportunity aligns with organizational risk profile
9. Seek to understand stakeholders
Stakeholders may have a critical impact on almost any dimension of project work
Stakeholders, and their relationship with the project, will often change as work progresses
Effective engagement is key to successful navigation of stakeholder relationships
3.Recognize and Address Complexity
Human and system behavior both expose complexity.
Tailor approach and maintain adaptability to
combat complexity
Stay vigilant for internal and external sources of complexity.
10. Integrate Quality into Work
Quality may be considered from several perspectives like performance, conformity (meeting standards), end user satisfaction or solution efficiency.
Combination of testing and reviews help ensure quality
Quality mindset will result in lower costs and higher value generation
2. Manage System Interactions
Consider projects within organizational context
Internal and external changes may bring impacts
Systemic thinking prepares leaders to tackle change
1. Focus on Value
Value creation is the definitive measure of project success
Value may be delivered while work continues, at the end of the project, and may continue well into the future
Value may be monetary or take other forms like time savings, intellectual property, achieving the requirements, meeting regulatory requirements etc
Sound business case helps ensure value creation
Value may be maximized through optimal delivery.
Outcomes more important than defined objectives
11. Motivate and Coach team members
Motivation and development efforts lead to more committed and better-equipped team members
Leaders must serve as a role model and exhibit desirable behaviors to be effective in motivating and coaching others
Leadership can be learned and developed with effort, just like any other skill
12. Foster Accountability and Respect
Jointly established and accepted ground rules help teams work together effectively
Accountability is only possible when team members are sufficiently empowered to succeed
Inclusive, collaborative cultures are the ones most prepared to uphold accountability
Critical to ensure team members are empowered to ask for help when needed
6.Exhibit Adaptability and Resiliency
Tight feedback loops support adaptability and resiliency
Teams and leaders must continuously apply new learning
Cross-training, diversity and culture cultivate resiliency
Maintain focus on outcomes, not deliverables
The Practices of Effective PM
Projects share a variety of common performance domains which must be addressed in order to achieve desirable project outcomes •Each domain encompasses an area of thought and variety of activities
2. Team Development and Management
Effective leaders inspire, empower, and
elevate team members.
Outcome
- High levels of collaboration and productivity, a shared sense of ownership regarding project outcomes, and development of team member skills
1. Stakeholder Engagement
5. Accomplishing Project Work
Execution of plans and fulfillment of requirements in accordance with the principles of effective project management is how the team should accomplish the work
4. Project Planning
All project initiatives benefit from planning to some extent and in some capacity, with efforts tailored to account for project characteristics. Planning results in Organized, deliberate approach to achieving desired outcomes resulting from an efficient and sufficiently adaptable planning process
3. Development Approach and Life Cycle
Effective leaders tailor their approach to meet the needs of each project and organization. Waterfall, Agile, or hybrid methodologies are just a starting point for tailoring efforts
6. Creating Value and Delivering Results
Project teams have not truly created value until they have placed that value in the hands of the project’s beneficiaries. Value is created when there is an acceptance of results by stakeholders
7. Measuring Performance and Ensuring Outcomes
Project teams must ensure their efforts are effective and that requirements are fulfilled by defining and executing an appropriate verification regimen.
This helps in creating data that will be useful in validating performance and in guiding continuous improvement efforts, along with information helpful in delivery of results
8. Addressing Uncertainty
Projects inevitably encounter risks and opportunities. How uncertainty is eliminated, mitigated, or capitalized upon dictates the fortunes of many initiatives. PMs should adopt proactive approach to managing uncertainty and alignment of approach to risk landscape