Project Management Guide by Sofia Verduzco

Sofia Verduzco, BSE, MPM

M.S. In Project Management and Leadership Regis University 2020

Introduction This guide was written to summarize the main concepts and lessons I learned throughout my time studying for my master's degree in project management. I attended Regis University in Colorado from August 2018 to May 2020. This text was written during my last semester and completed in August 2020. While studying project management, I worked at the NASA White Sands Testing Facility as an Industrial Engineer / Project Manager. Combining these two activities helped me fully understand the importance of the role project managers play in large corporations. It is a multidimensional career that requires knowledge of the industry's best practices, different software programs, and interpersonal relationships. This text's primary goal is not to teach everything there is to know about project management, but to recognize if the topics discussed throughout the guide spark your interest in the field. If you have background experience in project management, been recently assigned to a project management position, or are considering getting a degree in this field, this manual is for you.

Table of Contents Leading Projects in Contemporary Organizations……………………………………… 4 Leadership vs Management………………………………………………………………… 15 Delivering Organizational Excellence……………………………………………………… 19 Leading in a New Era………………………………………………………………………… 34 Business Intelligence and Analytics………………………………………………………… 47 Leading Change and Innovation…………………………………………………………… 71 Management of Project Performance……………………………………………………… 91 Project Monitoring and Delivery……………………………………………………………… 106 Strategic and Business Management for Project Managers…………………………… 118 Leading Responsible Organizations………………………………………………………… 128

Leading Projects in Contemporary Organizations

Why Project Management? This field has emerged because our contemporary society's characteristics demand the development of new management methods. Our contemporary society's characteristics demand the development of new management methods. Of the many forces involved, these three are worth noting: â&#x20AC;˘The expansion of human knowledge â&#x20AC;˘The growing demand for a range of complex and customized goods and services â&#x20AC;˘The evolution of worldwide competitive markets for the production and consumption of goods and services. All three forces require teams to solve problems that can be solved by individuals. They significantly increase the complexity of goods and services produced, and the complexity of the processes used to create them. In turn, this leads to the need for more sophisticated systems to control both outcomes and processes.

Why Project Management A Project Manager (PM) is expected to integrate all aspects of the project. For example, negotiate, ensure that the proper knowledge and resources are available when and where needed, and above all, ensure that the expected results are produced in a timely and cost-effective manner. The complexity of the problems faced by the PM, taken together with the rapid growth in the number of project-oriented organizations, has contributed to the professionalization of project management. Since the very beginning of modern day projects, being a PM was known as the “accidental profession.” There was no training or career path in project management; you just became one by accident. All that has changed now and the role has become “professionalized.” One of the major international organizations dedicated to this professionalization is the Project Management Institute (PMI®, www.pmi.org), established in the United States of America in 1969. By 1990, the PMI had 7,500 members, and by 2017, it had exploded to 450,000 members in more than 190 countries

Certifications to Work Towards Project Management Professional (PMP)

The PMP validates your competence to perform in the role of a project manager, as well as leading and directing projects and teams. It is recognized and demanded by organizations worldwide. You must have at least 35 hours of PM education or a Certified Associate Project Management certification.

Certified Associate in Project Management (CAPM)

Master Project Manager (MPM)

CAPM helps you demonstrate your understanding of fundamental knowledge, terminology, and processes of effective project management.

MPM was modeled by the American Academy of Project Management.

It can be taken while working towards your PMP since it requires less hours of PM education and experience.

It focuses on professional project managers but can also include professionals who work on business and have technical career pathways.

Structure of Project Management The following figure can help us provide better timelines for our client, as well as accurate deadlines for our team.

Project Initiation

• Project Selection

Project Planning

• Activity Planning and Team Building

• Strategic Management • Managing Conflict and Learning to Negotiate

• Budgeting and Risk Managing • Scheduling

• Organizational Structure • Resource Allocation

Project Execution

• Project Monitoring and Information Systems • Project Control • Project Auditing • Project Closure and Benefit Realization 8

Project Management Roles

Deal with Potential Risks Manage Time

Provide Vision & Direction

Schedule Work

Control Scope Increase Efficiency Administer Procurement

Communicate with stakeholders

In Depth look to a PM’s Roles •

Provide vision and direction – Identifies the aim and vision of the project and gives it purpose and direction. Also identifies the points of contact for each task the project.

•

Increase efficiency – Works with the project team to define the tasks that need to be undertaken in order to complete the project, and identify the order in which they should occur. This ensures that they are completed efficiently.

•

Control scope – The scope of the project is comprised of the project deliverables, and the work must be done to achieve the project deliverables. The project manager will continually address scope management throughout the life of the project by regular monitoring and controlling.

•

Time management – Time is arguably the biggest challenge of any project. The project manager must control the project schedule by examining milestones, key dates, and the critical path throughout the lifecycle of the project.

In Depth look to a PM’s Roles •

Schedule the work – Ensure that the project team members work on their tasks in the appropriate order. This includes addressing any problems which may delay the deadlines.

•

Deal with potential risks – There is always a chance for potential risks in a project, no matter how well planned. A project manager will identify potential risks, assess the impact they may have, and consequently make a plan to avoid or manage them. The aim of risk management is to reduce the undesirable consequences (impact) within a project to avoid any risks.

•

Administer procurement – If your project requires products and services from outside your organization, the PM manages and controls the terms of these contracts.

•

Communicate with stakeholders – Once the project is up and running, it is crucial to communicate progress all the stakeholders. Usually, the project manager communicates the goals and performance in a regularly scheduled report.

And we cannot forget... Project Managers are crucial to the closing of a project â&#x20AC;˘ After the project has met the goals and expectations of the customer, the project manager documents and reviews the different phases with the stakeholders. â&#x20AC;˘ Evaluation of the project is undertaken with lessons learned noted and saved for the next project.

Assessing the Value of Project Management

Only 58% of organizations fully understand the value of project management. Organizations that

58%

undervalue project management as a strategic competency for driving change report an average of 50% more of project failure. -Pulse of the Profession (2018). *Refer to Appendix

“Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall.” - Stephen Covey, Author, Speaker, Educator 14

Leadership vs Management

“Power isn’t control at all — power is strength, and giving that strength to others. A leader isn’t someone who forces others to make him stronger; a leader is someone willing to give his strength to others, so that they may have the strength to stand on their own.”

- Beth Revis, Author 16

Project Management

Project Leadership

The application of knowledge, skills, tools, and techniques used to meet a project’s requirements.

The act of leading a team towards the successful completion of a project.

A project manager has the overall responsibility for the successful initiation, planning, design, execution, monitoring, controlling and closure of a project.

A project leader places more emphasis on people as opposed to the tactical management of tasks.

Project management has final deliverables that are constrained to a finite timescale and budget.

Project leaders focus on building the foundation for enduring future successes. 17

Recommended Books to Better Understand Leadership

Switch: How to Change Things When Change Is Hard By Chip Heath & Dan Heath

Radical Candor: Fully Revised & Updated Edition Be a Kick-Ass Boss Without Losing Your Humanity By Kim Scott

Start with Why How Great Leaders Inspire Everyone to Take Action 18 By Simon Sinek

Delivering Organizational Excellence

Organizational excellenceÂ is defined as the ongoing efforts to establish an internal framework of standards and processes intended to engage and motivate employees. This helps deliver products and services that fulfill customer requirements within business expectations. 20

Tools for Method

PLAN – Identify on opportunity and plan for change. DO – Implement the change on a small scale first. CHECK – Use data to analyze the result. ACT – If the change is successful, then implement the change on large scale. If it is not successful, begin the cycle again. 21

Tools for Method Organizational excellence is often the result of transitional and transformational leadership (more of this in p.39). Successful organizational outcomes require deliberate management and improvement in six key areas: •

Information - Metrics, measures, and decision support

•

Structure - Roles, responsibilities, and accountabilities of each functional area

•

People - Total human capital within the organization

•

Rewards - Compensation and incentives

•

Learning Systems - Knowledge and training

•

Work processes - Interaction and linkage of workflows

This can also be referred to as Continuous Process Improvement

CPI 22

Examples of CPI Methods / Frameworks 1

1940s – The Kanban Principle is a method designed to help optimize workflow and use a team at its full capacity.

