Voices on Project Management

By

Peter Tarhanidis, Ph.D.

Project management methodologies have evolved significantly over the years, with waterfall and agile emerging as two of the most prominent approaches. Each has its strengths and weaknesses, making them suitable for different types of projects and organizational needs.

• Waterfall is a linear, sequential approach to project management. It is characterized by distinct phases; each phase must be completed before the next begins with limited ability to revisit or revise previous stages. Waterfall is effective for projects with well-defined requirements and a clear path to completion, such as construction or manufacturing projects.
• Agile is an iterative, incremental approach designed to accommodate change and foster continuous improvement. It emphasizes collaboration, customer feedback, and small, manageable units of work called sprints. Agile is well-suited for projects where requirements are expected to evolve, such as software development or other innovative fields.

Surveys indicate:

• 51% of companies implement waterfall and 71% of companies utilize agile.
• PMI’s 2020 Pulse of the Profession® report Ahead of the Curve: Forging a Future-Focused Culture indicated that 11.4% of investment is wasted due to poor project performance.
• The Standish Group’s CHAOS report showed only a 31% project success rate.
• Harvard Business Review estimated a $3 trillion annual global financial loss, wasted resources, missed opportunities, and negative societal impacts due to project failures.

Given these statistics, you may ask which method is best for a given project. Many organizations find value in blending these methodologies to create a hybrid approach, leveraging the structured planning of waterfall and the flexibility of agile. This hybrid model can offer a balanced framework that enhances efficiency, adaptability, and customer satisfaction.

While waterfall's structured approach provides clear milestones and accountability, its rigidity can be a drawback in dynamic environments. Agile's flexibility and responsiveness to change make it ideal for such settings, but it can struggle with scope creep and lacks the clear, long-term planning of waterfall.

The hybrid approach seeks to combine the best of both worlds, providing a structured framework that remains flexible and adaptable. By relying on a competency and development framework, management can highlight the key components of hybrid—consistently applying best practices to mature success and project outcomes.

Key components of hybrid project management include:

1. Phase-based structure with iterative execution: Projects are divided into phases similar to waterfall, but within each phase, agile sprints are used to execute tasks. This allows for detailed planning and requirements gathering upfront, followed by iterative development and testing.
2. Defined milestones with flexible deliverables: Hybrid project management sets clear milestones to track progress and ensure alignment with overall goals. However, the deliverables within each milestone can be adjusted based on iterative feedback and changing requirements.
3. Customer collaboration and feedback loops: Regular interactions with customers and stakeholders are maintained to gather feedback and make necessary adjustments. This aligns with agile’s emphasis on customer collaboration and helps ensure the project remains on track to meet user needs.
4. Comprehensive documentation with adaptive planning: Initial project documentation and planning follow a waterfall approach to establish a clear roadmap. Throughout the project, adaptive planning is used to refine and update this documentation based on iterative insights and changes in scope.

Steps for implementing a hybrid model:

1. Assess project requirements and environment: Evaluate the project's nature and complexity, and the environment in which it will be executed. Projects with stable requirements and clear end goals may lean more toward waterfall, while those with uncertain or evolving requirements may benefit more from agile practices.
2. Define phases and iterations: Establish major project phases with clear objectives and timelines. Within these phases, implement agile sprints or iterations to manage work increments, allowing for continuous assessment and adjustment.
3. Foster collaboration and communication: Create a culture of open communication and collaboration among team members, stakeholders, and customers. Regular meetings, such as daily stand-ups and sprint reviews, can help maintain alignment and address issues promptly.
4. Balance documentation and flexibility: Ensure that initial project plans and requirements are well-documented but remain open to revising them as the project progresses. Use documentation as a living document that evolves with the project.
5. Monitor progress and adapt: Use waterfall’s milestone tracking to monitor overall progress, and agile’s sprint reviews to assess interim deliverables. Be prepared to adapt plans and strategies based on feedback and performance metrics.

