Make the Most of Opportunities in Risk Management

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Focusing on Opportunities

To most people risk has a negative connotation. In risk management, opportunities are the bright side of risk. This article identifies several common opportunities that projects can use to their advantage.

Let’s start by reviewing the terms used to describe positive risk and the actions that can be taken to turn them into reality.

  • A risk often focuses on the negative, for example, a delay caused by a late shipment.
  • An opportunity, according to the Project Management Institute (PMI), focuses on the positive, such as early project completion because a shipment arrives early.
  • To exploit an opportunity is to take action(s) to help realize that opportunity. For example, an exploiting activity for early shipment arrival opportunity might be to set up a bonus payment for the shipper to deliver ahead of schedule. 
  • The outcome is the potential benefit when that opportunity is realized. In our example, that outcome might be savings on labor cost because the project finished early. 

Here are several opportunities that can provide significant value. Take time to consider whether they apply to your project, and, if so, plan for them.

  • Accelerating product development. Exploring ways to deliver sooner can realize business value earlier, which might increase profit. For example, invest in better development tools, train staff members to use AI’s development capabilities, or add highly skilled employees to the team. Agile methods can speed up product development when skilled team members are available and their workload allows them to focus on producing project deliverables. 

Summary: 

Opportunity = Accelerate product development to complete the project sooner

Exploit actions = Invest in better development tools; train staff members to use AI; add skills to the team

Potential benefit: Realize project benefits earlier, increasing profit

  • Consider shortcuts. Opportunities can be pursued by crashing or fast-tracking a schedule to complete projects earlier. Tasks that aren’t necessary could also be bypassed. Note, however, that crashing, fast-tracking, and bypassing tasks can introduce negative risks. For example, bypassing testing before delivering a product usually creates expensive fallout. Shortcuts that support opportunities and introduce minimal risk include bypassing sequential department reviews in favor of prototype testing, where many departments can validate a product simultaneously. No matter which shortcut approach, balance the negative and positive risks to ensure the best outcome for stakeholders.

Summary: 

Opportunity = Use shortcuts to complete the project earlier

Exploit actions = Crashing or fast-tracking the schedule, by-passing unnecessary tasks

Potential benefit: Saving money by finishing the project sooner

  • Reduce manual overhead tasks. AI can automate tasks such as creating draft meeting notes or providing templates for project control documentation. Tools are readily available to automate processes such as expense and decision approvals. These tools save time and can expedite progress through the project lifecycle, as staff time can be directed toward knowledge-based activities rather than chasing administrative tasks. Time saved can be allocated to creative thinking or trying new solutions that can exploit project opportunities.

Summary: 

Opportunity = Reduce overhead tasks/manual labor

Exploit actions = Use AI tools 

Potential benefit: Better project solutions due to a reduction of manual labor and using the time gained on knowledge-based activities

  • Expand available skills. A lack of staff knowledge and availability can introduce project constraints. Partnering with specialist consulting firms can expand the availability of skills and introduce new technology or processes. This specialized expertise can expand product viability or allow a project to deliver more quickly, providing significant opportunities for sponsoring businesses.

Summary: 

Opportunity = Expand skills and capabilities

Exploit actions = Develop strategic partnerships with specialist firms

Potential benefit: Expanded product viability and quicker project delivery

  • Seek to exceed requirements. When given time, team members can derive product ideas that exceed stakeholder’s requirements. Delivering against these product ideas can exploit opportunities. However, that should NEVER be done without a proper change management review before developing products with expanded capability. 

Summary: 

Opportunity = Exceed requirements

Exploit actions = Invest in time to derive new product ideas that surpass stakeholder expectations

Potential benefit: Happier customers, more profit in a commercial environment

 

What other types of opportunities have you found in your projects? Do you track these so you can see whether they might apply to your future projects? Just like lessons learned, potential opportunities make for a great checklist.

 

For more about risk management, check out Bob McGannon’s Project Management Foundations: Risk course.

 

Coming Up

January 9, 2025 Coaching Your Project Sponsor

The project sponsor plays a big part in the success of the project. And yet, very few executives understand their role as project sponsor. In this Office Hours, Antonio Nieto-Rodriguez joins me to talk about what makes a great project sponsor and what you can do to ensure that your sponsor lives up to their title.

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This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 82,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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How to Coach Your Project Sponsor

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How to Coach Your Project Sponsor

How to Coach Your Project Sponsor

An effective sponsor can contribute 30% or more to a project’s success. Yet, according to recent research performed jointly with Harvard Business Review, only 13% of executives have received specific training on how to be a successful project sponsor. What do good sponsors do and how can you make sure yours is doing those things?

A project sponsor is usually a senior executive with a vested interest in the success of the project and enough authority to shepherd it to success. A sponsor makes sure the project is aligned with the organization’s strategy and goals, helps obtain the funding and resources it needs, supports the project and the project manager, communicates with senior management and stakeholders about the project, oversees project execution, assists with solving challenging problems, and more.