1950s - Total Quality Management is a method by which management and employees can become involved in the continuous improvement of the production of goods and services.

1986 - Six Sigma’s main idea is to improve quality so that the number of defects are so little that they become statistically insignificant.

1993 – Scrum is a framework designed to guide teams in the iterative and incremental delivery of a product. 23

Methodologies that are the Foundation for CPI Toyota Production Systems (TPS)

Total Quality Management (TQM)

The Toyota Production System (TPS) is an integrated sociotechnical system developed by Toyota to efficiently organize manufacturing and logistics (this includes the interaction with suppliers and customers) to minimize cost and waste. Some of its key elements include: • Continuous improvement • Respect for people • Teamwork • Challenge

TQM views an organization as a collection of processes. It allows organizations to continuously improve by incorporating the knowledge and experiences of workers. TQM is now becoming recognized as a generic management tool and some of its activities include: • Challenging quantified goals and benchmarking • Focus on processes and improvement plans • Employee involvement and empowerment

Quality Management System (TQS)

QMS helps coordinate and direct an organization’s activities to meet customer and regulatory requirements, as well as improve its effectiveness and efficiency on a continuous basis. Some benefits of the QMS include: • Reducing waste • Identify training opportunities • Improved processes • Engaging Staff • Create better communication channels 24

Affinity Diagram A great tool for CPI is the affinity diagram. This tool aims to generate, organize, and consolidate information concerning a product, process, or any complex issue. Constructing an affinity diagram is a creative process that expresses ideas without quantifying them.

The idea is to build a team (ideally a diverse team) who can collectively come up with several different ideas for a problem that the project is experiencing. First of all, it is essential to state the central issue clearly and concisely. After this is defined, the team can write down as many solutions, questions, or further problems within the main issue â&#x20AC;&#x201C; this works perfectly with postits. Once everyone has written down their ideas and/or thoughts, the post-its can go up on the wall/board and be categorized into different groups. These ideas can then be openly discussed and further analyzed â&#x20AC;&#x201C; the more, the better! While not all will be brilliant, one never knows which of these thoughts will spark more ideas and solutions. Usually, it helps to leave the diagram up for a few days and discuss it in meetings throughout the week. The ultimate goal is to have as many post-it notes as possible, reflecting the teams' thoughts in an organized manner. 25

Affinity Diagram

Use an affinity diagram when you can answer â&#x20AC;&#x153;yesâ&#x20AC;? to all of the following questions:

Is the problem (or issue) complex and hard to understand? If the problem or issue is relatively simple or easy to understand, a cause-and-effect diagram may be more appropriate.

Is the problem uncertain, disorganized, or overwhelming? Complex issues often feel overwhelming due to their size.

Does the problem require the support of another group? The process a group goes through to make an affinity diagram helps the group develop its own system of thought concerning the problem and builds consensus among the members. 26

Quick Tips:

Example of an Affinity Diagram

• Choose a facilitator

Issue / Question: The computer maintenance management system needs to be implemented by December at the latest.

Structural Challenges We do not have authority to progress

There is no defined workflow

There is a lack of leadership

Meetings are not taken seriously

Delays We do not have engineering feedback yet

Reduced staff due to global pandemic

Approvals not done in a timely matter

Lack of communication with stakeholders

• Make sure the team understands the main question • Keep everyone on track – The main question should be specific and clear • Build a diversified team to get a wide range of points of view

DMAIC Model Another tool for CPI is the DMAIC model. This is also a roadmap for Six Sigma, it is used to improve the quality of results that the companyâ&#x20AC;&#x2122;s processes produce.Â The figure below shows the five different phases that compose the DMAIC model:

DEFINE

Identify the problem, clarify scope and customer requirements, and define the goal/change vision

MEASURE

Measure key steps or inputs, gather process efficiency data, and refine the problem/goal

ANALYZE

Develop causal hypothesis, identify root causes and best practices, and validate the hypothesis

IMPROVE

Design and implement a new process or system, test solutions, measure and record results

CONTROL

Establish measures and reviews to maintain performance, correct problems as needed 28

Getting Upper Management to Approve When introducing a new initiative, model, or workflow change, it is necessary to understand the correct way of presenting it to upper management. The following are some tips on how to start the conversation. Explain the root cause of the problem. Ask questions such as: How long has the issue been going on? What were the contributing factors? What are the underlying issues? A few critical root causes are usually responsible for many problems. By addressing them, you can make improvements and create sustainable solutions for the long term. Make sure you mention the objective is an improvement â&#x20AC;&#x201C; not just a change. Data tracking and assessments are essential to be sure you are targeting the real problem. Prove to whomever you are presenting to that you have done your research, that you have a baseline, and are ready to show them an improvement. It takes from 6 up to 12 months to ensure real progress. With this being said, do not rush and do not create unrealistic expectations. Be clear and realistic with your timeline, and make sure you are tracking your progress as the initiative advances. State how urgent it is to solve the problem. For the effort to work, it is important to have the interest and approval of upper management. 29

Extra Tools: Be Prepared! It is always helpful to have some sort of guide when you are introducing a new idea. It can be as simple or detailed as you want it to be. This will vary depending on the magnitude of the initiative and the amount of support and resources you are asking for. Below is one of the millions of templates out there that can help you get your ideas organized before presenting: Project Charter Process Name

I like to think of the process name as the subject line of an email. Concise, clear, and informative.

Opportunity Statement

State why is this a problem? Example: Delivery is late x% of the time The customers submit x% complaints

As-Is Process Summary

What is the current process like at the moment? Are you sure you fully understand it? It is important to know exactly what is the problem now, so that you can work on the correct solutions.

Proposed Changes

Now is the time to describe your proposed solution. This may be hazy at the beginning, and it can even change as the project advances. Still, it is important to have a clear action plan to start with.

Desired Outcome/Results

What does the end goal look like? This is the statement that will motivate upper management and the team. It could start as the vision statement and then get more specific as time goes by.

Â Areas/Individuals Affected

Who will be involved or affected from the results of the project? This is a good way to know who to contact for the meetings. This question must be considered from the beginning of the project.

You have Approval to Continue.. Now What? This is the perfect time to gather with your team and brainstorm (think back to the Affinity Diagram). Explain the constraints such as the budget and the timeline, and work collectively. Keep in mind that every idea matters. As a project manager, it is important to understand that you are not only there to manage your team. You are there to lead them and motivate them as well. As the project advances, it will go through different phases which are shown in the chart below.

Team Effectiveness

Phases of Team Development 10 8

5 4

Time

Team Development Phases Explained Knowledge is Hidden

Trust Unknown

Distrust

Knowledge Creation

Synergizes

Forming

Performing

Storming

Norming

Knowledge Hoarding

Knowledge Sharing

Collaborates

â&#x20AC;&#x153;You cannot simply follow a set of rules and become a leader. You must react in the moment and within context. It makes project leadership an easy term to describe but a lifelong goal to achieve.â&#x20AC;? - Jason Westland, Founder of Projectmanager.com 33

Leading in a New Era

Leadership is about change â&#x20AC;Ś The best way to get people to venture into the unknown terrain is to make it desirable by taking them there in their imaginations. -Noel Tichy, Author and Professor 35

Recommended Ted Talks

As Work Gets More Complex, 6 Rules To Simplify

By: Yves Morieux

How to Get Serious About Diversity and Inclusion In the Workplace

By Janet Stovall

5 Ways to Lead in an Era of Constant Change

By Jim Hemerling 36

These numbers will In 2016, twenty-eight thousand employees across 27 countries were continue to grow as it interviewed about how likely they are to move from their hometown becomes more affordable to travel. in hopes of a better career opportunityâ&#x20AC;Ś

37%

of individuals would be willing to relocate anywhere in the world for a better career.