The leadership required in hybrid project management has a blend of strategic oversight and adaptive facilitation to balance the structured rigor of waterfall with the dynamic responsiveness of agile. Effective leaders in this context must embody several key traits and skills to ensure project success:

1. Visionary thinking: Leaders must articulate to the team a clear vision of the project’s goals. They need to establish long-term objectives while accommodating short-term adjustments, maintaining alignment with overall project aims.
2. Flexibility and adaptability: Leaders must pivot between structured planning and iterative development. They must be comfortable with change and capable of guiding their team through unexpected challenges and shifts in project scope.
3. Strong communication skills: Open, transparent communication is essential. Leaders must facilitate continuous dialogue among team members, stakeholders and customers. Regular updates and feedback loops are crucial for maintaining alignment and addressing issues.
4. Collaborative mindset: Encouraging a culture of collaboration is vital. Leaders should promote teamwork, ensuring that all voices are heard and valued. This involves fostering an environment where team members feel empowered to contribute ideas and solutions.
5. Strategic decision-making: Effective hybrid project leaders must be adept at making informed decisions quickly, balancing the need for detailed planning with the flexibility to adapt plans based on real-time insights and feedback.
6. Risk management: Proactively identifying and mitigating risks through both structured risk assessment and iterative reviews is crucial. Leaders must be vigilant and responsive, adjusting strategies as necessary to keep the project on track.

By embodying these qualities, leaders can successfully navigate the complexities of hybrid project management, ensuring that projects are both well-organized and adaptable to change. The overall benefits of hybrid project management provide for:

1. Enhanced flexibility: Combining structured phases with iterative sprints allows for greater adaptability to changes in project scope, requirements and market conditions.
2. Improved stakeholder engagement: Regular feedback loops and collaborative practices ensure stakeholders are consistently involved and satisfied with the project’s direction.
3. Risk mitigation: The hybrid approach can identify and address risks earlier in the process through iterative reviews, reducing the likelihood of major issues arising late in the project.
4. Balanced planning and execution: It provides a comprehensive planning framework while maintaining the flexibility needed for creative problem-solving and innovation.

In conclusion, hybrid project management offers a robust framework that leverages the strengths of both waterfall and agile methodologies. By blending structured planning with iterative execution, organizations can achieve greater efficiency, adaptability, and customer satisfaction, making it a versatile approach for a wide range of projects.

Please share in the comments how your organization defined hybrid project approaches and any case studies that you would like to share.

References

1. PMI Pulse of the Profession®: Ahead of the Curve: Forging a Future-Focused Culture
2. The Standish Group: Benchmarks and Assessments
3. It’s Time to End the Battle Between Waterfall and Agile
4. Agile vs Waterfall: Which Approach Should You Choose for Your Project
5. Waterfall vs Agile Methodology: What’s Better for Your Project?

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

By Mario Trentim

In this post, I outline the key elements of any successful project. By taking the time to understand these steps and put them into action, you can increase the chances of your project being successful:

1. Define the goal of your project
2. Gather information and research what has been done before
3. Develop a plan and timeline for your project
4. Create a budget and find funding as necessary
5. Assemble a team of experts to help
6. Implement the plan and monitor progress along the way
7. Get the final acceptance, then celebrate and close the project

1. Define the goal of your project

The goal of a project is to achieve a specific objective within a specified period of time. A project charter is a document that outlines the project's goals, objectives and timeline. It is an important tool for project management, as it provides a shared understanding of the project's goals and objectives.

The project charter also helps to identify and track milestones, risks and costs. Without a clear goal, a project can quickly become derailed. Therefore, it is essential to define the goal of your project before beginning any work.

2. Gather information and research what has been done before

Before embarking on any project, it is essential to gather information and research what has been done before. This will help you identify stakeholders, collect requirements and identify potential risks.

It is also important to understand the current state of the project in order to develop an effective plan for execution. Without this information, it would be difficult to identify the problems that need to be addressed and the potential solutions that could be implemented.

By taking the time to research and gather information, you can ensure that your project is well-informed and has a higher chance of success.

3. Develop a plan and timeline for your project

A project plan is a critical component of any project. It sets forth the tasks that need to be completed, the order in which they should be done, the budget for the project, and the timeline for completion. Without a project plan, it is all too easy for a project to get off track and end up being delayed or over budget.