The sponsor does a lot, so a bad or untrained project sponsor can lead to an unhappy team and project failure. Antonio recommends coaching your sponsor. For example, at the beginning of the project, set up a meeting with your project sponsor to review the importance of the role and its key responsibilities, and discuss how the two of you will work together. Then, request a 30-minute meeting, ideally every two weeks on the same day and time to create a habit. In this meeting, you can provide a project update and discuss any support you need. 

Have questions about the specific duties of project sponsors, how they can support you as the project manager, or how you diplomatically coach an executive-level project sponsor? Join Antonio and Bonnie in their Office Hours event, Building a Better Project Sponsor, on January 9, 2025, at 9 AM MT.

Coming Up

December 11, 2024 Where Microsoft Project Management Tools Stand Today

Microsoft project management products come and go, change names, and introduce or retire features, which can be confusing and a bit nerve-wracking. On December 11, 2024 at 9am ET/11am MT, Bonnie Biafore and Cindy M. Lewis will answer your questions about Microsoft’s project management tools: what’s changing, what’s new, and what’s staying the same. Feel free to add your questions to the comments section of the event.

January 9, 2025 Coaching Your Project Sponsor

The project sponsor plays a big part in the success of the project. And yet, very few executives understand their role as project sponsor. In this Office Hours, Antonio Nieto-Rodriguez joins me to talk what makes a great project sponsor and what you can do to ensure that your sponsor lives up to their title.

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This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 82,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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Delivering Projects in a VUCA World

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The world is complicated. Almost every project faces variability, uncertainty, complexity, and ambiguity (VUCA), which makes delivering even the most straightforward project a challenge. Here are 5 ways to increase project success in a VUCA world:

  • Engage in regular, transparent communication. The sponsor, key stakeholders, and the team are all invested in project success. They will make significant contributions as long as they understand how. To help everyone contribute, communicate status, project needs, and risks truthfully and frequently. Regular communication fosters trust in the project manager and project processes. It also encourages people to share information with the project manager, which helps avoid issues. With everyone on the same page, uncertainty, variability and ambiguity will be less challenging.
  • Embrace plans, but not too tightly. Jeff Bezos, Executive Charman of Amazon, said, “Any business plan won’t survive its first encounter with reality.” Project plans are no different. Plans are crucial, but reality will require changes to those plans: staff shuffles, business prioritization, inaccurate estimates, and more. When you have to deal with reality and its variability, change your plan pragmatically to adjust accordingly.
  • Use agile approaches when conditions are right. Agile addresses ambiguity, uncertainty, and variability by supporting learning and business change. A principle of agile is to learn as you go. Stakeholders use early deliverables to increase their understanding of what the project team can produce. Agile works when the project’s products can be created and modified quickly, and appropriately knowledgeable team members are available.
  • Hold pre-mortem meetings! Hold meetings to envision negative and positive project outcomes and discuss how to address them over the project’s duration. For example, if staffing demands typically create issues for projects, discuss how to address this problem in the long term. One way to deal with staffing issues is to use contracted skills from the beginning with internal staff as reviewers for most of the project while requiring that they own and complete specific tasks. Picture how this would work and the positive and negative impacts it would have on team members and project output.
  • Follow what the data tell you. Do whatever you can to obtain project history. Gathering data and abiding by what they say helps reduce VUCA by aligning expectations with reality. If a set of tasks consistently takes two months to complete, don’t cave to pressure to finish those tasks in one month. Those tasks will take two months unless you change staffing or use new processes or tools. Don’t tell management anything different. (Another way to say this is “hope is not a strategy.”)

Think about your current or recent project. Identify any VUCA characteristics it presents. Would the methods above help make the project more manageable? What else could you try?

Coming Up

December 4, 2024 Survival Tips for Managing a Difficult Boss

We’ve all had at least one – a boss that makes our jobs challenging if not impossible. They come in several forms, each with their unique challenges, such as the clueless chameleon, the MIA boss, the meddlesome micromanager, the wishful thinker, and more. In this Office Hours, Dana Brownlee joins me to talk about the different types of difficult bosses, how to identify which one we’re dealing with and what we can do to work with them successfully.

December 11, 2024 Where Microsoft Project Management Tools Stand Today

Microsoft project management products come and go, change names, and introduce or retire features, which can be confusing and a bit nerve-wracking. On December 11, 2024 at 9am ET/11am MT, Bonnie Biafore and Cindy M. Lewis will answer your questions about Microsoft’s project management tools: what’s changing, what’s new, and what’s staying the same. Feel free to add your questions to the comments section of the event.

Where Microsoft Project Management Tools Stand Today

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Microsoft project management products come and go, change names, and introduce or retire features, which can be confusing and a bit nerve-wracking. In this article, Cindy M. Lewis and I clarify the current state of Microsoft’s PM tools (with an Ask Me Anything Office Hours to follow on Dec. 11, 2024).

What about all the tools I love? Are those going away?

