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SessionOutcomes•Followingcompletionofthissessionthedelegateshouldhaveanunderstandingofthefollowing:•Thelinkbetweenstrategicandprojectmanagement;•Theapplicationofprojectportfoliomanagement;•Thetimevalueofmoney.•Inadditionthedelegateshouldbeabletocalculate/applythefollowingprojectselectiontechniquesinasimplecaseexample:•Paybackmodel;•ReturnonInvestment;•NetPresentValue;•Multi-WeightedScoringModelPre-AmblePertinentQuestionsRe:Projects•Wheredidthisprojectcomefrom?•ShouldIstopallmyworkandfocusonyetanotherproject?•Whyalltheseprojects?•Howcanthisprojectbeapriority?•Whataboutresourcestogetallthisdone?PertinentQuestionsAboutProjects•Projectmanagerneedtoknowthepriorityandbesureofitslinktothestrategicplanoftheorganization;•Alignmentiscrucial–misalignmentleadstomisplacedprojectsandpoorutilizationofresources;•Thereforeaneedforamethodologytolinkstrategicmanagementandexecution–specificallyproject.TheNeedtoUnderstandStrategicManagement•Changesinthemissionandstrategy:•Projectmanagersmustrespondtochangeswithappropriatedecisionsaboutfutureprojectsandadjustmentstocurrentprojects.•Projectmanagerswhounderstandtheirorganization’sstrategycanbecomeeffectiveadvocatesofprojectsalignedwiththefirm’smission.TheStrategicManagementProcess•Providesthethemeandfocusofthefuturedirectionforthefirm;•Respondingtochangesintheexternalenvironment—environmentalscanning;•Allocatingscarceresourcesofthefirmtoimproveitscompetitiveposition—internalresponsestonewactionprograms;•Akeyrequirementhoweverisstronglinkamongmission,goals,objectives,strategy,andimplementation.•FourofActivitiesoftheStrategicManagementProcess:1.Reviewanddefinetheorganizationalmission;2.Setlong-rangegoalsandobjectives;3.Analyzeandformulatestrategiestoreachobjectives;4.Implementstrategiesthroughprojects.TheStrategicManagementProcess•Mission•“Whatwewanttobecome”•Reasonforexistence;•Expressedas:•Purposestatement;•Productsandservicemix;•Customer/stakeholder;•Geographicalreach;•Alsosometimeskeytechnologies,philosophyetcTheStrategicManagementProcess•Longrangegoalsandobjectives•Translatemissionintoconcretemeasurableandachievable;•Thusmoredetailaboutdirectionandkeydeliverables,aswellasbywhen;•Identifiableendstate,timeframe,measurable,realisticTheStrategicManagementProcess•Analyzeandformulatestrategies:•Whatneedstobedonetoachieveobjectives(statementofapproach);basedon•Assessmentoftheinternalandexternalenvironments;•Internalstrengthsandweaknesses;•Externalthreatsandopportunities;•Outcomeisportfolioofstrategicalternativesthatshow:•Howriskcanbemanaged;•Howstrengthscanbeleveraged;•Howopportunitiescanbepursued.TheStrategicManagementProcessSSpecificBespecificintargetinganobjectiveMMeasurableEstablishameasurableindicator(s)ofprogressAAssignableMaketheobjectiveassignabletoonepersonforcompletionRRealisticStatewhatcanbedonewithavailableresourcesTTimerelatedAssignarealistictimeframeCharacteristicsofObjectivesVision&StrategyCUSTOMER“Toachieveourvision,howshouldweappeartoourcustomers?”ObjectivesMeasuresTargetsInitiativesFINANCIAL“Tosucceedfinancially,howshouldweappeartoourshareholders?”ObjectivesMeasuresTargetsInitiativesINTERNALBUSINESSPROCESSES“Tosatisfyourshareholdersandcustomers,whatbusinessprocessesmustweexcelat?”ObjectivesMeasuresTargetsInitiativesINNOVATIONANDLEARNING“Toachieveourvision,howwillwesustainourabilitytochangeandimprove?”ObjectivesMeasuresTargetsInitiativesBalancedScorecardMethodThisiswheretheissueofprojectselectioncomestothefore…whatisthebestalternative?NeedforProjectPortfolioManagement•TheImplementationGap:•Thelackofunderstandingandconsensusonstrategybetweentopmanagementandmiddle-level(functional)managerswhoindependentlyimplementthestrategy;•Manifestin:•Lackoftrustbetweenfunctionalmanagers;•Meetingstoestablishandrenegotiatepriorities;•Peopleassignmentisinconsequent;•Peoplewhoworkonmultipleprojectsfeelineffective;•Resourcesarenotadequatetodeliver.•OrganizationPolitics:•Projectselectionisbasedonthepersuasivenessandpowerofpeopleadvocatingtheprojects:•Sacredcows;•“Pet”projects;•Statusofprojectsandpotentialforpersonalgain;•Importanceofprojectsponsors:•Linkbetweenstrategylevelandproject;•Providemandateandpoliticallink;•Importanttomanagetheexpectationsandperceptionsofstakeholders;•Politicsaninevitableofallprojects.NeedforProjectPortfolioManagement•ResourceConflictsandMultitasking:•Themultiprojectenvironmentcreatesinterdependencyrelationshipsofsharedresourceswhichresultsinthestarting,stopping,andrestartingprojects:•Competitionforresources;•Conflictingpriorities;•Individualsworkingoftenneedtodotheirnormalfunctionalworkaswellasmanyprojects;•Multitaskingandconsequentstop,startetcisveryreal.NeedforProjectPortfolioManagementDirectionExecution–crossfunctionalandconcentrationofresourcesPortfolioManagement(incl.Selection)Portfolio’sManagementSystemStrategicManagementOpportunities/NeedsResearchSolutionsSelectandDetermineFeasibilityProjects•Buildsdisciplineintoprojectselectionprocess;•Linksprojectselectiontostrategicmetrics;•Prioritizesprojectproposalsacrossacommonsetofcriteria,ratherthanonpoliticsoremo