78%

of individuals were willing to relocate within their national borders.

As project managers, we must understand how to manage change as well as teach our teams / coworkers to do the same. It is also important to be able to work with a diverse group of people. If a manager is a true leader, diversity and difference of opinions can be an asset instead of a challenge. 37

Leadership Styles

Transformational Leadership

Transactional Leadership

Charismatic Leadership

These leaders are all about innovation and finding better ways to get things done. As a result, they inspire and empower other people to own their work and chime in with their observations about how things could be streamlined or upgraded. • Pro: Ability to establish a high level of trust with employees and rally them around a shared vision or end goal. • Con: In environments where existing processes are valued, change can ruffle some feathers.

Transactional leaders dish out instructions to their team members and then use rewards and penalties to either recognize or punish what they do in response. • Pro: Confusion and guesswork are eliminated because tasks and expectations are clearly mapped out by the leader. • Con: Due to the rigid environment and expectations, creativity and innovation are stifled.

These leaders use eloquent communication and persuasion to unite a team around a cause. They’re able to clearly lay out their vision and get others excited about that same goal. • Pro: Charismatic leaders are very inspirational and effective at getting an entire group invested in a shared objective. • Con: Due to their intense focus, it’s easy for these leaders to develop “tunnel vision” and lose sight of other important issues or tasks that exist. 38

Leadership Styles Democratic Leadership

Servant Leadership

These leaders emphasize working together and actively involve their teams in the decision-making process. Democratic leaders value ideas and input from others, as well as encourage discussion about those contributions. • Pro: Creativity and innovation are encouraged which also improves job satisfaction among employees and team members. • Con: Constantly trying to achieve consensus among a group can be inefficient and, in some cases, costly.

Rather than thinking about how they can inspire people, they channel the majority of their energy into helping others. They prioritize the needs of other people above their own. • Pro: This approach boosts morale and leads to a high level of trust, which results in better employee performance and a more positive company culture • Con: It’s challenging. Constantly pushing your own needs / priorities to the backburner isn’t something that comes easy for most of us.

Autocratic Leadership Autocratic leaders view themselves as having absolute power and make decisions on behalf of their subordinates. They dictate not only what needs to be done, but also how those tasks should be accomplished. • Pro: Decisions are often made quickly and strategically, and teams are kept on track as a result. • Con: Employees can feel ignored, restricted, and (in the absolute worst of cases) abused. 39

Identifying Your Leadership Style After reading through the different leadership styles, which one do you identify most with? Once you are able to define this, fill out the following template: The leadership style that resonates with me the most is: ____________________________ My strengths given this leadership style are:________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ My opportunity to grow with this leadership style is:__________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Does my leadership style match my organization? Why or why not?___________________ _________________________________________________________________________________ _________________________________________________________________________________ 40

Why Is It Important to Define Your Leadership Style?

• Defining your leadership style, along with studying the different styles, can help you realize if you like the type of leader you are becoming. • When you think about the managers you have had in the past, do you see yourself in them? Is this a positive or negative comparison? Being a leader means you are willing to be in a constant state of learning and re-evaluating your actions. Having a “lessons learned” diary or even just a mental list can be extremely rewarding. • When you have role models or goals, it is easier to focus on your actions to get to where you want to be. • Once you define the type of leader you want to be, it is important to take the right measures to make sure you continue on that path. Regardless of the type of organization you are working for at the moment. For example, the public sector's social environment can be pretty different from that of the private sector. 41

Stop and Ask Yourselfâ&#x20AC;Ś Who in my company encourages diversity?

Opportunity for a good mentor

Are you leading with passion?

Constantly question your own intentions

What global trends are affecting my company?

Helps keep an unbiased perspective

Examples of global trends in 2020: Retiring baby bloomers Millennials in management Technology unemployment Government inflexibility 42

Private Sector vs. Public Sector Private • The Private Sector usually is comprised of organizations ran by individuals and groups who seek to generate and return a profit back to its owners. • The private sector provides a high percentage of employment in the developing world (including formal and informal jobs). • It delivers goods and services to most consumers, and contributes to tax revenues. When it is doing well, it improves the efficient flow of capital.

Public • The Public Sector is usually comprised of organizations owned and operated by the government and exist to provide services for its citizens. • Funding for public services are usually raised through a variety of methods, including taxes, fees, and through financial transfers from other levels of government (e.g. from a federal to a provincial or state government). • Different governments around the world may employ their unique method of funding for public services.

Non-Profit and Hybrid Organizations Quick Review: The videos mentioned below give a brief description on how these types of organizations usually operate.

Understanding Hybrid Organizations

Whatâ&#x20AC;&#x2122;s the Profit in Nonprofits

By the California Management Review

By Areva Martin 44

“Why does everyone call nonprofits ‘non-profits’... When we all profit from them?” - Areva Martin, Author, Civil Rights Attorney 45

Something to Considerâ&#x20AC;Ś Organizational models or styles are continually changing and evolving. Even at a certain point in time, their structures can look different depending on which country you find yourself in. As project managers it is important to be aware of these ideas. It is a constant learning journey, especially when moving from one company to another. The public sector in a Middle Eastern country, a Latin American country, and a Scandinavian country look completely different! For this very reason, creating diverse groups should always be something we should encourage and look for when building a team. A diverse team will bring you a wide range of ideas that come from people who were brought up practicing a different culture. While it can be difficult initially, it will always pay off at the end of the project. There will be times when it is impossible to understand someone's perspective because it is entirely different from yours. This is when respect becomes extremely important. As a leader, one must always strive to understand their team. However, when understanding is not possible, respect should still be there. A true leader should not exist if he or she does is unable to treat everyone around them with dignity. 46

Business Intelligence and Analytics (BI&A)

What is Business Intelligence & Analytics (BI&A) As project managers, we base the success of our projects in three different areas: • Scope Management • Budget / Cost Estimation • Schedule Management If we are able to manage these ideas and meet the expectations of our clients, we are able to successfully complete the project. Achieving this result is not easy, it is important to use risk management techniques and catch mistakes early on in the project. When you are able to understand exactly why your project is failing, it is easier to fix the issue. To do so we must be able to separate correlation from causation of project failure. BI&A allows us to do exactly that. In other words, you need to know what happened and how it happened (Business Intelligence) before you have the ability to say why things happened (Business Analytics) with any reasonable degree of certainty. 48

What is Business Intelligence & Analytics In a nutshell: BI&A are data management solutions implemented in companies and enterprises to collect historical and present data, while using statistics and software to analyze raw information, and deliver insights for making better future decisions. Business intelligence • Deals with what happened in the past and how it happened leading up to the present moment. It identifies big trends and patterns without digging too much into the why’s or predicting the future.

Business analytics • Deals with the why’s of what happened in the past. It breaks down contributing factors and causality. It also uses these why’s to make predictions of what will happen in the future. 49

“Business Intelligence is looking in the rearview mirror and using historical data. Business Analytics is looking in front of you to see what is going to happen.” - Mark Van Rijmenam, CEO/Founder at BigData Startups 50

Timeline of Business Intelligence 1

1990 – Commercialization of Internet takes shape. Enterprise Resource Planning begins

2000 - Business Intelligence concentrates on Microsoft, Oracle, IBM, and SAP. E-commerce begins along with the cloud. 67% of companies have some sort of BI system.

2010 – BI becomes a standard tool for everyone and becomes available from the boardroom to the factory floor.

