PMcrunch

What do Six Sigma, ITIL, and Project Management have in common? These three disciplines all have associated business certifications, living largely in the ‘business’ versus technical realm, and all relate in some way to processes. But how can these disciplines relate to one another in such a way that greater value is created for the individual as well as the organization?

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[tag-tec]Task estimating[/tag-tec] is a critical skill for [tag-dir]project managers[/tag-dir] and [tag-dir]project teams[/tag-dir]. We cannot manage what we cannot estimate. However, realistically, it is very difficult to be able to estimate every possible task accurately.

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In these tough times, many people are losing their jobs and the same is true within the project management ranks as projects and programs are canceled. The question of how we can cope with the potential job loss is well documented and it is important that we develop the self-honesty and fortitude to deal with this possibility.

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In any organization of any size and in any industry, politics is a reality. The word politics is, I would say, very definitely perceived differently by different people. Some perceive it positively, and perhaps as a game; others perceive it negatively as something to be avoided. Let’s take a closer look at the reality of politics.

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Two methods of capital budgeting often used on project and in project portfolio management are internal rate of return(IRR) and net present value(NPV). They are close cousins but take a little bit of a different look at the value of a project. They are both time based and bothrelayed to cash flows over time on a project.

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Sunk costs are exactly as the name implies: they are costs that are “sunk”. The money spent is irretrievable. It is gone, history, sunk. However, often there is either a misunderstanding or an emotional attachment to money that was spent. This is a difficulty that we, as forward looking project managers, need to remember.

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In these tight times, we are acutely aware of cutbacks, of scarcity, and of the need to streamline. However, really, these are indicative of management practices that should be occurring all the time. In portfolio management, especially, it is important to have a healthy balance between short term considerations and long term considerations. It is all a balancing act and the equation really only changes slightly during a downturn, such as we are currently experiencing.

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The title of this post might seem funny to many given that we seem to be living in a tumultuous present. How could things become more tumultuous? Well that’s just many predict is coming our way for the world of work. How might that impact project management work?

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As leaders and project managers or program managers, we are subject to the ups and downs of what we could call the “project or program work cycle”. While sometimes things seems to be flowing forward and progressing well, like a well-oiled machine, at other times it seems that no matter what we do, progress is slow and difficult. I leadership positions, this experience is inevitable, as everything is not “black and white”. How can we handle these situations?

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Innovation has a real diseconomy: What is making the organization work now can become at odds with what might make the organization work well, or better in the future. What effect does this have on Project Management, and where can Project Portfolio Management make a difference?

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