Unlock the Value of Artificial Intelligence
Calculating Project Value,
Nontraditional Project Management,
Categories: Agile, Benefits Realization, Best Practices, Calculating Project Value, Change Management, Complexity, Innovation, Leadership, Leadership, Nontraditional Project Management, Portfolio Management, Program Management, Project Delivery, Project Planning, Project Requirements, Roundtable, Strategy
By Peter Tarhanidis
Artificial intelligence is no longer a tool we’ll use on projects in the future. Right now, many organizations are formalizing the use of advanced data analytics from innovative technologies, algorithms and AI visualization techniques into strategic projects.
The maturity of advanced data analytics is creating an opportunity for organizations to unlock value. The McKinsey Global Institute estimates AI’s global economic impact could climb to US$13 trillion by 2030.
As an example, in the healthcare industry, Allied Market Research reports rising demand for data analytics solutions due to the growth in data from electronic health records, among other factors. The global healthcare analytics market was valued at US$16.9 billion in 2017, and the report forecasts it to reach US$67.8 billion by 2025.
The Evolution of AI Maturity
Everyday examples of these solutions range from simple automated dashboards, remote check deposit, Siri-like assistants, ride-sharing apps, Facebook, Instagram, autopilot and autonomous cars.
Tips on Successful Transformation
As a project leader, take these steps to avoid key pitfalls:
Please comment below on what approaches you have taken to enable advanced data analytics in your role or in your organization.
There are fundamentally two types of organizations: functional and projectized. Of course, between those there are various combinations of functional and projectized in the form of matrix and hybrid.
Every organization type has its own advantages and disadvantages, but from the project point of view, functional organizations are most challenging, due to their focus on individual functional work.
A typical functional organization has departments like R&D, operations, procurement, human resources, quality assurance and—on occasion—project management. Each department focuses on its own area.
The challenge is, projects are often multifunctional, crossing various functions and requiring contributions from all departments. In a typical functional organization, there is no one who looks after projects end to end and connects all the dots. A project manager has little authority over the resources of other departments. All told, this results in several challenges:
Despite all these challenges, a project manager still has the responsibility to make the project successful. How can they do this?
Let’s discuss some tools and techniques that a project manager can use:
Until you get to know the stakeholders and analyze their engagement, a project cannot be successful. The communication strategy is key to bind stakeholders, and any communication strategy without proper stakeholder analysis will be ineffective. Moreover, it will lead to chaos.
A project launch, the kickoff meeting is an important event and may decide its fate. It helps in onboarding functional managers, securing their buy-in and building trust. Take time to ask each functional manager what they want from the project in order to support it.
The project will become a struggle if trust is not built among stakeholders, especially in a functional organization. The kickoff is the starting point. Project managers need to build transparency and create opportunities for networking and exchanging ideas. Keep functional managers informed about project progress and seek their help when required. In turn, offer help when they need it. A helping mind set could be key to build trust.
In a functional organization there is a fair possibility that people on the project work in silos. Therefore it is important for the project manager to create networking opportunities for greater interaction among contributors and supporters. Informal networking events could be more effective.
Due to the different goals of independent functions, varied personalities and the loosely coupled structure of functional organizations, different functional managers may have opinions that differ from the project manager’s. To get a functional manager’s buy-in, conflict management skills are essential. Please refer my post The Techniques That Don't Resolve Conflict. A project manager has to find a solution where both the functional manager and project manager feel they’re winning and achieving their goals.
Communication is an underlying skill required to apply all the tools we’ve discussed so far. A project manager has to focus on two aspects: establishing an information system and ensuring effective interaction with team members and stakeholders. A project management information system keeps stakeholders informed and fosters collaboration. Effective interaction requires active listening skills. Here, refer to my posts Listen Up and 8 Steps for Better Listening. Listening skills help you understand others better, do stakeholder analysis, make up your mind and thereby communicate effectively.
I’d love to hear from you: How do you drive your projects to success in a functional organization? I look forward to reading your thoughts.
by Ramiro Rodrigues
Project managers: Are you sometimes looking to make plans faster but without being superficial and therefore riskier to the project?
Developed in the 1980s, design thinking is a structured mental model that seeks the identification of innovative solutions to complex problems. Although the concept has existed for decades, it’s only made its presence known in the corporate environment over the last 10 years.
Swiss business theorist and author Alexander Osterwalder similarly sought to accelerate collaborative reasoning when he introduced the Business Model Canvas. Canvas helps organizations map, discuss, rework and innovate their business model in one image.
But a series of proposals for the use of the Business Model Canvas for various purposes outside of business models has also appeared — including innovation, corporate education, product development, marketing and more.
For project professionals looking at alternatives to developing quicker and more collaborative planning, Canvas may sound like a great option. Of all the proposals that come up for the use of Canvas in a project environment, integrating stakeholders may be the best. Canvas brings stakeholders into the process and will help to minimize resistance and increase collaboration, resulting in a better proposal for planning problems and making the project more aligned to the interests of organizations.
But while the arguments put forward for Canvas all seem positive, there is still a dilemma: Can Canvas fully replace the overall project plan and the planning process? Is it possible to do without a schedule of activities, a detailed cash flow, a matrix of analyzed risks — just to limit ourselves to a few examples?
That is probably too extreme.
The general sense is that the integration of Canvas with specific planning — such as the cost plan and the risk plan — is the most productive and generates the best results.
It may be worth asking your project management office for their thoughts.
Have you ever used a Canvas for your project planning efforts? If so, what tips can you share?
