Project Management

Voices on Project Management

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Voices on Project Management offers insights, tips, advice and personal stories from project managers in different regions and industries. The goal is to get you thinking, and spark a discussion. So, if you read something that you agree with--or even disagree with--leave a comment.

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Viewing Posts by Peter Tarhanidis

AI Disruption to Transform Project Success Rates

By Peter Tarhanidis, Ph.D.

One of the impacts artificial intelligence has had is prompting a reconstitution of project management. Here I look to leading industry experts to explore the benefits to project management systems due to matured AI software; and the maturity of the project manager as a data- and fact-driven champion of business outcomes and innovation. This combination of advanced project systems performance and leadership competence will significantly transform project success rates.

As a background to the current state of project management, HBR states that $48 trillion is invested annually in projects. The Standish Group notes that only 35% of projects are successful, and 65% of projects waste resources and have unrealized benefits.

Additionally, Proofhub attributes project failure to firms that lack project management delivery systems; they are prone to miss targets and overspend. It noted that 67% of projects fail because project management is undervalued; 44% of all managers do not believe in the importance of project management software; and 46% of firms place a high priority on project management. Also noted: Utilizing a good software program reduces failure by 10%, and scope creep by 17%.

More specifically, a PMI Learning Library article noted some reasons for project failure:

  1. Unclear goals and objectives
  2. Lack of resource planning
  3. Poor communication across the organization
  4. Inadequate stakeholder management
  5. Poorly defined project scope
  6. Inaccurate cost and time estimates
  7. Inadequate risk management
  8. Inexperienced project managers
  9. Unrealistic expectations

Maturing Systems
An HBR article suggests that poor project success rates are due to a low level of available mature systems. Many firms continue to rely on spreadsheets, slides and other applications that haven’t matured current practices. While the current tools are adequate in measuring project performance, they do not allow for the development of intelligent automation and collaboration across the portfolio of projects. The opportunity to apply AI to project management could improve the success ratio by a quantifiable 25%, or trillions of dollars of newly realized benefits for firms and society.

Gartner Inc. analysts predict that by 2030, AI software—driven by conversational AI, machine learning and robotic process automation for gathering data, reporting and tracking—will eliminate 80% of all project management office tasks. Gartner identifies project management disruption in six aspects:

  1. Better selection and prioritization
  2. Support for the project management office
  3. Improved, faster project definition, planning and reporting
  4. Virtual project assistants
  5. Advanced testing systems and software
  6. A new role for the project manager

PwC envisions AI-enabled project management software will improve a project leader’s decision-making process across the following five key areas crucial to success:

  1. Business insights improvements by filtering better data for relevant knowledge
  2. Risk management assessing scenarios that offer mitigation strategies
  3. Human capital in allocating resources more appropriately to meet the business priorities
  4. Integrating various technologies and specialists to improve project outcomes
  5. Active assistance by enhancing administrative tasks and stakeholder progress communications

PwC posits the advancements in project management software are an opportunity for firms and leaders that are most ready to take advantage of this disruption and reap the rewards.

PM Competence
PMI’s Project Manager Competency Development (PMCD) Framework provides an assessment and development of a project manager’s competence. It is based on the premise that competencies have a direct effect on performance. A project manager’s competence can be categorized in terms of project management knowledge, project management performance and their accomplishments, and personal competency in performing the project activities and personality characteristics. This combination is the stated success criteria for a competent project manager.

AI’s capability to assess disparate sources of big data to obtain actionable insights arms project managers with improved decision-making competence throughout the project lifecycle. However, a challenge noted by PwC’s recent analysis of OECD data (covering 200,000 jobs in 29 countries) warns that AI’s job displacement effect will automate 30% of jobs involving administrative manual tasks by the mid-2030s. This indicates a clear need to upskill project manager competence in order to thrive in the future.

In order to succeed, a firm’s culture of adaptability and lifelong learning is a cornerstone for shifting today’s project management roles into the future. They will need to expand competence in soft skills, business and management skills, technical and digital skills—all working in concert with each other.

