Project Management

Voices on Project Management

by , , , , , , , , , , , , , , , , , ,
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.

About this Blog

RSS

View Posts By:

Cameron McGaughy
Lynda Bourne
Kevin Korterud
Conrado Morlan
Peter Tarhanidis
Mario Trentim
Jen Skrabak
David Wakeman
Wanda Curlee
Christian Bisson
Ramiro Rodrigues
Soma Bhattacharya
Emily Luijbregts
Sree Rao
Yasmina Khelifi
Marat Oyvetsky
Lenka Pincot
Jorge Martin Valdes Garciatorres
cyndee miller

Past Contributors:

Rex Holmlin
Vivek Prakash
Dan Goldfischer
Linda Agyapong
Jim De Piante
Siti Hajar Abdul Hamid
Bernadine Douglas
Michael Hatfield
Deanna Landers
Kelley Hunsberger
Taralyn Frasqueri-Molina
Alfonso Bucero Torres
Marian Haus
Shobhna Raghupathy
Peter Taylor
Joanna Newman
Saira Karim
Jess Tayel
Lung-Hung Chou
Rebecca Braglio
Roberto Toledo
Geoff Mattie

Recent Posts

3 Agile Disconnects We Need to Address

What to Expect: Anticipating and Adapting to Dynamic Economic Trends

Governance Models: The Secret to Successful Agile Projects

3 Valuable PM Lessons I Learned in 2023

The 4 P’s of Successful Modern PMs

Categories

2020, Adult Development, Agile, Agile, Agile, agile, Agile management, Agile management, Agile;Community;Talent management, Artificial Intelligence, Backlog, Basics, Benefits Realization, Best Practices, BIM, Business Analysis, Business Analysis, Business Case, Business Transformation, Calculating Project Value, Canvas, Career Development, Career Development, Categories: Career Help, Change Management, Cloud Computing, Collaboration, Communication, Complexity, Conflict, Conflict Management, Consulting, Continuous Learning, Cost, COVID-19, Crises, Crisis Management, critical success factors, Cultural Awareness, Culture, Decision Making, Design Thinking, Digital Transformation, digital transformation, Digitalisation, Disruption, Diversity, Documentation, Earned Value Management, Education, EEWH, Enterprise Risk Management, Escalation management, Estimating, Ethics, execution, Expectations Management, Facilitation, feasibility studies, Future, Future of Project Management, Generational PM, Governance, Government, green building, Growth, Horizontal Development, Human Aspects of PM, Human Resources, Inclusion, Innovation, Intelligent Building, International, Internet of Things (IOT), Internet of Things (IoT), IOT, IT Project Management, IT Strategy, Knowledge, Leadership, lean construction, LEED, Lessons Learned, Lessons learned;Retrospective, Managing for Stakeholders, managing stakeholders as clients, Mentoring, Methodology, Metrics, Micromanagement, Microsoft Project PPM, Motivation, Negotiation, Neuroscience, neuroscience, New Practitioners, Nontraditional Project Management, OKR, Online Learning, opportunity, Organizational Project Management, Pandemic, People, People management, Planing, planning, PM & the Economy, PM History, PM Think About It, PMBOK Guide, PMI, PMI EMEA 2018, PMI EMEA Congress 2017, PMI EMEA Congress 2019, PMI Global Conference 2017, PMI Global Conference 2018, PMI Global Conference 2019, PMI Global Congress 2010 - North America, PMI Global Congress 2011 - EMEA, PMI Global Congress 2011 - North America, PMI Global Congress 2012 - EMEA, PMI Global Congress 2012 - North America, PMI Global Congress 2013 - EMEA, PMI Global Congress 2013 - North America, PMI Global Congress 2014 - EMEA, PMI Global Congress 2014 - North America, PMI GLobal Congress EMEA 2018, PMI PMO Symposium 2012, PMI PMO Symposium 2013, PMI PMO Symposium 2015, PMI PMO Symposium 2016, PMI PMO Symposium 2017, PMI PMO Symposium 2018, PMI Pulse of the Profession, PMO, pmo, PMO Project Management Office, portfolio, Portfolio Management, portfolio management, Portfolios (PPM), presentations, Priorities, Probability, Problem Structuring Methods, Process, Procurement, profess, Program Management, Programs (PMO), project, Project Delivery, Project Dependencies, Project Failure, project failure, Project Leadership, Project Management, project management, project management office, Project Planning, project planning, Project Requirements, Project Success, Ransomware, Reflections on the PM Life, Remote, Remote Work, Requirements Management, Research Conference 2010, Researching the Value of Project Management, Resiliency, Risk, Risk Management, Risk management, risk management, ROI, Roundtable, Salary Survey, Scheduling, Scope, Scrum, search, SelfLeadership, Servant Leadership, Sharing Knowledge, Social Responsibility, Sponsorship, Stakeholder, Stakeholder Management, stakeholder management, Strategy, swot, Talent Management, Talent Management Leadership SelfLeadership Collaboration Communication, Taskforce, Team Building, Teams, Teams in Agile, Teams in Agile, teamwork, Tech, Technical Debt, Technology, TED Talks, The Project Economy, Time, Timeline, Tools, tools, Transformation, transformation, Transition, Trust, Value, Vertical Development, Volunteering, Volunteering #Leadership #SelfLeadership, Volunteering Sharing Knowledge Leadership SelfLeadership Collaboration Trust, VUCA, Women in PM, Women in Project Management

Date

What to Expect: Anticipating and Adapting to Dynamic Economic Trends

By Peter Tarhanidis, Ph.D.

