Nurturing the Next Big Thing: Innovation Requires Cutting Edge and Tradition

There is no shortage of surveys heralding the miracle of innovation for organizations trying to remain competitive in a volatile global economy. As that uncertainty becomes the norm, the focus on innovation is bound to grow. This article discusses how organizations must find a way to marry the fundamentals of project governance that helped them get where they are with the breakthrough concepts that will get them where they need to be. In doing so, it looks at how a solar energy and clean-tech company turns prototypes into business solutions by slashing time-to-market without sacrificing quality. Next, the article details how companies innovate during troubled economic times, citing a study by Wipro and Forbes Insight's Growth Strategies for 2012 and Beyond, which reports that 68 percent of global executives agree that innovation is more important now than before the recession. It then identifies areas where organizations fall short. The article discusses how organizations can make the jump from a cutting-edge concept to a full-fledged project that delivers true innovation and examines how review strategies can help companies identify innovative concepts that are not up to par. It looks at how companies can collaborate on innovative concepts by detailing how Ford Motor Company and Weyerhaeuser worked together on a project to replace fiberglass or mineral reinforcements and reveals the positive results of this collaboration. It then summarizes how an innovation governance process may help organizations find the balance between fostering creativity and demanding measurable outcomes and explains how an innovation steering committee can evaluate proofs of concept and how they align with strategic goals of the business. Accompanying the article are two case studies: The first case study examines OnStar's (Detroit, Michigan, USA) innovation strategy. The second case study discusses Petra Solar's (South Plainfield, New Jersey, USA) innovative solar technology, smart-grid and clean-tech projects.

A Closer Look: Office of Energy Efficiency and Renewable Energy, Washington D.C. USA

A federal organization saw its project portfolio budget increase tenfold practically overnight—and had to reassess its project management process.

BRIC by BRIC: The harsh Realities of Global Competition

It's been more than a decade since the BRIC (Brazil, Russia, India and China) countries were hailed as the next big thing. But global economics can be a fickle game, and a slew of negative headlines are casting doubt on the quartet's glorious future. This article examines how the BRIC countries will retain a powerful influence on the global economic and, in turn, project, scene for years to come. In doing so, it cites a prediction from consulting firm PwC that says by 2050, China and India will surpass the United States to become the world's largest economies and a prediction by Goldman Sachs stating the four countries will account for almost 40 percent of global GDP by then. These trends affect the project landscape in each country, and the article takes a closer look at projects in the BRIC countries. It notes that most projects in Brazil are infrastructure projects to support the World Cup and the Olympics. Projects in Russia have suffered because the country's GDP plunged 8 percent in 2009 and has a poor ranking on the Ease of Doing Business index due to corruption and ineffective bureaucracy. However, Russia will soon become a member of the World Trade Organization, which will attract more foreign investments. In India, the projects are big. Because of a booming car industry, project management standardization is a necessity. It may be stumbling, but China is still experiencing a lot of growth. The country's government is fast-tracking infrastructure projects, particularly highways, railways and power plant construction. The article examines a project in each country and describes the challenges faced by each one. In addition, it provides GDP statistics, Ease of Doing Business ranking, and median project professional salary for each country.

Alaskan Mystery

The 800-mile Alaska Pipeline was a project without a plan or method. This remarkable story presents some valuable lessons from the biggest and most expensive private enterprise in American history.

What are best practices and guidelines for utility project management?

Where can I learn more about transmisison and distribution (T&D) projects?

What tools or templates can I use in utility project management?