2020 – Artificial intelligence and personalized interaction with BI systems. 51

Business Intelligence Tools BI solutions are multi-faced and complicated. Understanding business data means looking at raw data and transforming it into useful information. Tableau is a great software to do so! (Visit Tableau.com to tour their website)

Including screenshots of Tableau’s charts in this book would not do it justice. Tableau is a dynamic tool that interactively shows data. The ”Gallery” Tab on Tableau’s website can show the full potential this software has to offer. They also have free tutorials and trials for companies or individuals who want to try it out before committing to paying the full price. Suppose your job or company would benefit from viewing data in impactful ways, whether the presentation is for upper management or your client. In that case, I 100% recommend investing in this software. 53

Business Intelligence Model The Business Intelligence Model (BIM) is a model that offers opportunities for businesses to transform raw data into meaningful and useful information. Doing so helps build an effective strategic plan as well as create operational insights for decision-making within a given timeframe. In the end, the information put out needs to reach the right people, at the right moment, and via the right channel. Organizations collect large quantities of information. Often it is raw data, such as facts and large data chains. This information, or data, needs to be processed and interpreted to open up new opportunities within the organization, resulting in a competitive advantage. The purpose of Business Intelligence (BI) depends on the organization's strategy, which can be derived from the business goal or mission statement.

Business Intelligence Model Roadmap Preparation of data for analysis â&#x20AC;&#x201C; ensure 2 accurate and organized data

1 Collection & input of information

Implementing & reporting â&#x20AC;&#x201C; professional reports, infographics, or result tables 3 Filtering of data â&#x20AC;&#x201C; what data is useful and relevant

Analyzing the data 6 Sharing the outcome with the appropriate audience 55

Examples of Strategic Decisions If you ask yourself questions similar to the ones mentioned below, implementing a Business Intelligence model might be a good ideaâ&#x20AC;Ś Should we stop a product line, reinvent a product line, or introduce a new product line? Should we hire an outside advertizing agency to promote our new product line? Do the current daily activities meet or exceed business goals and objectives? 56

Types of BI Data Management Software It is important to research different BI Management Software before choosing one. Some examples are shown below. Most software programs offer free trials and training material that can be explored before purchasing one.

IBM Maximo

Zoho

DOMO 57

Types of data subject categories that a company may track with a BI Data Management Software

Revenue Generation

Human Resource & Staff Utilization Customer Analysis

Product & Cost Management Operations

Donor Engagement / Volunteering Fraud Detection

Sales Channel Analytics

Finance & Risk Management

What is “Big Data” This term “Big Data” is used to refer to large data sets that can be analyzed with a computer to help reveal patterns or trends, especially relating to human behavior. This data can be gathered from several different sources such as mobile data, customer contact centers or social media. Big Data is usually measured in petabytes or exabytes

Why is “Big Data” Useful in a Business • It can discover product deficiencies • It can analyze logistics operation problems • It can help one to understand customer behavior 59

Examples of Big Data Companies

Alteryx

Splunk Technology

Cloudera 60

Balanced Scorecards The balanced scorecard (BSC) is a management system and structured report that aligns your company’s strategy with your tactical activities. It is developed uniquely for your company, to help maintain focus and move in a cohesive, consistent direction. The balanced scorecard includes your objectives, measures Key Performance Indicators (KPIs), and the initiatives that can help you reach those targets. The scorecards should align with your private or public company’s mission, vision, and values. You can develop this through four different perspectives: • Financial • Customer • Internal Business Processes • Learning & Growth These perspectives, when put together, give your scorecard the “balanced” approach. The next four slides show examples of what can be included in your BSC.

Financial Balanced Scorecard Template

Financial

Objectives

Measures

Targets

Initiatives

Net Revenue

Expenses

Asset Value

Cash Flow

Internal Business Processes Balanced Scorecard Template

Internal Business Processes

Objectives

Measures

Targets

Initiatives

Order Fulfillment

Inventory Management

Cycle Time

Quality

Customer Balanced Scorecard Template

Customer

Objectives

Measures

Targets

Initiatives

Brand Recognition

Customer Satisfaction

Market Share

Customer Acquisition

Learning & Growth Balanced Scorecard Template

Learning & Growth

Objectives

Measures

Targets

Initiatives

Employee Training

Employee Retention

New Skill Acquisition

Adopt QI Techniques

Three Main Types of Analytics

Descriptive – What has happened? (Insight to the past) Predictive - What could happen? (Understand the future) Prescriptive – What should we do? ( Advise on possible outcome) These types of analytic processes can be combined to answer all necessary questions that a company might have – starting with what is going on in the company to solutions that can be adopted for optimizing the overall functions. They are usually performed in stages and are interrelated to help provide with different insights.

Sentiment Analysis in Business Intelligence

Sentiment analysis is also known as opinion mining. It is basically the process of determining the emotional tone behind a series of words that are expressed in an online mention. Usually it is measured in a gradient of positive, negative, or a neutral scale. Sentiment Analysis Includes: The voice of the customer The voice of the employee Brand management 67

Why Should We Care About Sentiment Analysis

Drives pro-active business solutions

Measures the return on investment of a marketing campaign

Improves the product quality 68

Enterprise Resource Planning (ERP) Software Enterprise Resource Planning (ERP) refers to a type of software that can be used to manage back office functions such as accounting, procurement, project and risk management, and logistic operations. – Not the Same as Business Intelligence

Reports for Corporate

Manufacturing Applications

Human Resource Management

Customers

Suppliers

Financial Applications

Sales and Distribution ERP Database

Inventory Management

Service Applications 69

Checklist for ERP Software Selection  Research the ERP Market  Prioritize your software requirements  Propose the case to management  Build a short list of software vendors  Educate your vendors on your project  Evaluate live software systems  Gather and compare price quotes  Verify references and vendor viability  Review the software license agreement 70

Leading Change and Innovation

“It’s better to create something that others criticize than to create nothing and criticize others. Go create, have fun!” - Rick Gervais, Comedian, Actor, Producer 72

What is Innovation? “Application of ideas that are novel and useful” “Great idea, executed brilliantly, and communicated well”

“ Innovation is the process of creating

value by applying novel solutions to meaningful problems.” “Implementation of creative ideas to generate value” “Feasible, relevant, with a viable business model perceived as new and adopted by customers”

“Anything new, useful, and surprising”

Value Art

Optimization

INNOVATION Novel Solution Invention

Recommended Reading

Creative Confidence: Unleashing the Creative Potential Within Us All By: Tom & David Kelley

The Business Model Canvas A successful leader (or a successful project manager) knows all the details of their project, including background information of their organization. The business model canvas is a great tool to help you understand a business model because it is straightforward and well-structured. Using this canvas will lead to insights about the customers you serve, what value propositions are offered through their specified channels, and how your company makes money. You can also use the business model canvas to understand your business or that of a competitor!

The Business Model Canvas Key Partners

Key Activities

-Who are your most -What kind of activities are important partners? performed every day to -Which key activities do create and deliver your value your partners perform? proposition?

Key Resources

Value Proposition

Customer Relationships

-What is the value you -What type of relationship deliver to your does each customer customer? segment expect you to -How are you fulfilling establish and maintain? your customers needs? -What are you guaranteeing to your Channels customers?

-What are the resources you need to create and deliver your value proposition?

Customer Segments

-For whom are you creating value? -What is your target market?

-How does your value proposition reach your customer? -Where can your customer buy or use products or services?

Cost Structure

Revenue Streams

-What are the important costs needed to create and delivery your value proposition?

-How do customers reward you for the value provided to them? -What are the different revenue models? 77

The Business Model Canvas 1. Customer segments List of the top three segments. Look for the segments that provide the most revenue. 2. Value proposition What are your products and services? What kind of are done for your customer? 3. Revenue streams List of your top three revenue streams. If you do things for free, add them here too. 4. Channels How do you communicate with your customer? How do you deliver the value proposition? 5. Customer relationships How are these relationships formed and how will they be maintained? 6. Key activities What do you do every day to run your business model? 7. Key resources The people, knowledge, means, and money you need to run your business. 8. Key partners List of the partners that you canâ&#x20AC;&#x2122;t do business without (not suppliers). 9. Cost structure Cost of activities and resources in descending order. 78

Step by Step Guide for the Business Model Canvas

Before you start

You can learn a lot from your competition. Choose some competitors and map their business models. With this information, you'll have insight into what customers want and what they are willing to pay. You'll have a clear picture of how customers' needs are met across the entire industry, not only at your company. Doing so will help you uncover vital information about how other businesses have created their own space in the market. Checklist:     

Pick a team of 3-5 people Designate a large wall space Print or draw the canvas on a big sheet of paper Have plenty of post-it notes and markers ready 45-60 minutes of undisturbed time 79

Step by Step Guide for the Business Model Canvas High level

Start by mapping out the business on a high level which is the most important, vital aspect of the business model.