In the ever-evolving landscape of corporate strategic planning, organizations face the perpetual dilemma of choosing between capital spending for growth—and optimizing operations for efficiency. Striking the right balance amidst economic trends and leveraging organizational strengths becomes paramount when navigating through strategic projects. Meeting shareholder and stakeholder needs, while aligning with the organization's mission, presents a constant challenge.

To anticipate potential initiatives, project managers must consider global macroeconomic conditions and CEO outlooks. A preliminary assessment based on the United Nations World Economic Situation and Prospects and OECD Economic Outlook reports for 2024 reveals a projected global economic growth slowdown from 2.7% to 2.4%. This trend suggests a delicate balance between slow growth and regional divergences. Key considerations include:

  • Global inflation showing signs of easing from 5.7% to a projected 3.9%
  • Slowed global investment trends due to uncertainties, debt burdens and interest rates
  • Fading global trade growth attributed to shifting consumer expenditure, geopolitical tensions, supply chain troubles, pandemic effects and protectionist policies
  • Notable regional examples include the United States expecting a GDP drop from 2.5% to 1.4%, China experiencing a modest slowdown from 5.3% to 4.7%, Europe and Japan projecting growth rates of 1.2%, and Africa's growth expected to slightly increase from 3.3% to 3.5%

Examining the corporate landscape, a survey of 167 CEOs in December 2023 indicated a confidence index of 6.3 out of 10 for the 2024 economy—the highest of the year. The CEO upsurge assumes inflation is under control, the Fed may not raise interest rates and instead reverse rates, setting up a new cycle of growth. Furthering the CEO agenda, McKinsey & Co. identified eight CEO 2024 priorities:

  • Innovating with GEN AI to dominate the future
  • Outcompeting with technology to drive value
  • Driving energy transition for net zero, decarbonization, and scaling green businesses
  • Cultivating institutional capability for competitive advantage
  • Building out middle managers
  • Positioning for success amidst geopolitical risks
  • Developing growth strategies for continued outperformance
  • Considering the broader macroeconomic wealth picture for identifying growth

As project managers, navigating the uncertainty of economic shifts necessitates staying vigilant. The year may bring variables and predictions that impact the execution probability of strategic projects. Shifting between growth plans and efficiency drivers demands different preparation. To stay prepared, consider the following:

  • Regularly monitor global economic indicators and CEO outlooks
  • Foster agility within the team to adapt to changing priorities
  • Develop scenario plans that account for potential economic shifts
  • Collaborate with key stakeholders to gather real-time insights
  • Continuously reassess project priorities based on evolving economic conditions

In an environment of perpetual change, proactive monitoring, adaptability and strategic collaboration will be key to successfully steering projects through the dynamic economic landscape.

How else can you stay prepared as the demands shift on you and your team?

References

  1. JP Morgan: Economic Trends
  2. Economic outlook: A mild slowdown in 2024 and slightly improved growth in 2025
  3. UN: World Economic Situation and Prospects 2024
  4. McKinsey: What matters most? Eight CEO priorities for 2024
  5. CEOs Gain Confidence About 2024 On Hopes Of Lower Rates
Posted by Peter Tarhanidis on: January 26, 2024 12:19 PM | Permalink | Comments (4)

3 Backlog Pitfalls to Avoid

Categories: Priorities, Backlog, Value, Agile

By Christian Bisson

A key artifact for any successful team is a healthy backlog: a list of what’s needed to bring value to the project—written in a way the team can understand and ordered so the team is always focused on what brings the most value.

Yet between all the user stories, enabler stories, technical stories, bugs, defects and so on, it can be quite challenging for a product owner to order all of this properly. 

Here are a few (ineffective) ways I’ve seen it done:

Pitfall 1: Prioritizing what’s understood

Product owners tend to be less technical, and not everyone can properly explain something technical in a way that conveys its value. The result is that items the product owner understands well are prioritized, leaving the other items on the side, which comes with a great long-term cost.

Pitfall 2: Going with instinct

I once heard the following about an item: Its value depends on how we feel that day. When people rely on pure gut feeling, the value of an item will vary depending on their emotions at the time. That means the decision of what will bring value to the product is more or less random, often resulting in leading the team to work on items that end up being pure waste.

Pitfall 3: Leaning into the noise

Some people even order their backlogs based on who complains the most! This merely encourages a culture in which whoever screams the loudest gets what they want.

So what works? There are many ways to take a more mathematical approach to giving value to items. What’s critical is to have an approach that allows the team to properly calculate the value of each item, regardless of what type of item it is. With clear guidelines, all three pitfalls can be avoided—and the decisions can be based on something more reliable.

How do you define the value of your backlog items?

Posted by Christian Bisson on: April 12, 2021 08:26 PM | Permalink | Comments (2)
ADVERTISEMENTS

"Comedy is tragedy - plus time."

- Carol Burnett

ADVERTISEMENT

Sponsors