Project, Product Innovation & PPM
From the Project Management 2.0 Blog
by Dave Garrett
New technologies, concepts, and Web 2.0 tools are popping up everywhere. How can you use them to help your project team collaborate, communicate - or just give your project an extra boost? [Contact Dave]
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Date
Situation: You Need to Better Manage the Processes Around Innovation at Your Organization.
When the people heading up your PMO decide which projects get funding - Does innovation matter?
I think that being familiar with a PPM approach or two can help you generate some really interesting conversation and be more effective when promoting our own project.
Last week I gave a talk at a meeting of the Enterpise Portfolio Management Council (
EPMC) and most of the presentations given that day made some mention of the "innovation challenge" most companies face. How do you take appropriate risks, allocate funds, and manage resources in the face of such uncertainty? It's a problem that every company faces, but few even have a good approach to.
One fairly well defined approach to managing potential projects is the
"Stage-Gate" process. The idea is that at each step in the process you make a decision about whethere or not you should kep moving forward. At a high-level it looks like this -
The other issue brought up at the meeting was that often you approve a project (call it project 1), you're meeting all of your goals, then your environment changes - making another project far more important.
Innovation Framework is software that helps you manage product development using a stage-gate approach. The idea here is that, although its billed as an end-to-end solution - the focus is on the front end.
Then there's always the PMI standard for PPM. It's a great foundation/domain piece. 
Here's the only review on the Amazon web site...
PMI Standard for Portfolio Management, June 3, 2007
The Standard gives a good an concise guidance on how to handle Portfolio management. It's very practical to apply.
It did not provide real new insights, though.
Klaas Buist
Posted on: June 26, 2007 02:22 PM |
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Comments (5)
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Kevin Coleman
Subject Matter Expert, Author, Speaker and Strategic Advisor| - Insights
Pa, United States
Innovation is rapidly becoming a key part of corporate strategic initiatives and often make the difference between the leaders and those that are following the marketplace.
Hi Dave
The innivation is the key for the future, and every company around the world has to face up and deal with it every day, so we must to be ready for that challenges.
Regards;
Juan Manuel
Prolay Chaudhury
Practice Lead & Lead Solution Architect| Chaudhury, Inc.
Bangalore, Karnataka, India
Business cases selection and prioritization are also an indispensable stage before the development phase because it is going to provide the ROI for the innovative ideas which are aligned with the organizational goals.
Hajni Altamirano
Project Manager| Su Lavanderia Ambato, Quito, Ecuador
London, United Kingdom
Hi Dave,
Thank you for the article. Just one tiny point in regards to changing environment. I believe our environment is constantly changing however our strategy, business or otherwise does not necessarily need to follow the latest in order to realize benefits and achieve sustainability.
Thank you.
Sachin Pereira
Oracle Solutions Architect Implementation Lead, Project Leader| HB Associates
Mangaluru, Karnataka, India
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