Connect the building blocks

Link up the building blocks: every value proposition needs a customer segment and a revenue stream! When everything is on the board, take a step back, and have a short break. Before continuing ask yourself, did I miss anything? If you have multiple customer segments, it is best to have different colors of post-it notes for each segment. That way you can easily identify each segment value proposition and revenue stream. 80

Step by Step Guide for the Business Model Canvas

Current state

Make sure to not mix ideas of a future state with a current one, as well as the work behind different departments. If you work for a large organization you might find varying value propositions and business models. In that case, ask the different departments to map out their own business models and compare them afterwards. Â

Step by Step Guide for the Business Model Canvas

Review

Check if every customer segment is linked to a value proposition and revenue stream. Make sure everything on the left side of the canvas is needed to support the right side of the canvas. Rank your business model’s performance (0:Bad to 10:Excellent) for each of the following questions: • • • • • • •

Does switching costs prevent your customers from leaving? How scalable is your business model? Does your business model produce recurring revenues? Do you earn before you spend? How much of the work can be done by others? Does your business model provide built-in protection from competition? On what cost structure is your business model based? 82

Step by Step Guide for the Business Model Canvas

Next steps

Have an artist visualize your business model. This helps create impact when sharing the model and makes it easier for others to connect.

Checklist  Take a snapshot of your business model canvas (easy to share or for future reference)  Ask team members to discuss the business model with each other  Challenge team members to actively look for 1-2 blind spots  Filter out the design criteria  Test your assumptions 83

The Business Model Canvas: Uber Example

A different technique to filling out your own business model is by using a company that you admire as an example. What would happen if you apply their model to your company? Is it a viable option? Would it add value to your current business model?

The Business Model Canvas is an effective tool for innovation because it gets the whole team thinking about these questions.

A Successful Example Of Innovation: Walt Disney The Walt Disney Company first opened its doors in 1923 in Los Angeles, California. It was an animation house where Walt and his brother, Roy, produced a series of animated films. A year later, they had already expanded to a larger company “Disney Bros Studio”, and during the next 14 years, they worked on developing several famous characters, including Mickey Mouse, their biggest hit. Years after having several successful films, in 1955, Walt Disney created an amusement park to house all of his characters and expand on the creativity of his films. He had a very simple and clear vision, which was to make his park the happiest place on earth. It has been 65 years, and Disney is still considered one of the world’s most innovative companies. To fully understand its success, it is important to first analyze the type of industry The Walt Disney Company falls into. The entertainment industry is not only one of the more visible and culturally present areas of the cultural and creative industry; it is also one of the more economically significant (McKee, 2014). Why is this industry so successful if it is not part of a human’s vital needs? There are several right answers to this question, and they will vary from person to person. My personal opinion would be that entertainment is a way of escaping reality. We can watch a movie, listen to music, or go to an amusement park when we are wanting to have a good time and/or change of scenery.

In the United States, the entertainment and media market was worth about 678 billion U.S. dollars in 2018. It is expected to reach a worth of 2.6 trillion U.S. dollars by 2021 (Watson, 2019). It is also a highly competitive industry. Different companies and employees or artists are constantly in competition with each other for exposure, subscriptions, and sales. With that being said, how did The Walt Disney Company earn such a strong presence in this competitive climate? Innovation, along with their ability to adapt to change. The Walt Disney Company has always had its eyes set in the future. In 1983 they launched their own channel: Disney Channel. It immediately became a staple in most family’s homes. It all started with shows such as “You and Me Kid” and “Welcome to Pooh Corner.” Their performances have evolved with society and our environment. There are still new shows being produced, such as “The Owl House,” which was released just last month (Disney, 2020). However, their most recent success is their new streaming platform, Disney +. As of November 2019, Disney + already had 10 million subscribers. The service was forecasted to gain around 8 million subscribers by the end of the year. But this record was broken in a matter of days. This company attributes the achievement to overwhelming demand for its products (Spencer, 2019). Additionally, The Walt Disney Company was very strategic in its approach when creating Disney +. They partnered with other platforms such as ESPN and Hulu, to have a larger target market. Their partnership with Verizon was also a win-win situation. All of Verizon’s customers got a one-year free subscription to enjoy Disney Plus. 86 .

A Successful Example Of Innovation: Walt Disney In 2009, it was named a leader in Corporate Social Responsibility, according to the Boston College Center for Corporate Citizenship and Reputation Institute. The Walt Disney Company mainly focuses on the environment, community, and labor standards. They also have a comprehensive and detailed code of conduct pertaining to its directors, employees, vendors, manufacturers, and communities (Essay, 2018). While there has been controversy around the different areas of the company, such as their hiring and firing policies, they have made efforts to make sure that their employees are well trained. Several people have criticized Disney for being too â&#x20AC;&#x2DC;old-school.â&#x20AC;&#x2122; In contrast, others want to see more real-life issues portrayed on shows and movies. I am a Disney + subscriber and have noticed a disclaimer in some of their older movies. Some topics that were spoken of have may now be seen as culturally inappropriate. Times have definitely changed since Walt Disney opened their doors for the first time. They are a company focused on moving forward and adding positive influence to this world. However, it is hard to please every client and stakeholder when there is such a vast amount of them. Disney has a team of experts that strive for a better future in the entertainment industry. I for one, am excited to see what they will announce next and how they will adapt to the needs of future generations. Their global expansion has been incredible. People from all over the world have their eyes set on how Disney will continue to innovate and grow in the entertainment industry..

References Verduzco, S. (2020). Assignment Week 6. Regis University. M.S. in Project Leadership and Management A Look Back at The Walt Disney Company and Television. (2012). The Walt Disney Company. Retrieved from: https://thewaltdisneycompany.com/ Business Chief. (2013). The Walt Disney Company - A Leader In Corporate Social Responsibility. Retrieved from: https://www.businesschief.com/leadership/ Essays, UK. (November 2018). Walt Disney Company Ethics Audit. Retrieved from https://www.ukessays.com/essays/business/walt-disney-company Market Research. Entertainment Market Research Reports & Industry Analysis. Retrieved from: https://www.marketresearch.com/Consumer-Goods-c1596/ McKee A. (2014). Defining entertainment: an approach. Research Gate. Retrieved from: https://www.researchgate.net/publication/265294860_ Fast Company. (2019). The Walt Disney Company. Retrieved from: https://www.fastcompany.com/company/disney Spencer S. (2019). Verizon and More: Why the Disney Plus Launch was a JawDropping Success. CNN News. Retrieved from: https://www.ccn.com/why-disneyplus-launch-was-so-successful/ Reinventing the American Amusement Park. American Experience. Retrieved from: https://www.pbs.org/wgbh/americanexperience/features Watson, A. (2019). Value of the global entertainment and media market from 2011 to 2023. Statista. Retrieved from: https://www.statista.com/statistics/237749 The Walt Disney Studios History. Retrieved from: https://studioservices.go.com/disneystudios/history.html

Failed Example Of Innovation: Theranos Theranos is an early-stage diagnostic company founded by Elizabeth Holmes. The company was on the path towards shaking the diagnostics industry. Its downfall started when they began to question their own technology and failed to report it. After a successful beginning, it turned out that Theranos' diagnostic device (Edison), which claimed to perform numerous diagnostics from just a drop of blood, was not yet capable of supporting a sustainable business model (Nam, 2016). When the issue got unveiled, there were several stakeholders impacted by it. Clients and investors, such as the founders of Walmart, Walgreens, and SafeWay, were some of the first stakeholders to be impacted. Additionaly, the media and government agencies were also heavily impacted. The Wall Street Journal then published an article about the problem which lead to government agencies such as the Department of Justice and the US Securities and Exchange Commissions (SEC) to investigate Theranos. The FDA then halted the approval procedures for Theranos's pending blood tests (Moving Forward, 2017). After understanding who was affected, the next big question was: Who should be held accountable for this? The answer is not as simple as just blaming founder Elizabeth Holmes. Where was the board of directors and the counselors when all of this was happening? Yes, Holmes needs to be held accountable as the company's founder, but what about the 13 other men who were part of the board? (Shoemaker, 2016).

