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.
By Lynda Bourne
Have you ever experienced technical debt on a project? As the debt builds up, everything looks good from the outside. However, when the crunch comes and that debt has to be repaid, a major reversal in fortune can occur.
Technical debt refers to the costs of having to go back and resolve problems that arise because an earlier decision was made to take the easy route, instead of the best one. By taking the easy option, the team incurs a debt to the project that will have to be repaid later. While the concept comes from software development, this insidious effect can be seen across industries.
The Crossrail project in London offers a current, extreme example. In July 2018, it was reported that on-time and on-budget completion of the £14.8 billon rail project would occur in December 2018. By August 2018, completion had slipped by a year. Currently, the delay extends to the end of 2020, with a cost overrun of 20 percent.
What’s the main driver of this delay and associated costs?
It appears to be decisions made to ignore problems in the signaling system development. According to Construction Manager magazine, while giving evidence to a government inquiry, Crossrail’s new chief executive Simon Wright said, “We were testing on incomplete systems. Productivity was under stress, but we fought hard to maintain the schedule and thought all along that we could find a solution to bring it back, just like we have done on countless other problems that occurred during the construction program.”
This is a classic example of management decisions building up a technical debt.
In 2015, The Independent newspaper reported that rail experts and engineers were having difficulty creating interfaces for the signaling systems. At the same inquiry, Crossrail’s new chairman Terry Morgan said “problems that emerged were mostly due to difficulties with developing software to allow Crossrail trains to travel safely at speed through three separate signalling systems,” according to Construction Manager magazine. The problem was identified in 2015 and hadn’t been resolved by 2019, despite time and money wasted testing incomplete systems. In fact, the irrelevant testing probably added to the delay and costs by distracting people from the real challenge.
Fixing the problem properly the first time would surely have caused a delay and cost blowout between 2016 and 2018. But in all likelihood, the costs would have been lower, the delay would have been shorter, and the current furor surrounding the project would have been minimized.
The problem with technical debt is that often, the people who need to know about a problem aren’t informed. We will never know what the chair and CEO of Crossrail (both sacked) really knew in the 2016 to 2018 period, or what their senior managers knew about the build-up of the technical debt in the Crossrail signalling systems. But the problem could have been avoided, or at least minimized, if the technical debt had been acknowledged. If people are unaware of technical debt, then they’ll be more likely to identify paths that will result in it being created.
To avoid this lack of insight, everyone in the project group, especially team members, must be in a position to offer insight into technical debt.
The project manager can then choose to act, or not. Aware teams bring up the subject of technical debt in planning meetings, and they keep focused on it. Aware managers pose questions such as, “If this proposed shortcut is the right choice, what is there to gain, and what are the challenges and future implications?”
As with financial debt, there are times when going into debt can be beneficial, but only if you can pay back the accrued debt and interest at the right time.
How much technical debt is your project running? Please share your experiences below.
By Ramiro Rodrigues
A great deal of effort is often put into a project kick-off meeting—so why isn’t that visibility just as important on the other end of the project?
What is a project closing party?
A project closing party is an event that intends to provide visibility and recognition to the main professionals involved in a completed project. Obviously, there is no sense in celebrating a project that got aborted or that didn’t reach its main goals and targets. So, we are talking about those projects that managed to get to end with the best combination of its intended results.
Within this proposal, it is reasonable to say that what will drive the size of the closing event will be the size (and budget) of the specific project, since it is necessary to achieve coherence between these variables.
What are the benefits?
I see two arguments for hosting these events at the end of a project—one strategic and one motivational.
On the strategic side, a closing party brings visibility to the executing organization (and, if applicable, the hiring organization) that the project has reached its predicted goals. It will help to reinforce to those at the strategic level of the organization that the team is capable and reliable.
From a motivational standpoint, these events will help recognize the efforts of the project team.
How should they be executed?
If you think a closing event could benefit your project efforts, here are some tips to abide by:
Done well, events like a project closing party can have positive repercussions on your next projects.
Do you regularly host or attend closing events at the end of your projects? I’d love to hear your thoughts!
By Ramiro Rodrigues
Among consultancies it’s common to reward project teams for good results with financial incentives.
The question is: Does this practice lead to better results? There’s a clear difference in position depending on which side the respondents are on. The dilemma is easy to understand.
When you’re in the position to be rewarded for the results achieved, it’s natural to see the positive side of this approach. But when you are responsible for delivering the bonus, some doubt will naturally exist. After all, what guarantees that this strategy will lead to projects with better results (regarding time, cost or quality)?
Many feel these rewards act as great incentives for project teams, thus leading to better performance. But one should also consider the concerns of those who fear that, in the name of this search for metrics, some values—such as professional ethics, transparency and lawfulness—may be compromised.
To find out if the bonus strategy should be implemented at your organization, have a look at the following four steps:
Step 1: Evaluate your organization's values.
More aggressive companies that encourage internal competition tend to favor this strategy. Knowing your organizational environment well will help you determine whether to adopt the financial incentive strategy or not.
Step 2: Define quality metrics.
Interpreting success only by the results related to project time or costs may lead to short-sightedness regarding customer satisfaction. Therefore, develop templates for satisfaction surveys that can help measure the quality of the delivered product and the opinion of the customer who receives the final result.
Step 3: Encourage mutual collaboration.
Dividing the bonus between specific members or projects creates a great risk of dissatisfaction among those who have been excluded. Thus, sharing the bonus between all team members, depending on the results of the overall project portfolio of the organization, is an interesting idea to consider.
Step 4: Start slowly and measure results.
Treat the implementation of this assessment as a project and aim to progress gradually, so that you can evaluate any impacts of this strategy on the culture and value perception of your company.
Good luck and much success!
Find Purpose to Unlock Exceptional Performance
Human Aspects of PM,
New to Project Management,
Categories: Benefits Realization, Best Practices, Career Help, Change Management, Communication, Complexity, Facilitation, Generational PM, Human Aspects of PM, Human Resources, Leadership, Leadership, Lessons Learned, Mentoring, New to Project Management, PMI, Program Management, Roundtable, Strategy, Talent Management, Teams, Volunteering
Find Purpose to Unlock Exceptional Performance
By Peter Tarhanidis, MBA, PhD
There are three common maturity levels in developing project management leadership:
It takes many years to cultivate the skills necessary to execute complex initiatives of all sizes and types. And project leaders may find gratification in the personal development to sustain their performance, as well as their project achievements.
However, over time, it’s not unusual to lose sight of that passion, excitement and engagement for executing initiatives. Instead, the project leader may default to simply providing the project management administrative activities of project execution. This reversal of development is a leadership pitfall and creates a chasm between high performance and exceptional performance.
One way to bridge the chasm is to be purpose-driven. A defined purpose distinguishes oneself as a distinctive as a brand. A brand is underpinned by one’s education, abilities and accomplishments. By identifying what is central to your interests and commitments, project leaders can re-engage with purpose and unlock exceptional performance. This can be broad or can be very specific in a subject expertise.
I have use the following method to find my brand and define my purpose:
Having used this approach to define my purpose, I learned I enjoy the macro view of the firm. I regularly coach leaders and help them develop their teams. Therefore, I like to simultaneously drive toward exceptional performance to achieve a firm’s mission and to advance the needs of society.
Please share your purpose and any examples of exceptional performance you achieved toward that purpose.