IAPM states project managers will face fundamental changes over the next 10 years with job descriptions and roles. It suggests AI will make logical analysis and decisions, allowing the PM to focus their main area of responsibility on creativity, resolving conflicts, and innovation.

Lastly, with any transformation or disruption, one must consider the actions and obstacles—whether financial, management support, or workforce ability—to embrace and enact change. Here are some key considerations to reflect on:

  1. Does your firm value project management?
  2. Is your firm a quick adopter of intelligence-based project software?
  3. Will your firm invest in your competence development?

Post your thoughts in the comments!

References

  1. PMI: Project Management Competency Development Framework—Second Edition
  2. PMI: Why do projects really fail?
  3. HBR: How AI Will Transform Project Management
  4. Gartner Says 80 Percent of Today’s Project Management Tasks Will Be Eliminated by 2030 as Artificial Intelligence Takes Over
  5. IPAM: Will project managers soon be replaced by AI?
  6. PWC: A Virtual Partnership? How Artificial Intelligence will disrupt Project Management and change the role of Project Managers
  7. Proofhub: Top 10 Reasons Why Projects Fail (And How to Solve Them)
Posted by Peter Tarhanidis on: August 22, 2023 10:57 AM | Permalink | Comments (14)

Supercharging an Organization’s Performance to Achieve its Mission

By Peter Tarhanidis, Ph.D.

There is a dramatic increase in the strategies corporations implement to meet the needs of their stakeholders. Driving value from all parts of an organization and its functions may seem like repetitive exercises—and even feel more like a medieval gauntlet with only a few successful programs. HBR (2021) wrote that by 2027, about 88 million people will be working in project management—with economic activity reaching $20 trillion USD. Also noted: Only 35% of projects are successful, leaving immense waste of resources.

There are many reasons projects fail. HBR (2021) states of the 70% of failed projects, and after exhaustive root-cause analysis across all industries, one can identify common themes such as undervaluing project management skills and methods, and poor performance. Yet organizations that apply project management methods recognized their performance had a 2.5 more times chance to be successful, and organizations can waste 28 times less resources. As such, when applied, the implementation of PM methods works.

Yet in a world filled with a variety of project taxonomies, many organizational boards are now contemplating the need to implement environmental, social and corporate governance (ESG) and corporate social responsibility (CSR) programs. Forbes states the benefits of ESG and CSR initiatives include:

  1. Advancing organizational culture, empowering staff to do social good, and welcoming diversity.
  2. Encouraging partners and investors who are interested in long-run strategy to manage risks and opportunities by emphasizing the organization’s ethics.
  3. Raising an organization’s staff confidence and productivity, creating a workplace that achieves the business mission.

Therefore, to ensure success for ESG and CSR programs, an organization’s top leaders need to prioritize and align across all the organization’s businesses. Leaders can use the balanced scorecard to achieve this alignment, and can extend its use across the entire project portfolio.

This theory was developed by Kaplan and Norton, which state the balanced scorecard method converts the organization’s strategy into performance objectives, measures, targets and initiatives. Linking the concept of cause and effect, the balanced scorecard covers four perspectives:

  1. Customer: How do customers see us?
  2. Internal: What must we excel at?
  3. Innovation and learning: Can we continue to improve and create value?
  4. Financial: How do we look to shareholders?

Marr (N.B.) reported over 50% of companies have used this approach in the United States, the United Kingdom, Northern Europe and Japan. One clear benefit has been to align the organization’s structure to achieve its strategic goals.

In conclusion, applying project management methods and aligning an organization’s performance through the balanced scorecard can unlock ESG and CSR benefits that can supercharge a company’s efforts to achieve its mission.