The makeup of Theranos' boardroom did very little for its credibility in the medical/ technology industry. The board appears to have been assembled primarily to secure influential government connections, rather than to govern with solid industry insight, product knowledge, and operational expertise. Likely, the board never pushed for proof of the product's efficacy, either because they did not know any better, had no industry experience, or were not encouraged to be vigilant and involved. In any case no one demanded the proper data, and this is ultimately the board's responsibility. The most effective boards are the ones where disagreement is welcomed. In the case of Theranos, the board was missing this trait. Active participation and open dialogue are crucial for a board to fulfill its role (Wasley, 2016). This situation is not only an example of a lack of ethical behavior but also of bad crisis management and handling. Theranos went from being the poster child for start-ups to being the poster child of unethical practices. One cannot help but wonder how many people were in a position to be aware of the issues at Theranos but took no action. At the same time, this does not mean that all the folks who worked at Theranos were terrible people. Many people did speak up and found it did not make a difference. Employees who heavily disagreed could have been overlooked, shut down, or terminated (Skeet, 2018). At this time, I do not believe that Theranos could re-gain the publics' trust.

Failed Example Of Innovation This company did not only massively affect its stakeholders economically, but it also endangered their health and safety. Suppose a similar technology is actually developed in the future. In that case, it should be managed by an entirely different team and under another name. There are three critical elements of an ethical corporate culture: ethical leadership, core ethical values, and an ethics program. Theranos did not take into consideration any of those elements. It seems like they created a culture that emphasized financial concern over the health, safety, and overall wellbeing of their stakeholders (Hickman, p.401, 2016). There are several lessons to be learned from the Theranos scandal. While it is difficult to measure an ethical corporate culture's success in terms of outcomes, firms should undertake significant and sustained efforts to ensure high ethical standards. All stakeholders can also place extra pressure or create incentives to encourage firms and their owners to engage in legal and ethical behavior (Hickman, p.402, 2016). Whether we are clients, owners, or employees in a company, we need to hold each other accountable and question things when we think something suspicious is going on.

References Verduzco, S. (2020). Assignment Week 5. Regis University. M.S. in Project Leadership and Management Hickman, G. R. (2016). Leading organizations: perspectives for a new era (3rd ed.). Thousand Oaks, CA: SAGE Publications, Inc. Nam, S. (2016). The Midas Touch Shatters Theranos’ dream of disruption. Christensen Institute. Retrieved from: https://www.christenseninstitute.org/blog/themidas-touch-shatters-theranos-dream-of-disruption/ Moving Forward: Theranos. (2017). Retrieved from: https://bizethicsblog.wordpress.com/ Shoemaker, P. (2016). Who's responsible at Theranos? Retrieved from: https://www.linkedin.com/pulse/whos-responsible-theranos-just-elizabeth-holmespaul-shoemaker/ Skeet, A. (2018). A Conversation with Theranos Whistleblower Tyler Shultz. Markkula Center. Retrieved from: https://www.scu.edu/ethics/focus-areas/leadershipethics/resources/a-conversation-with-theranos-whistleblower-tyler-shultz/ Wasley, P. (2016). The Theranos Crisis: Where Was The Board? Forbes. Retrieved from: https://www.forbes.com/sites/groupthink/2016/04/27/the-theranos-crisiswhere-was-the-board/#643034f0c58e

Innovative Role Models to Learn From Johanan Dujon

Shirley Chisholm •

•

First African-American woman in the United States Congress an co-founder of the National Political Congress of Black women.

•

Founder of Algas Organics.

•

An organization focused on harvesting seaweed and using it to make Algas Total Plant Tonic, an all-natural product that improves plants’ nutrient uptake efficiency.

Known for her famous quote: “If they don’t give you a seat at the table, bring a folding chair”. •

•

A true catalyst of change.

His company has been featured by Forbes, The Smithsonian Institution, and UNDP.

Mae Carol Jemison •

Engineer, physician, and former NASA astronaut. She was a mission specialist aboard the Space Shuttle Endeavour.

•

Founder of the Jemison Group, Inc. which focuses on advancing technology in developing countries.

•

Known for her quote: “We must connect technology with social problems. And get everyone involved” 90

Management of Project Performance

Resources for this Chapter

PMBOK Guide (6th Edition) * Each page will include this symbol: page on the PMBOK it is referencing.

to reflect which 92

The PMI Triangle

Technical Project Management

Strategic & Business Management

Having the correct resources available and skills needed to deliver the desired outcome

The ability to negotiate and implement decisions that support innovation

Leadership 57 p.

The ability to guide, motivate, and direct a team. These skills may include capabilities such as negotiation, resilience, communication, critical thinking, and interpersonal skills.

Overview of a Project Three Cornerstones of a Project: • SCOPE

Consider Limited Resources: • Human Resources / Skills

• Schedule

Defining Necessary Documentation: • List of documents that should be created

• Tools • Budget • Materials • Money

• Define order in which they must be created • Analyze with team final list and order • Identify who is needed for approvals of documentation 94

Earned Value Management Earned Value calculations can be done at any point in time, and reflect project performance at that point. Three key values are used with Earned Value Management: Planned Value (PV)

Earned Value (EV)

Actual Cost (AC)

This is the approved cost of the project plan at a point in time

The planned value of the work completed to a point in time, without reference to the actual costs

The actual cost to achieve the project deliverables over a specific timeframe

7 26 p. 95

Earned Value Management

PV < EV PV > EV Project is ahead of schedule

Project is behind schedule

7 26 p. 96

Earned Value Management Once you know the PV, EV, and AC you can calculate Cost and Schedule Variances (CV and SV) and additionally the Cost and Schedule performance indices (CPI and SPI). CV = EV - AC

SV = EV â&#x20AC;&#x201C; PV

CPI = EV / AC

SPI = EV / PV

The amount of budget deficit or surplus

The amount by which the project is ahead or behind

The cost efficiency of budgeted resources

The schedule efficiency

Negative CV = Under Budget Zero CV = On Budget Positive CV = Over Budget

Negative SV = Ahead Schedule Zero SV = On Schedule Positive SV = Behind Schedule

SPI >1 Ahead of Schedule SPI=1 On Schedule SPI<1 Behind Schedule

7 26 p.

CPI >1 Under Spent CPI=1 On Budget CPI<1 Over Spent

Earned Value Management EVM is an important topic for project managers because it not only helps us assess the â&#x20AC;&#x153;healthâ&#x20AC;? of our project, it also helps us share with the rest of our team and/or the client how the project is doing. When we have these metrics available, it makes it easier for everyone to be in the same page.

The tools EVM provides are also be helpful for project forecasting. We can answer questions like: Is our project on the right track or will it fail if we do not change the way we are performing the work? 98

Risk Analysis Risk Analysis can help us identify potential problems and prepare accordingly. First we must identify possible risks, and then we can estimate their likelihood as well as the level of impact if they were to occur. A risk analysis is mainly useful under the following circumstances: â&#x20AC;˘ When starting a project â&#x20AC;˘ When deciding whether or not to move forward with a project â&#x20AC;˘ When preparing for events such as natural disasters or government 5 40 p.

policy changes 99

Risk Analysis A helpful way to organize all of the information for a Risk Analysis is in a Risk Ranking and Mitigation Table. The next page shows an example of a simple, yet effective one. This document works best when it created by brainstorming with the whole team present.

