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
Christian Bisson
Yasmina Khelifi
Sree Rao
Soma Bhattacharya
Emily Luijbregts
Lenka Pincot
cyndee miller
Jorge Martin Valdes Garciatorres
Marat Oyvetsky
Ramiro Rodrigues
Wanda Curlee

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)

A True Story of a Bad Sponsor

In my previous post, I promised to tell you a sad but true story of a sponsor who was against his own project. As you know, lack of sponsorship is one of the major causes of failure in projects. It is very hard to make things happen without senior-level support.

According to author and business consultant John P. Kotter, building a guiding or supporting coalition means assembling a group with the power and energy to lead and sustain a collaborative change effort. That is when strong sponsorship comes to mind in project management.

Unfortunately, I was the project manager tasked with the initiative featuring the unfriendly sponsor. By that time, I knew some of the tricks of the change management trade. However, I naively ignored that people have their own hidden agendas.

 

Sizing Up the Sponsor

The sponsor, let’s call him John, was a division manager with almost 25 years dedicated to the same organization. He proposed an audacious project to outsource almost half of his division, creating a new company to own the assets.

It was a brilliant idea, strictly aligned with the organizational strategy. There was a solid business case supporting headcount and cost reduction, improved service levels and an outstanding return on investment. The board of directors promptly approved the project and it took off with strong support.

You already know that a project, by definition, is a disturbance in the environment. “Project” is synonymous with “change.” Change usually implies resistance. This project faced enormous challenges related to cultural and structural change, power, politics and more.

It took me some time to realize John was a real threat to the project. At first, I shared all my information with him, and I trusted that he was an enthusiastically.

But along the way, I noticed John was not performing his sponsor role properly. In particular, he was not working on selling or on leadership.

Figure 1 – Sponsor’s roles (Trentim, 2013)

Consequently, crucial organizational decisions were postponed, resulting in serious negative impacts on the project. John was responsible for leading change, but he wouldn’t do it. The project was failing because I could not overcome the ultimate resistance barrier: the sponsor.

I started asking myself about John’s real intentions. It was a very uncomfortable situation.

One day, I was discussing the sponsorship issue with my core team members. Alice asked me, “Do you really think John wants this project to be successful?” A few weeks before, my answer would have been “Sure!” Now, I decided to hold a problem structuring session based on Alice’s doubt.

To our amazement, we concluded that if we were in John’s shoes, we would want the project dead.

It was simple. Although there was a solid business case with wonderful benefits, none of them appealed directly to John. In fact, John would be demoted from senior division manager to manager of a department of less than half its former budget and staff. He could even lose his job after the successful startup of the outsourcing project.

I confronted John. He tried to change the topic several times. Finally, he confessed. I will never forget his words: “Corporate politics forced me to initiate this project. If I did not propose the project, someone else would initiate it and carry it on successfully, destroying my division. I had no choice.”

After John’s confession, he was replaced by another sponsor and the project was soon back on track.

 

Ideals vs. Reality

This experience permanently altered the way I view sponsors. Ever since then, I’ve never assumed my stakeholders are ideal.

In an ideal project, you would have:

  • a powerful and interested sponsor as a friend
  • motivated and skilled team members
  • supportive functional managers
  • collaborative contractors and vendors
  • other various friendly stakeholders

In reality, you have:

  • sponsors with less power than needed and sponsors with other priorities (lack of interest in your project)
  • part-time, not-so-motivated team members, fewer resources than needed and resources who are less skilled than you imagined
  • resistant functional managers with hidden agendas
  • unsupportive contractors and vendors
  • other various enemies as stakeholders

The fundamental lesson learned here is that managing stakeholders is far from simple. It is a combination of science (tools, techniques, and best practices), art (soft skills, communications, political awareness) and craft (experience).

What was your biggest stakeholder management challenge? Share your experiences and lessons learned below.

Posted by Mario Trentim on: April 17, 2015 08:33 AM | Permalink | Comments (13)
ADVERTISEMENTS

Love can sweep you off your feet and carry you along in a way you've never known before. But the ride always ends, and you end up feeling lonely and bitter. Wait. It's not love I'm describing. I'm thinking of a monorail.

- Jack Handey

ADVERTISEMENT

Sponsors