As a project manager, there’s perhaps nothing better than starting a new project. With it comes a fresh start and the promise of a successful conclusion. To me, it’s akin to starting a new year in school with new notebooks, where nothing has been written to spoil the fresh sheets of paper.
However, as we become more experienced as project managers, we’re called on more and more to assume control of a project already in motion. This might be triggered by a happy event, such as a promotion for the existing project manager, or a less-than-happy situation, such as a lack of progress on the project.
Assuming responsibility for a project that has already launched is a lot different than starting from the beginning. You won’t have the benefit of starting with a clean sheet of paper, and there will be things you need to do—and undo.
Here are three tips I always follow when assuming control of an existing project:
1. Assume Nothing
When starting a new project, you have the opportunity to perform mobilization and initiation activities to effectively set the project on a path to success. In addition, there are some early checkpoints where you can perform structured control actions to further assure the proper trajectory of the project.
While the existing project status reports can show the assumed disposition of a project, they may not reveal essential missing activities needed for project success. For example, an existing project might not have had the benefit of a thorough mobilization and initiation effort to properly set its course. In addition, there may be hidden or under-mitigated risks, emerging issues, stakeholder challenges and hidden dependencies that have not yet come to light.
When taking over an existing project, the first thing I do is review it in the same way I would a new project. Introducing a pause in project activities to perform a “soft reset” allows both confirmation of assumptions and validation of project progress.
In addition, this activity can reveal unseen factors that put the current project position in doubt. This is a good time to reforecast the remaining work. By assuming nothing about the project, the “soft reset” serves as a basis to properly transition the project towards success.
2. Match the Team to the Realistic Remaining Work
One of the most important facets of a soft reset is reforecasting the amount of remaining work. Use the existing forecast as a foundation for considering other factors that may influence the future progress of the project. These may include effort, scheduling conflicts (e.g., year-end holidays), upcoming business process changes and technology-readiness dependencies.
From the reforecast, compare these factors against the capacity and capabilities of the existing project team. Review whether you have the requisite skills and team members available for each phase of the project. In addition, consider the availability of key resources who cannot be readily substituted in case they are not able to work on the project. This examination of project resources by phase should include not only individual team members, but also team leads and third-party suppliers.
3. Engage More Frequently With the Most Accountable Stakeholder
While there are many inorganic components of a project, such as deliverables and status reports, often the most critical components revolve around the organic nature of people. Having strong executive sponsorship, a structured governance engagement model and open communication all enable project success.
When you are introduced as the new project manager on an existing effort, some change management work will need to be done to ensure a smooth transition.
Given the myriad stakeholders involved in a project, who should you start with? The typical consideration is to start with the most senior leadership stakeholder, who is typically also the project sponsor.
I think, however, a better place to start is with the most accountable stakeholder. This would be the person who after the project is implemented would manage the new solution to achieve the project objectives. In addition, this person would likely have the greatest knowledge of requirements and implementation considerations, which would be valuable to your soft reset.
Set Your Team Up for Success
Assuming control of an existing project should have that same level of attention to detail and precision. Now that you are leading this existing project, be sure to consider the factors shared above that confidently allow you to say, “I have the controls.”
When assuming existing projects, what sort of activities do you perform as part of a transition? I’d welcome other thoughts to help make us all better project managers.
by Dave Wakeman
I recently came across some of management guru Peter Drucker’s thoughts on project management.
As often happens with Drucker’s writing, the lessons he wrote about many years ago are still applicable today.
In his thinking about project management, Drucker came up with the idea that it really came down to three ideas: objectives, measurements and results.
Let’s take each of these areas and think about how we should approach them today.
Objectives: Many projects get stuck before they even begin, due to a poor framing of the project’s objectives. We should be undertaking our projects only when we have moved through the project-planning phase to such an extent that we have a strong grasp of what we are hoping to achieve.
These objectives shouldn’t be fuzzy or wishy-washy. They should be solid and rooted in the overall strategy of the organization you are performing the project for.
This means you have to ask the question: “Does this project move us toward our goals?”
If the answer is “yes,” it’s likely a project that should be launched.
If the answer is “no,” it’s likely a project that needs to be fleshed out more, rethought or not undertaken at all.
Measurements: Drucker is famous for this adage: What gets measured gets managed.
In thinking about project management, measurements aren’t just about being able to improve project delivery. They’re also essential to ensure the project is headed in the right direction.
To effectively measure our projects, we need to have laid out key measurements alongside the project’s objectives.
The measurements should be specific, with expected outputs and completion dates, so you can affirm whether you are on schedule, behind schedule or ahead of schedule.
At the same time, the measurements should inform you of your progress as it compares to your strategic goals.
Results: Ultimately, projects are about results.
To paraphrase another great thinker, Nick Saban: If you focus on doing your job right on each play, you’ll put yourself in a position to be successful at achieving your goals.
Saban coaches U.S. football, but this works just as well for all of us in project management.
If we are focusing our energy on tying our projects to our organization’s strategy, through this strategy we focus our project efforts on the correct objectives in line with our strategy. Then we use those objectives to measure our progress against the strategy. We should be putting ourselves in a position to get the results that we need from our projects.
These results should be measured as positive outcomes. In Saban’s case, that’s wins. In your case, it might be a new technology solution, a successful new ad campaign or a profitable fundraising effort.
To me, reviewing Drucker’s thoughts on project management is a reminder: Even though there is a constant pull of new technologies, never-ending demands on our attention and a world where change feels accelerated, sometimes the best course of action is to step back, slow down and get back to the basics.