The risk ranking and mitigation table can also be an evolving document. For example; the team might identify certain risks at the beginning of the project and as the project evolves the risks could change, the risks might increase, or (hopefully) decrease. 100

Risk Analysis Exmaple Risk Ranking and Mitigation Table for an Event Identified Risks

Risk Category

Risk Likelihood

Risk Severity

Risk Ranking

Mitigation Plan

Lack of engagement from a necessary stakeholder

Performance Risk

Ready

Road construction near the area may cause delays

Schedule Risk

Ready

Rain / bad weather on day of the event

Environmental Risk

Not Started

Not enough electricity outlets at the venue

Technical Risk

In Development

101

Risk Analysis Adding the “Category” column to the table can be especially helpful when presenting to the team. This column will allow you to filter out the category that you want to focus on, which will help when developing mitigation plans. If there are only five to six risks then this might not be useful, but when your table has over 15 risks it will help you stay organized.

Color coding the “Risk Ranking” column can also help when presenting. Using bold colors with the higher ranked risk will highlight the importance of focusing on those specific risks. Any risk ranking above a 60 is worth paying extra attention to. 102

Contractor Tips When working with a contractor or any kind of vendor this are some tips worth keeping in mind: •

Document the contract – Make sure you are specific with your expectations both in quality and cost

•

Negotiate change orders proactively to avoid conflict

•

Foster teamwork

•

Solicit their input and ask questions – It is always important to be well informed and fully understand your project

•

Pay attention to the small details

•

Save all the documents - Even after the project is done

•

Keep a daily/weekly register where you can track what the contractor did – Helps measure KPIs

•

At the end of a project write a performance report on the contractor’s performance - You can keep all the reports in one binder or file for future reference 103

“The more that your team members know, the more they can act autonomously and make the right choices.” - Mike Clayton, Business Author and Speaker 104

Case Study One of the most important aspects I have learned about becoming a project manager is the importance of keeping track of a personal “lessons learned” log.

Reviewing Case Studies from older failed projects can be very helpful to one’s career. One of my favorites is Denver’s International Airport failed attempt to an automated baggage handling system. I recommend web searching and analyzing the following case study:

Case Study: Denver International Airport Baggage Handling System – An illustration of ineffectual decision making Calleam Consulting Ltd – Why Technology Projects Fail 105

Project Monitoring and Delivery

106

Project Monitoring This concept can vary depending on your leadership style and the expectations of the client. While there are many ways of monitoring your project one thing is clear: you should start with clear goals. Speaking of goals, your goals MUST be: • • • • •

Specific Measurable Attainable Relevant Time-based

SMART Goals

If you are able to provide your team with SMART goals and expectations that meet these constraints, you are setting up your project for success. 107

Key Performance Indicators When you are able to measure your performance, it is easier to determine what areas of your project are doing well, and what areas need more attention. By doing so, we can catch small issues before they become a bigger problem. The following are some examples of effective KPIs: Financial KPIs

Marketing KPIs

• Economic Value Added • Gross Profit Margin • Vendor Expenses • Profit and Loss Report

• Customer Engagement • Return on Marketing Investment • Total Website Visits • Incremental Sales

Healthcare KPIs • Time of Healthcare Service • Lab Turnaround Time • ER Waiting Times • Average Length of Stay

Visit KlipFolio for more examples and templates: https://www.klipfolio.com/resources/kpi-examples 108

Benefits of Using Key Performance Indicators Efficient use of Resources More Clarity

Reduce Cost

Greater Accountability

Increased Focus

Better Financial Decisions Faster Growth

Customer Satisfaction

109

Five Project Management Metrics to Propel Performance

110

Project Management Software Project management software is helpful for tracking your project, keeping documents and historical data organized, and allowing the team to communicate better. If you do a quick search on google, you will find that there are several different options. In order to choose one there are a few things to consider. Checklist:    

What is your budget? How many people will need access to the software? Which features will add the most value to your project? Are there security concerns? Certain companies are only approved to use specific software's with high security features.  What type of interface are you looking for? It could be simple and straightforward or extremely detailed and complex to use 111

MS Project Microsoft Project is a powerful program that can help you plan and manage a wide range of projects. Here are some of the things you can use Project for: • Create project plans at the level of detail that is right for your project. • Manage tasks, costs, work, and resources at whatever level of detail you think is appropriate • See your project plan in a variety of views such as a Gantt chart, calendar view, resource sheet, and others • Group, highlight, sort, and filter through your data • Collaborate and share data with others in your organization using a variety of productivity applications and report templates

112

Asana Asana offers features a team needs to coordinate all their work. From daily tasks to large initiatives, with Asana they can move faster and do more with less effort. With Asana you can accomplish the following tasks: • Keep track of your projects using holistic project views • Prioritize incoming requests • Automate your work • Feedback and approvals • Third-party integrations • Access the interface from any device

113

Monday.com This agile software is totally customizable to fit any team in any industry using any work method, including Scrum and Kanban. The packages can be customized based on your needs. Monday.com includes the following features: • Task scheduler and prioritization • A calendar that can be shared, edited and viewed by the whole team • Resource management custom boards • Document storage for images, spreadsheets, and other files • Budget tracking dashboards • Simple interface with step-by-step tutorials for people with little to no experience in project management software 114

Do Not Forget About Excelâ&#x20AC;Ś! If you have not looked into how excel and project management relate, do so. There are so many amazing ways that excel can be used to document different areas of a project. You can even create Gantt charts, calendars, and timelines if you do not have access to MS Project. Learning key concepts on how to use Pivot Tables and Macros on Excel will open a new world of possibilities as a project manager. The YouTube Channel listed below has different tutorials on how to start exploring just how much Excel can actually do. The Office Lab is one of my favorite YouTube channels for exploring how much Excel can actually do. This tutorial: https://www.youtube.com/watch?v=cKkXtyjleX4&pbjreload=101 will show you how to create an Interactive Excel Dashboard . I have personally used this before and it impressed my team and my manager. 115

Cheat Sheet for Monitoring your Project You have just been assigned as project manager of your team, and you do not know where to start. The 6 steps mentioned below are a great guideline to start asking the right questions and gathering the correct data.  Find a mentor you trust. This person does not have to be your manager. It can be a coworker, a manager of a different department, a technician, or anybody who has been working in the field for longer than you.  Decide what are you going to measure? You have your clear goal, but what metrics and KPIs can you use to stay on track and get the results that you are looking for?  Gather the right data. Now you have established your goals and your metrics. Where can you look for data? Is there a set of people you can interview? Maybe you will need to schedule some meetings with the team. Is there a database on the computer with useful information? Your mentor might be able to help you with this step.  Select the tools you will need. What software will you use? Will you schedule weekly or bi-weekly meetings with your team? It is important to establish your resources at the beginning of the project  Assign monitoring responsibility. Once you know who to talk to and where to look for information, you can start assigning tasks to your team. Delegating is a big part of project management. They key for this is constant and open communication.  Identify who you will report to. Establish their expectations early in the process. Will they be looking for a monthly report? Do they want to meet with the team often? Are they aware of the channels of communication that will be used throughout the project? Have you cleared up the key deliverables that need to be ready when the project closes? Again, communication is key for success 116

Cheat Sheet for Delivering your Project The deliverables of a project should be established from the beginning, even though they are subject to change. As long as the project manager, the team, and the client are aware of the changes, the project delivery can be successful. There are some key concepts you can keep in mind in order to successfully deliver a project, and I will list them below:  Develop a clear SCOPE statement and make sure your client approves of it.  Conduct a stakeholder analysis. This can be as simple or as detailed as you wish. Whatever you choose, make sure you understand your stakeholders and the role they play in you project.  Establish a project plan and a communication plan. How will the work get done? What communication channels do you plan to use? How often do the stakeholders want to receive project updates? You can create a document with all of this information, show it to the stakeholders, and have them sign it at the beginning of the project.  Keep track of completed tasks, issues, and risks. Logging all of this information will help you be on top of your project. This way if you forget something, you can always go back and re-read your daily or weekly logs.  Keep track of your meeting minutes.  Update the project schedule, the critical path, and any change orders. Make sure you have proof of approval before you make any changes to the scope.  Keep a folder with all of your information. This can be via email, a USB, a project management software or a folder in your computer. I usually like to choose two different ways, just to ensure I do not lose any information 117

Strategic and Business Management for Project Managers 118

Why Should PMs Understand Strategic Business As a project manager when you are dealing with the stakeholders of the project, it is important to know how to communicate with them. Understanding the companies strategy can help the PM frame requests in ways that are more likely to gain them backing an positive feedback. If a project manager can tie value into both their team members as well as senior stakeholders, the chances of project success are much greater (Team Clarizen, 2017). This chapter touches base on a few of the business terms that can be helpful. However, its main purpose is to make you question what else is out there. It will show you how speaking the business language will make you a better manager. 119

Competitive Strategies Understanding competitive strategies as a project manager is important because it can help you understand the focus of the company and you can tailor your project to fit their expectation. •

If your company uses a “Low Cost Provider Strategy” they are trying to appeal to a broad market. Their main goal could be to sell their products or services at the lowest cost possible while still making a profit.

