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  1. Read PDF Ensuring Project Success (The TOP 10 TOPics Collections)
  2. A Quick History of Project Management
  3. The Office of Strategy Management
  4. Project management triangle - Wikipedia

My third challenge is staying informed. Information, particularly bad news, is filtered before it gets to me. Before our OSM was implemented, we were spending way too much time debating the quality of our information—obviously an unwieldy way of executing strategy and a very time-intensive way of conducting management meetings. I see the Balanced Scorecard, managed by an office of strategy management, as a way of overcoming these three barriers to success. The Balanced Scorecard empowers executives, as opposed to invading their territory and undermining their authority.

It gives me performance management information that is aligned at all executive levels and appropriately validated before it comes to my attention. Much of management is a search for the truth. The Balanced Scorecard provides me with easy access to timely, unfiltered information about our strategy implementation. Because of my urgent need to accomplish change, I followed the unconventional route of establishing an office of strategy management at the outset of our Balanced Scorecard project. I also wanted the OSM to report directly to me—that was a way to highlight the importance of this office to my strategic agenda.

But the OSM needed other clearly defined linkages or relationships, too; I want change at CBS to come from within, not to be imposed from above. I did not create the new corporate-level OSM unit lightly.

Why Project Management?

The OSM has primary responsibility for most of these processes, but not all. For example, in , the OSM led the project team that developed the strategy maps and scorecards for the enterprise, our three operating divisions, and two support units—human resources and information technology. For example, the chief financial officer has primary responsibility for budgeting, with the OSM playing a coordinating role. We launched the OSM with three full-time individuals. The OSM leader is a vice president and a member of the executive management team; her position in the organization is consistent with the importance we give this function.

She leads and facilitates the integration of strategy into all our core processes. In addition, we have two individuals reporting to the OSM leader to provide day-to-day management of the office; to manage the multiple work streams and cross-functional teams; to lead and facilitate meetings; to educate people on the Balanced Scorecard and other strategy-focused practices and tools; and to perform analyses of problems, performance, and metrics.

Read PDF Ensuring Project Success (The TOP 10 TOPics Collections)

This should be the right complement of individuals to help support the leader of the OSM, and ultimately the rest of the executive team, in undertaking our ambitious change agenda for this year. What should people designing an OSM bear in mind as they embark on the project? Some of these activities—specifically those involved in creating and managing the scorecard, aligning the organization, and setting the agenda for monthly strategy reviews—are the natural turf of an OSM.

They did not exist prior to the introduction of the Balanced Scorecard, so they can be given to a new unit without infringing on the current responsibilities of any other department. But many other activities—strategic planning, budget supervision, or HR training, for instance—are already the territory of other units. In these cases, the company needs to be explicit about the allocation of responsibilities between the OSM and other functional units. We have identified the following basic OSM tasks:. Once the executive team has approved the objectives and measures for the subsequent year, the OSM coaches the team in selecting performance targets on the scorecard measures and identifying the strategic initiatives required to achieve them.

As guardian of the scorecard, the OSM also standardizes the terminology and measurement definitions across the organization, selects and manages the scorecard reporting system, and ensures the integrity of the scorecard data. The OSM need not be the primary data collector for the scorecard, but it should oversee the processes by which data are collected, reported, and validated. Finally, the OSM serves as the central scorecard resource, consulting with units on their scorecard development projects and conducting training and education. A company can execute its strategy well only if it aligns the strategies of its business units, support functions, and external partners with its broad enterprise strategy.

Alignment creates focus and coordination across even the most complex organizations, making it easier to identify and realize synergies.

Top 10 Project Management Tools - PMP® Tools and Techniques - PMP® Training Videos - Edureka

At present, few companies actively manage the process of alignment; in many cases, unit strategies have only rhetorical links with corporate strategy. The OSM oversees the process of developing scorecards and cascading them through the levels of the organization. It defines the synergies to be created through cross-business behavior at lower organization levels and ensures that individual business unit and support unit strategies and scorecards are linked to each other and to the corporate strategy.

For all their professed commitment to strategy, senior managers spend remarkably little time reviewing it. Companies that manage strategy well behave differently. Top managers usually meet once a month for four to eight hours. This meeting provides the opportunity to review performance and to make adjustments to the strategy and its execution.

Managing this meeting is a core function of the OSM. It briefs the CEO in advance about the strategic issues identified in the most recent scorecard so that the agenda can focus on strategy review and learning, rather than just a short-term financial performance review and crisis management. The OSM then monitors the meeting to determine action plans and follows up to ensure that the plans are carried out. Since the board of directors also plays an important role in reviewing and guiding strategy, the OSM helps the chief financial officer prepare the board packet and agenda for board meetings.