Creating a project plan can seem like a daunting task, but there are a few key steps that can make the process much easier:

1. First, identify the tasks that need to be completed. This can be done by creating a work breakdown structure.
2. Next, determine the order in which the tasks need to be completed. This will help to ensure that dependencies are taken into account and that no critical tasks are missed.
3. Finally, establish a budget and timeline for the project.

Once all of these pieces are in place, you will have a much clearer picture of what needs to be done—and when it needs to be done. With a well-developed project plan, you increase the chances of your project being successful.

4. Create a budget and find funding as necessary

Any worthwhile project will require some level of funding, and it is important to estimate the cost of the project as accurately as possible before beginning to look for sponsors.

In addition to the cost of materials, it is also important to estimate the duration of the project and schedule it accordingly. Once the cost and duration have been estimated, it is easier to create a budget and begin looking for funding.

Although it can be difficult to find sponsors, there are a number of resources available to help with the search. Project management software can also be helpful in keeping track of expenses and ensuring that the project stays on schedule and within budget.

By taking the time to estimate costs and create a budget, it is easier to find the funding necessary to complete a project successfully.

5. Assemble a team of experts to help

Any successful project depends on assembling the right team of experts. But what makes a team effective? One key principle is understanding the stages of team development, first identified by psychologist Bruce Tuckman.

Tuckman proposed that teams go through four distinct stages:

1. In the forming stage, team members are oriented to the task and get to know one another.
2. This is followed by the storming stage, when conflict and disagreement emerge.
3. Next is the norming stage, when team members start to gel and work together more harmoniously.
4. Finally, the performing stage is when the team is working at its peak and making significant progress toward its goal.

Effective team leaders recognize these stages and know how to manage them effectively. They also possess other key qualities, such as servant leadership and strong communication skills. By assembling a team of experts with these qualities, you can set your project up for success.

6. Implement the plan and monitor progress along the way

A key part of successful project management is monitoring progress and making adjustments as necessary to ensure that the project stays on track. There are many different tools and techniques that can be used for this purpose, but earned value management is one of the most popular and effective methods.

Earned value management is a technique that uses three measures—planned value, earned value and actual cost—to track progress and identify variances. By comparing the earned value to the planned value, project managers can track whether the project is ahead or behind schedule. Similarly, by comparing earned value to actual cost, they can identify any cost overruns.

Thus, earned value management provides a clear picture of where the project stands at any given point in time and makes it easy to identify areas that need attention. As such, it is an essential tool for any project manager who wants to monitor and control the progress of their project. PRINCE2 and A Guide to the Project Management Body of Knowledge (PMBOK® Guide) are two other popular progress monitoring tools.

7. Get the final acceptance, then celebrate and close the project successfully

These are the three keys to ending your project on a high note and setting yourself up for success the next time around. Of course, the best way to avoid having an underperforming project in the first place is to learn proper project management techniques and adopt best practices from the outset. But even if you find yourself in a difficult situation, all is not lost. By following these tips, you can ensure that your next project is a resounding success.

Thanks for reading! Let me know if you have any questions about how to implement these processes or would like help assembling a team of experts for your next project…and share your own tips in the comments below!

by Mario Trentim

I’ve been familiar with remote work and virtual teams since 2010. I’ve also witnessed how digital transformation has enabled the adoption of new business models, flatter organizational structures and hybrid project management approaches since then.

In the wake of the global pandemic, I’ve received many questions about building high-performing virtual teams, and how to improve collaboration and productivity as a whole in the workforce.

Before I share some lessons learned with you, I’d like to remind you that we live in uncommon times. Predictions and models aren’t capable of guiding us as they were before the crisis. As quickly as teams have adapted to going virtual, there remains a great deal of uncertainty and a number of challenges that have yet to be overcome.

Going back to January 2020, you and your team likely were used to working together in a particular context. Maybe you had flexible working hours, and some team members worked remotely. Perhaps you were all working 9 to 5 in the same physical office space. It doesn’t matter. What matters is that you had a routine.