•

If it uses a “Focused Strategy Based on Lower Cost” then they are probably still trying to provide their products or services at the lowest cost possible, but only to a niche market. Meaning they are focused on specific type of customer or buyer.

•

A “Broad Differentiation Strategy” aims to offer buyers something attractive and different from their competition. Maybe it has a premium option that gives you more benefits on top of the basic good and/or services.

•

A “Focused Strategy Based on Differentiation” is for people who are looking for something very specific and even luxurious. This strategy works for customers who are looking for features or attributes that are tailored or customized for their needs.

•

Finally, the “Best Cost Provider Strategy” is for customers who are value-conscious. This strategy gets the buyer the most value for their money. It aims to achieve both good quality products at affordable prices. 120

Competitive Strategies Competitive Advantage Being Pursued

Broad Market

Uniqueness

Broad Differentiation Strategy

Low Cost Provider Strategy

Best Cost Provider Strategy Narrow Market

Target Market

Low Cost

Focused Strategy Based on Lower Cost

Focused Strategy Based on Differentiation

121

SWOT Analysis The SWOT initials stand for Strengths, Weaknesses, Opportunities and Threats. When analyzing your project or your company with the SWOT technique, it helps you be more aware of internal and external factors. By being as informed as possible in all four areas of this analysis you can understand the health of your project as well as its future potential.

The analysis can be either broad or very specific, depending on what your project is. When I work on mine, I like to be specific and fill each square in â&#x20AC;&#x153;bullet formatâ&#x20AC;? so that it is easier to visualize. It is also useful to share with your team and listen to their input. You can have a brainstorm meeting before developing the ultimate version of it. 122

SWOT Analysis

Strengths

Weaknesses

Example: Excellent Customer Service

Example: Limited Staff

Opportunities

Threats

Example: Develop a new product line

Example: Competitors have a lower price

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Project, Program, and Portfolio Management The PMBOK guide defines a project as a temporary endeavor undertaken to create a unique product, service, or result. What happens when several similar tasks get grouped together? A program is formed. For example, suppose a construction company has a project to build an office building and one to build a school building. In that case, these projects can go under a specific program. The individual responsible for managing this program is the program manager. Suppose the same company now also has a project to train the teachers and personnel working in these buildings. In that case, they will need to create a separate program to manage these new projects. The portfolio manager can handle all of these individual programs that are not related to each other. They have a broader scope and objective than the project and program managers (Usmani, 2019).

Now that the hierarchy has been established, it is easier to detail what each level is supposed to accomplish, their similarities and comparisons, and how they can be used to boost an organization's competitivenessâ&#x20AC;&#x201D;starting with project management. As it was mentioned in the beginning, a project is definite and temporary. Once its objective has been achieved, the project is closed, and the team can move onto the next project or disband. A project manager is responsible for making sure the client is happy with the work being done. The success criteria being: timely completion, on budget, and conformance to the requirements (Usmani, 2019). Project management benefits organizations because it helps them define their goals and create a process to achieve them. According to Armshaw's study, many IT projects' poor performance has been widely reported across the country. In 2003 US consultancy Standish found that only 34% of business IT projects are successful. Accountants KPMG found that over half of the organizations they surveyed admitted having IT project failures in the previous twelve months, writing off an average of ÂŁ8 million each time (Armshaw, 2005). Recently, however, companies are starting to see the valueadded of hiring project managers. A study made by the State of the PMO in 2010 shows that 84% of the 291 project professionals who have a PMO in their company reported a 77% percent growth in their companies. According to the Economist Intelligence Unit Survey, 90% of global senior executives ranked project management methods as either critical or somewhat important to their ability to deliver successful projects and remain competitive (PMI, 2010). 124

Project, Program, and Portfolio Management In short, project managers can serve as a powerful bridge in creating and managing the link between strategy and results. They help implement standard processes across the company and maximize their resources (PMI, 2010). It is clear how having a project manager in charge of each project in the company can be beneficial regardless of the industry. Having a program manager is similar, but they usually have longer durations that projects do. They require a long-term strategy and constant improvement. Depending on the company's size, a program will usually need seniorlevel management involvement since they have the authority to resolve big-scale decisions. A project manager and a program manager's difference is that the project manager focuses on completing immediate tasks and deliverables within the budget. On the other hand, the program manager is looking at the larger picture and wants to implement a strategy to achieve the growth and results that the company is aiming for (Workfront, 2014). Program and project managers have similar skills: conflict resolution, good communication, resource management, and teambuilding. However, a program manager must also have the knack of big picture thinking and selling the vision (PMBOK, 2017).

The third and final level is portfolio management. Portfolio management is the selection, prioritization, and control of an organizationâ&#x20AC;&#x2122;s projects and programs in line with its strategic objectives and capacity to deliver (APM, 2019). A portfolio manager integrates the disciplines of strategic planning, change management, and project and program management. Having a portfolio manager helps reduce costs by removing overlapping or poorly performing tasks and programs. It creates more efficient and effective use of limited resources by matching demand and supply. Portfolio managers can focus on what programs make additional value and forecast if a project fits the current plan. Good administration of an organizationâ&#x20AC;&#x2122;s portfolio provides opportunity to consistently improve the management of projects and programs. A well-managed portfolio offers the structure and commitment needed to improve an organizationâ&#x20AC;&#x2122;s maturity. To achieve this growth, the project, program, and portfolio managers must collaborate with the stakeholders and clients to make sure they agree with their strategy and share the same goal (APM, 2019).

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Project, Program, and Portfolio Management As the level increases from project manager to portfolio manager the scope and objectives get larger and larger. Project management focuses in performing micro-management tasks, and portfolio management focuses on high-level macro-management activities. Program management and portfolio management facilitate better communication and coordination among projects, which can result in economic benefits and better risk management (Usmani, 2019). From my perspective, the three different management levels are needed in large companies in order to have clear expectations for all of the employees. Without a hierarchy, the goals and objectives become blurry and there can be conflict and confusion between the different project managers.

References Verduzco, S. (2020). Assignment Week 6. Regis University. M.S. in Project Leadership and Management APM. (2019). Portfolio Management. Retrieved from: https://www.apm.org.uk/body-ofknowledge/context/governance/portfolio-management/ PMBOK. (2017). A Guide to the Project Management Body of Knowledge. Sixth Edition. The Value of Project Management. (2010). PMI. Retrieved from: https://www.pmi.org/-/media/pmi/documents/public/pdf/white-paper s/value-of-project-management.pdf Usmani, F. (2019). Project Management vs Program Management vs Portfolio Management. PM Study Circle. Retrieved from: https://pmstudycircle.com/2012/03/project-management-vs-progra m-management-vs-portfolio-management/ Workfront. (2014). Differences between Program Management and Project Management. Retrieved from: https://www.workfront.com/blog/differences-between-program-man agement-and-project-management

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