Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
All these is part of the governance project. There is a method called Stage Gate Method where you have pre-defined stage gates. In those stage gates to lead a meeting with the steering committee to decide if you will put the project on-hold, kill the project or you continue the project. Associated with the method is the decision criteria about the what to do. Project/Program manager is accountable for creating all the needed information to take the decision. No matter if you use the method or not (I am using it from years most of the time with the needed customizations) is very important to understand that the decision will not rest in the project/program manager shoulders. Why? Because the program/project manager will not have all the needed information for that. Saving Changes...
1. It really depends on what we mean by "not doing well" and the materiality of the issue.
2. Project delivery success measures will also be context-specific, but in general you could look for things like: performance within approved baselines, forecasts for benefits vs original expected benefits, stakeholder satisfaction and team satisfaction. For a portfolio, it needs to tie back to the strategic objectives which the portfolio components were going to deliver - if those objectives are on track for being delivered and we are getting good "bang for the buck" and efficiently using financial resources and people's time, then the portfolio is doing well.
Kiron Saving Changes...
Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
Danica,
Portfolio and project performance are different.
PMBoK Guide ed7 Performance Domain 2.7 Measurement gives you a good overview what could be used for projects. I would recommend to use metrics that give you early warnings (if you prematurely spent all of the budget it is too late). Also, project health checks by outsiders (PMO, QA) can help.
Portfolio performance very much depends on the strategy and portfolio cycles. I start asking about how many projects were killed in the last cycle. If zero, there is probably a decision making problem.
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
I interpret "project not doing well" as a significant risk that project deliverables/objectives will not be achieved.First I would look at the reasoning behind the conclusion followed by trying to establish what objectives are at risk. Third step is to determine if the failure is fatal - the project deliverable will have no value. Fourth is to analyse what needs to be done to mitigate the failure (bring back on line), Fifth, establish revised objectives. Sixth, develop a plan to realise the revised objectives, and lastly - convince the stakeholders.
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1 reply by Peter Rapin
Nov 25, 2021 7:38 PM
Peter Rapin
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You most likely want to engage the shareholders at stage 2.
Saving Changes...
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
Nov 22, 2021 4:00 PM
Replying to Peter Rapin
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I interpret "project not doing well" as a significant risk that project deliverables/objectives will not be achieved.First I would look at the reasoning behind the conclusion followed by trying to establish what objectives are at risk. Third step is to determine if the failure is fatal - the project deliverable will have no value. Fourth is to analyse what needs to be done to mitigate the failure (bring back on line), Fifth, establish revised objectives. Sixth, develop a plan to realise the revised objectives, and lastly - convince the stakeholders.
You most likely want to engage the shareholders at stage 2. Saving Changes...
Kiron mentioned the project portfolio is tied to the organizations' strategy.
Documentation of best practices and lessons learned logs can effectively mitigate project risks in related or similarly related project efforts. Some organizations keep these types of data in their files. Saving Changes...
This is great Question, Sure PM team needs to be very active in the Monotoring and controlling process group , performance measures:
Project EAC cost Vs Budgeted Cost
Project EAC Margin vs Budgeted Margin
Project Cash Flow
Customer Satisfaction Saving Changes...
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
In response to your second question: "... what are measures you use to determine if the project is doing okay?"
A relatively quick and easily demonstrated way to identify if the project is doing okay is the Earned Value S-Curve or graph. You plot Planned Costs, Actual Costs and Earned Value on the vertical axis against time on the horizontal axis. Planned Costs and Actual Costs are easily obtained however Earned Value is a bit more effort.
Just type in "earned value s-curve' in your browser to get examples. Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
Like anything else, doing well is based on what you measure. In a project, your metrics are budget, time and scope. You define your wellness threshold for each of your metrics. If a measure is outside the threshold, you have to do a variance analysis then take corrective action to bring your metrics back within the threshold zone. Of course, programs and portfolios add metrics of their own for benefit realization. Saving Changes...