A Quick History of Project Management

Typically, strategy formulation is the responsibility of the existing strategic planning unit. The unit performs external and internal competitive analysis, conducts scenario planning, organizes and runs an annual strategy meeting, and coaches the executive team on strategic options. But developing strategy should not be a onetime annual event. Those assumptions can be discussed periodically by the executive team, which can update the strategy if appropriate. And strategy development should not be done only by senior managers. The OSM or strategic planning unit can act as a filter for new ideas that come from within the organization.

The additional processes represent a natural extension of, and complement to, their traditional work. Problems arise when a scorecard project is managed by a group from outside planning such as HR, quality, or an ad hoc team. As the scorecard acquires strategic importance, conflicts over strategy development can arise between the planning unit and the scorecard team.

If this occurs, top management should quickly merge the two groups.

Effective communication to employees about strategy, targets, and initiatives is vital if employees are to contribute to the strategy. Canon U. Strategy communication, therefore, is a natural turf for an OSM. In these situations, the OSM has tended to take an editorial role, reviewing the messages to see that they communicate the strategy correctly. In cases where the corporate communications group has little knowledge of or focus on strategy, such as at Chrysler and the U. Army, the OSM takes on primary responsibility for communicating both the scorecard and strategy to employees.

In either situation, the OSM should always take the lead in crafting strategy messages delivered by the CEO, because one of the most effective communication channels is having each employee hear about strategy directly from the CEO. Finally, as part of its communication responsibilities, the OSM must cooperate with HR to ensure that education about the scorecard and its role is included in employee training programs.

Strategic initiatives—such as a TQM program or the implementation of CRM software—are discretionary programs that help companies accomplish strategic objectives.

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The executive team typically identifies these initiatives as part of its annual planning process, although new initiatives may arise throughout the year. Ideally, the entire portfolio of such initiatives should be assessed and reprioritized several times annually.

The Office of Strategy Management

The screening, selection, and management of strategic initiatives are what drive change in the company and produce results. Our experience suggests that such initiatives should be managed separately from routine operations. Typically, they are managed by the units most closely associated with them a CRM project, for instance, is best managed by customer service or by an ad hoc team drawn from the functions or units affected.

Responsibility for managing initiatives that already have a natural home should remain with the associated unit or function. The OSM intervenes only when an initiative falls behind schedule, is over budget, or is not delivering expected results. But the OSM should manage initiatives that cross unit and functional lines—it can thus make sure that they get the resources and attention they need.

In all cases, the OSM retains responsibility for monitoring the progress of strategic initiatives and reporting on them to top management. Existing functional departments retain prime responsibility for three other key processes necessary for successful strategy implementation: planning and budgeting, human resource alignment, and knowledge management. These processes are critical for effective strategy execution, and the OSM should play a consultative and integrative role with the respective functional departments.

At most corporations, the various functional departments are responsible for planning how the corporation will allocate resources over the year. The finance department oversees budgeting and the allocation of cash to the units and cross-functional initiatives; IT makes recommendations about investments in databases, infrastructure, and application programs; and HR makes plans for hiring, training, and leadership development.

For a strategy to be effective, all the functional plans must be aligned with the strategy.

Project management triangle - Wikipedia

The budgets prepared by the finance department, for example, should reflect those established in the strategic planning process and should incorporate funding and personnel resources for cross-functional strategic initiatives. To ensure this alignment, the OSM must work closely with all these functional units.

No strategy can be effective unless the people who have to carry it out are motivated and trained to do so. Motivation and training is, of course, the natural domain of HR, which typically carries out annual performance reviews and personal goal setting and manages employee incentive and competency development programs.

It is the responsibility of the OSM to ensure that HR performs these activities in a manner consistent with corporate and business unit strategic objectives. Finally, the OSM needs to ensure that knowledge management focuses on sharing the best practices most critical for the strategy. But if such a function does not already exist, the OSM must take the lead in transferring ideas and best practices throughout the organization.

The strategy cycle launches at the beginning of the second quarter, when the OSM starts to plan strategy and update the enterprise scorecard. After the enterprise strategy meeting, the OSM starts the process of aligning the organization with the enterprise goals. Before the end of the third quarter, it will be coordinating with finance to bring unit-level plans and budgets in line with strategy, and by the beginning of the fourth quarter, it will be working with HR on aligning the competency development and incentives of employees with scorecard objectives.

While these calendar-driven processes are going on, the unit continually engages in control and learning: reviewing and communicating strategy, managing initiatives, and sharing best practices.