PMcrunch

On your project teams over time, there surely have been “pivotal performances”. Just like in a basketball game there was something that the winning team did throughout the game, that proved to be pivotal to the outcome of that game. There are things that each team member, and the team as a whole does throughout a project, that are pivotal to the projects success. The question is, how do you find those things, and how do you get your project team to turn in pivotal performances, routinely.

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The business analysis function is one that needs to be managed with care and the wisdom of experience. Business analysts handle requirements management, systems analysis, business analysis, requirements analysis, or consulting. The various activities around these functions take place throughout the project and require continuous monitoring, starting at a high level near the beginning of the project. This post explores key business analysis activities throughout the project lifecycle.

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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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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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We all know the definition of a project is an undertaking that produces a product by a target date and within an agreed cost. This triple constraint (product, time and cost) is what the project manager must plan for and track progress against. But are the three dimensions equal in priority?

The answer is no – some projects are cost constrained; some have an immovable end date while others may place a priority on the product quality. Understanding the priorities on your project (and agreeing with your project sponsor on the priorities) is critical.

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Engineering and Management, as disciplines, were ‘married’ a long time ago! It only makes sense, as every engineering effort must be managed. There are some key differences between managing the engieering work and manageing the engineering project.

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Engineering analysis is often an input to overall project management. However, in larger organizations, or in consulting firms that service a multitude of customers, the engineering analysis is a project unto itself. This brings to the surface the question, “What is the process for these types of projects, and how does it map to the PMBOK?”

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Globalization and outsourcing represent a strategic advantage for countries that are best prepared with skillsets to manage the above risks. Culturally, the US has been more insular on this count - probably because of a strong domestic market and economy over time. A business case must be examined through various colored glasses in order to assess risk over time!

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