References

  1. HBR: The Project Economy Has Arrived
  2. HBR: The Balanced Scorecard—Measures that Drive Performance
  3. Project Management Statistics: Trends and Common Mistakes in 2023
  4. Forbes: Three Reasons Why CSR And ESG Matter to Businesses
  5. Balanced Scorecard: How Many Companies Use This To
Posted by Peter Tarhanidis on: June 14, 2023 04:12 PM | Permalink | Comments (3)

Enduring Through Uncertainty: Move Forward with Character

By Peter Tarhanidis, Ph.D.

Never has the new year’s greeting “wishing you health, wealth, and prosperity” rang truer. Over the last several years, we have all lived through uncertainty. This year, we hoped to lurch out of a post-pandemic crisis into a new normal with a vibrant outlook…yet quickly staggered into a slipping economic uncertainty that sharply cut short the prospects of our envisioned “normal” state.

JP Morgan’s 2023 economic outlook for the United States indicates a slowing growth rate, monetary tightening, and curbing inflation, while healthy consumer and business balance sheets could offer some growth prospects. The Conference Board observes longer-term geopolitical, environmental, labor, and inflation risks beyond 2023.

Many organizations will ebb and flow within this shifting cycle. Organizations that are well-positioned will have a better chance to adapt to the external challenges of shifting global markets to meet customer needs. They must simultaneously find the agility necessary to mitigate the internal challenges of a reduced workforce, increasing costs for goods and services, climbing interest rates, and the overall health of a company’s finances and workforce. This will challenge organizations to stay focused and chart a path forward.

This is reminiscent of Sir Ernest Shackleton and his crew of the Endurance, which embarked on a daring expedition from the UK to Antarctica and the South Pole in 1914. Along the voyage, the crew became stranded for over two years. The Endurance became trapped in the ice while the crew waited 10 months for spring and the warm weather to thaw them out—only to be horrified by shifting ice that damaged the ship’s frame, finally sinking her.

To survive, Shackleton mounted three lifeboats to traverse 800 miles of open sea to reach help on South Georgia Island—then return to the makeshift camp to rescue all 27 men who suffered frigid conditions, hunger, chaotic seas, and mental distress. This journey is one of the greatest examples of leadership, grit, and epic survival.

In order not to succumb to the current economic and global undertones, leaders must:

  1. Assess their strategies continuously to re-align with stakeholder needs
  2. Rely on project leaders who are best positioned to navigate this process

Project leaders have always been confronted with the likelihood of project failure—yet they have developed a track record of delivering results. Project leaders are adept at converting strategies into clear tactics, ensuring team and stakeholder alignment, and executing projects to achieve the goals. At the core of the project leader’s success are the character attributes of authenticity, trust, resilience, focus, and courage.

What else can you do to support your teams and move forward during this year’s challenges?

Posted by Peter Tarhanidis on: February 28, 2023 10:21 AM | Permalink | Comments (8)

Building Team Synergy and Resilience

By Peter Tarhanidis, PhD

As the pandemic stretches on, work-from-home programs continue to keep teams working virtually. During this time, we have performed courageously to deliver our strategic and business outcomes. Here I will share a select review of advice from industry experts as they explore how to build a post-pandemic response strategy.

According to McKinsey (2022), organizations have pivoted to deliver sustainable and inclusive growth toward building a better world. And Harvard Business Review (2020) notes that all types of companies have navigated the pandemic by pivoting their business models in the short term to survive—becoming more resilient in the long term.

Yet not all pivots generated an improved business outcome. Three trends in particular can help ensure a successful pivot:

  1. Align the pivot to a long-term trend driven by the pandemic
  2. Extend the firm’s existing capabilities, further solidifying the strategic plan
  3. Sustain profitability, which preserves and enhances the brand’s value to the customer

PWC’s Global Crisis Survey identified three key lessons that businesses can adopt for long-term resilience:

  1. Plan and prepare for inevitable disruption by establishing a crisis team
  2. Integrate teams and cross-company competencies to enable effective responses
  3. Build resilience governance into the organization’s culture

An opportunity, therefore, exists to consider how to prepare your team’s competence in driving synergy and resilience in order to lead post-pandemic growth strategies—and simultaneously pivot from those same strategies.

