PMcrunch

All professionals - Project Managers, Program Managers, Executives, leaders of all kinds -  worry at times, and some more than others.  Worrying a lot or a little is actually a controllable habit.  Worrying a lot is little more than trading your peace of mind and taking a negative view of the future.  The urge to […]

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Many executives, project portfolio managers, and program managers make good choices about investing in new projects and ideas. Yet it’s also critical to set up a measurement, preferably from the start, for when to potentially stop investing resources in each project. This would be a sort of “stop standard” for any given project.

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Project Portfolio Management, like Investment Portfolio Management, is a balancing act that requires constant monitoring and adjustment over time. Whereas an individual may have the right balance of risk, return, income, growth and others represented in an investment portfolio, a project portfolio is similar in many ways. Risks, returns, resources required, and alignment with overall strategy are just a few of the factors that must be kept in balance over time.

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I have encountered misunderstandings numerous times due to different concepts of the meaning of the word ‘plan’. There are various types of plans. In Project Plan Integration, we pull together various aspects of the project plan, which taken separately actually represent separate plans. One of those plans, the Configuration Management Plan, is one that I have encountered misunderstanding over.

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Thomas Edison was the quintessential mistake maker. He believed that the more mistakes he made, the more wrong answers and wrong solutions he could eliminate and, therefore, the closer he came to the correct solution to his problems. In management and on projects, on one hand, we seek to minimize mistakes but it is important to recognize when “mistakes” can actually be beneficial and produce positive outcomes. Indeed, we should not be afraid to make mistakes but rather should try to control and leverage the process. The project portfolio management process is an ideal place to formally do this.

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What does you organization “tolerate”? This is an important question to ask because you will know where you have some flexibility, and you will know where you have risks and inflexibility. You may very well also find out where your organization is lacking, and where it needs some reform in its project management practices to become a much more streamlined, and lean operating machine. A useful tool for thinking about this is the triple constraint.

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A great question that we can ask ourselves as project managers is, “Would we invest in our projects”? This is probably the single best indicator, if we are honest with ourselves, as to the health of our projects, our positions, our teams, our organizations and more. Here is a look at an investment perspective to managing projects.

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The TenStep set of free templates are helpful as a very basis step to structured management of your project, and the most helpful piece was the Project Charter. Given my use in framing a relatively small project, I would also say that it has limited use for larger projects, but is still of value as a first cut for any project. That being said, my breakdown was framing a larger project into a smaller, shorter term project that would define the larder project. This could be a great way for others to use the product.

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There are some key factors that must be in place in order to put Earned Value Management into practice. These ‘key factors’ are all good project management practices. Indeed, part of the benefit of practicing earned value management is the disciplined process that earned value demands up front! In other words, you cannot implement earned value management without practicing good project management!

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Preparing for certification exams is hard work. We are looking for the shortest route to certification, and we run into a well-known concept in the project management field – the Triple Constraint, representing the trade-off among Quality, Time, and Cost.

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