2: The Value Equation
The project 'iron triangle' is actually four dimensional (time, cost, scope and quality) but misses the most vital element - value
Ineffective project governance will directly impact the (lack of) results delivered. This can be easily avoided.
Be Afraid, Very afraid!
When to decide to kill a failing project rather than let it consume more funds, effort and attention.
If your health check process is asking the wrong questions, you'll get the wrong answers and that is unhealthy
An absent sponsor will virtually guarantee a significant loss in the project's delivered value. What do you do with an absent Sponsor?
Only some processes should be automated otherwise you lose the knowledge you require
While some organizations believe defining their requirements is a scary option; NOT defining your own business requirements is the real scary option
Use of the orthodox methodologies can ensure each and every project you commission is designed to fail.
What should you do if your project reports items as 'red'? Why should you be uncomfortable if it doesn't?
The key criteria to assess when taking over a project as project sponsor
Nine quick recommendations for anyone who wants to become (or has become) a project sponsor
Organization's are told to take on systems 'vanilla'—this is partly hoax and mostly an expensive mistake, as we explain
Few projects are truly benefits focused; instead most believe that benefits will somehow materialize later. This is an expensive mistake.
Most organizations are just not into delivering successful projects. They don't target it or deliver it. How does your organization compare?
The role of a project sponsor can be seen in this true story of a developer who personified the role of an effective sponsor
Poor or non-existent project governance can lead to expensive unintended consequences that need to be avoided
A checklist you can use to ascertain if your project is really focused on the benefits you want from your project
The project sponsor role is to actively deliver the maximum available business value (not to just deliver the project)
There are four principal measures of project success - which have very different business impacts - which will you choose?
Few organizations have taken the time to formally decide what their project governance functions and roles are. It is really simple.
How should the project manager deal with the sponsor and steering committee?
How do you introduce Project Governance into your organization?
How should the executive team measure the success of projects? And it is NOT on time and on budget.
The role of the Steering Committee is of active delivery of the value, not passive oversight of the project. This change in focus makes a big difference
What are the measures of project success? There are three sets of success measures that need to be known and targeted for every project.
The performance and processes of the Project Investment Management Committee are too often unnecessarily poor. This can be easily fixed.
‘Governance leadership’ requires executive education which can be learned expensively through project failures or inexpensively through planned project governance training
What project governance actions or inactions cause projects to fail? Here are three common causes
Who is accountable for delivery of the business benefits? In most organizations this is still unclear.
There are five capability levels of Project Governance that directly correlate to their effectiveness and the business value delivered
Your organization's 'value delivery capability' determines the results it gets from its projects; yet few organizations know what their level of capability is
The role of project governance is poorly understood - by business and projects people alike.
That lack of understanding can lead to the project governance role being interpreted too narrowly, with a significant reduction in the value realized from the project.
TOPics
- Benefits Management (29)
- Business Case (24)
- Business Simplification (5)
- Capability Development (38)
- Capital Investment (24)
- Change Management (17)
- Consultants (1)
- Costs and Waste (16)
- Engineered Thinking/Ideas/Innovation (8)
- Fifteen Critical Insights (15)
- Idea / Project Initiation (3)
- Mental Models, Beliefs and Myths (18)
- Outcomes Thinking (10)
- Path Dependency (10)
- Prioritization (13)
- Process Management (11)
- Productivity Improvement (7)
- Program / Project delivery (40)
- Project Controls (52)
- Project Governance (90)
- Project Management (4)
- Project Success (46)
- Project Validation (2)
- Risk Management (5)
- Scope Management (5)
- Standards/Frameworks/Methods (14)
- Strategic Project Portfolio Management (16)
- Strategy Execution (40)
- The TOP Four Lenses (1)
- TOP compared to orthodox approaches (7)
- Value Delivery (83)
- Value Equation (60)