Here is a shortlist of what leaders can do to prepare for a post-pandemic recovery and support an organization:

  1. Develop mental agility to pivot among key strategies and deliver business outcomes as key shifts and business challenges arise
  2. Allow the process of learning to take effect across key leadership levels
  3. Integrate PMI and agile frameworks to ensure flexible planning activities
  4. Employ data analytics to support key insights in customer and marketplace forecasts
  5. Clarify the governance of key plans and what event would trigger a decisive strategic pivot
  6. Develop talent to migrate into new areas of company strategies and projects
  7. Gather teams in person in order to create synergy and move from “norm” to “perform”

In the end, the teams that are ready to execute and can pivot as necessary will be ready for the post-pandemic competitive environment.

Let me know if you have uncovered additional successful strategies—or any pitfalls to avoid—in building team synergy and resilience.

References

  1. https://www.mckinsey.com/business-functions/risk-and-resilience/our-insights/covid-19-implications-for-business
  2. https://hbr.org/2020/07/how-businesses-have-successfully-pivoted-during-the-pandemic
  3. https://www.pwc.com/gx/en/issues/crisis-solutions/covid-19.html
Posted by Peter Tarhanidis on: April 27, 2022 09:55 AM | Permalink | Comments (4)

AI To Disrupt Project Management

By Peter Tarhanidis, PhD

Technology has demonstrated tremendous benefits and efficiencies (many of them unstated) over time. The technology lifecyle enhancements that started with our initial computers, software programs and the internet of the past have given way to the modern-day cloud, Big Data and artificial intelligence.

Throughout this maturing landscape, technology has affected all industries—especially how we collaborate. According to Peng (2021), here are some key impacts to consider:

  • Digital transformations spending will exceed an estimated $2.39 trillion by 2024.
  • Collaborative tools and technologies increased operational efficiency by 131%.
  • Technology will displace an estimated 85 million jobs globally by 2025.
  • AI augmentation will increase global worker productivity hours to an estimated 6.2 billion hours.

Project management has benefitted from the overall technology lifecycle, either by implementing aspects of it or by being a user of its collaboration outputs. Yet project managers are at the doorstep of being part of the next wave of AI disruption.

What a PM organization must consider is the methods and concepts used in managing past programs and become proactive in shifting to an AI-enabled PM organization. There is no doubt that the role of PMs and our methodology will be augmented with AI-enabled assistance.

PwC identified five areas of AI disruption and decision making in project management:

  1. Business insights: Filter data to gain actionable perceptions
  2. Risk management: Develop the ability to run multiple risk scenarios and outcomes
  3. Human capital: Optimize teams and leverage staff skills or new areas of training
  4. Action-taker: Provide analysis and optimization of schedules and staffing needs
  5. Active assistant: Augment the collection process of information to generate progress reports

To prepare for these changes, project managers should:

  • Invest in data sciences and digital skill sets
  • Create a culture that adopts digital disruption
  • Enable the use of digital tools and approaches to limit manual efforts and drive value-added work.

In order for these changes to emerge, there are a few considerations that may hold one back from the changes—such as organizational readiness, employee skills assessments, and the state of technical tools.

PwC outlines a change approach to assist in the transition that relies on updating project management strategy, leveraging technology investments, integrating digital and AI, and a comprehensive communication plan to generate awareness through adoption by the future project management workforce.

What other approaches have you used—or should be considered—to manage AI disruption in project management?

Reference:

  1. https://www.pwc.com/m1/en/publications/documents/virtual-partnership-artificial-ntelligence-disrupt-project-management-change-role-project-managers-final.pdf
  2. https://writersblocklive.com/blog/technology-in-the-workplace-statistics/
Posted by Peter Tarhanidis on: January 07, 2022 10:00 AM | Permalink | Comments (11)
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