When the world came to a full lockdown, the concept of remote work and the modern workplace shifted dramatically. We also saw the shuttering of schools and places of business. I told my employees and team members in March: We don’t expect you to be as productive as you were in the office. Take your time, take care of your family and health.

With time, people started adjusting and adapting to the so-called new normal—and forming new habits. There are many books and references about habit formation. I came across an insightful research article published by the European Journal of Social Psychology, which concludes that the repetition of behavior in a consistent context results in increasing automaticity and productivity.

As we made our way in the new work ecosystem, we thought we needed some structured guidance. We addressed that with open discussions, one-on-one meetings, and a shared space for ideas, emotions and lessons learned about working from home.

New Habits for the New Normal

Through a collaborative effort, my team built a work-from-home manual. It’s not mandatory, but it does provide some helpful advice:

• Stay healthy. Suggestions relate to drinking water, eating healthy food, standing up every hour or so, working out from home and getting a good night of sleep.
• Take care of yourself. This is about motivation—shaving and bathing 😉, feeling strong, meditating and emotional wellbeing.
• Remain focused. It’s easy to get distracted with a bunch of emails and IMs, but we need to find ways to execute deep work.
• Prepare and engage. We don’t need a lot of extra meetings just because we’re working from home. We have to be better prepared and more purpose-driven, set up better agendas and genuinely engage in discussions.

Now I’d like to leave you some food for thought:

1. What are the most important skills required to be effective digital leaders?
2. How do you structure communication to ensure clarity and to avoid overwhelming your virtual teams?
3. How can you lead from a distance, while fostering collaboration and teamwork when people are working remotely?

Let me know in the comments below.

By Jen Skrabak, PMP, PfMP

The future is female—but it appears project management is behind the times.

An estimated 30 percent of project managers are women, dominating administrative (project coordinator) roles instead of taking on managerial responsibilities. 

As we look at income, women working in project management around the world rake in a fraction of what their male counterparts earn:

Source: Earning Power: Project Management Salary Survey—Eleventh Edition, PMI, 2020. Originally published in the March/April 2020 issue of PM Network.

Gender inequality in project management is inescapable—but it’s not irreversible.

In a male-dominated field, how do we start carving out an equal playing field for all? Here are seven challenges we as project professionals should tackle to change that narrative:

1. Rethink Diversity: Diversity does not begin and end with gender or physical characteristics. It involves how we build teams and consider varying viewpoints based on each person’s unique experiences, skills, background and knowledge. As senior-level program professionals, we need to consider how to make everyone feel seen, heard and valued.
2. Know Your Worth: “Impostor syndrome”—feelings of inadequacy, despite evident success, and the fear of being exposed as a fraud—is real. Women are disproportionately impacted by impostor syndrome when faced with a new project, role or position, as reported by The Telegraph. Gone unchecked, it can act as a major career obstacle. 
3. Stay the Course: Life’s journey isn’t a straight line—it’s a roller coaster. Consider your strengths and what can you do (not what you can’t do). And most importantly, if you fall down or stumble, how quickly can you get back up? In the Olympics, the difference between a gold medal and no medal is fractions of a second. Remain focused.
4. Have a Game Plan: Men will apply for a job when they meet only 60 percent of the qualifications, as reported by the Harvard Business Review. Most women apply only if they meet 100 percent of the qualifications. Go for it, but have a plan. For any journey, you need to assess where you’re at, determine where you want to be and outline the path to get there. 
5. Take Risks: A little risk-taking can go a long way. It’s not always about whether you succeed or fail, it’s about gaining lessons learned. Don’t be afraid to challenge the status quo—women can be the leaders of change, too. And don’t get too comfortable: Remember that the skills that got you where you are today may not get you to where you want to be in the future.
6. Make Your Voice Heard: Amplify who you are. Seek out sponsors who are more senior and will advocate for your career trajectory in an organization. First, build trust by performing well. Then, raise your hand to volunteer for opportunities. Make your value visible by speaking up and driving results. 
7. Visualize Your Goals: As part of your plan, chart out specific, realistic and measurable goals. Break down your progress into clear milestones.

Earlier this month, we celebrated International Women’s Day and honored the women leading project management into the future. How are you empowering women to grow within the project management field and in your organization?