They are not going away any time soon. Microsoft has been clear in many public meetings: for some time to come, if you use an existing project management tool like Project Online or Project Professional, those tools will continue with their current names and methods to access them.

Microsoft understands that organizations need time to adjust to and test new solutions. For example, many users around the world use Microsoft’s enterprise scheduling tool, Project Online, which includes both desktop and web browser components. Project Online will still exist. Customers with Project Online licenses will get a perk — they will also have licenses for the “new” Planner with expanded (Premium) features.

OK, what’s with the “new” Planner? I thought it already existed.

Planner classic, a simple task management app, has been around for quite some time. In fact, it was the most popular app added in Teams. In the past, it went by other names such as Tasks by Planner. Part of the confusion arises because Microsoft also introduced a 100% web-based collaborative project scheduling tool, “Project for the web”.

Due to customer feature requests for both solutions, Microsoft decided to merge the two products into one. According to Howard Crow, Project/Planner Product Manager at Microsoft, because “Everything starts with a plan,” the merged product is called Planner (“new” Planner to differentiate from Planner classic.)

Another reason for the Planner name is that many people manage projects without even realizing it. A more commonly understood and more informal name helps people adopt the product quickly.

Going forward, Planner will represent the collaborative web-based solution, the app in Teams) and the tool you see when you access Planner plans in other ways.

My Planner looks different than a colleague’s version of it. What’s up with that?

Either you don’t have access to the newest version of Planner or your licensing is different from your colleague’s. Microsoft regularly updates the features available in the classic versus premium versions.

I still see both Planner and Project for the web in Microsoft 365 and Teams.

During this transition period, it will look like there are two independent solutions (Planner and Project for the web). Don’t get hung up on the name. The Project option might actually take you to the new Planner. Instead, use your favorite method to access the tool you normally use (or try the other one if you don’t see the features you want.)

What Microsoft PM tool do I really need?

It depends on your requirements. For complex scheduling or more security around scheduling, Microsoft Project desktop client is the way to go. For a real-time collaborative scheduling app that fully integrates with Teams, go with Planner. As announced at Microsoft Ignite, if you are using Teams for meetings, project collaboration, and Copilot as your AI tool, more integration with Planner is coming. Also, if you are already using “Project for the web”, your plans show up in Planner in Teams automatically.

The last word (for now)

The new Planner doesn’t eliminate Microsoft Project desktop or Project Online. The new Planner represents a new way of working and collaborating on projects.

Cindy and I both have LinkedIn Learning courses to help you. Here’s a link to Cindy M. Lewis’ main course page: https://www.linkedin.com/learning/instructors/cindy-m-lewis

And here’s Bonnie’s: https://www.linkedin.com/learning/instructors/bonnie-biafore

If you have more questions join us on December 11, 2024 at 11am MT.

Coming Up

Survival Tips for Managing a Difficult Boss

We’ve all had at least one – a boss that makes our jobs challenging if not impossible. They come in several forms, each with their unique challenges, such as the clueless chameleon, the MIA boss, the meddlesome micromanager, the wishful thinker, and more. In this Office Hours, Dana Brownlee joins me on December 4, 2024 at 9AM MT/11AM ET to talk about the different types of difficult bosses and what we can do to work with them successfully.

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This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 81,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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Gathering project perspectives

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Effective project managers work to understand the diverse perspectives stakeholders have about a project, so they can manage conflicts and keep everyone engaged. Interviews and polling are two standard approaches. Here are other effective methods to gather different viewpoints of a project.

  • Interactive workshops. To identify project perspectives that are otherwise hard to uncover, consider brainstorming, mind-mapping, or other approaches involving rich interaction between stakeholders. The benefit of interactive workshops is that you can connect ideas to the outcomes stakeholders expect from the project. Free-flowing discussions can also generate new ideas, which might expand the value the project brings to the organization.

  • Focus groups. These meetings allow for in-depth discussions and can reveal nuanced opinions that might not come up in larger settings. Focus groups aim to gather insights, while the goal of an interactive workshop is to solve problems, generate ideas, or provide training actively. A consensus is often the target of interactive workshops, which is not the case for focus groups. For example, an interactive workshop would be appropriate to develop potential new processes for billing customers and then select the best option by consensus. A focus group would be held to collect features that various customers would want from a new version of a product. In the focus group, consensus isn’t the goal. It’s collecting a broad set of ideas for new product features.

  • Establish a sponsorship committee. A sponsorship committee can provide ongoing insights and guidance throughout the project’s lifecycle. The committee doesn’t reduce the sponsor’s decision-making power. It enables people to present other perspectives to assist the sponsor in setting project direction.

  • Job shadowing. Shadowing is a powerful approach to gathering project perspectives. Observing stakeholders at work provides unique insights into how people perform their work and the potential improvements the project can deliver. Stakeholders often don’t know the potential of new tools or have difficulty articulating business challenges.

  • Town hall meetings. Town hall meetings can reveal perspectives for projects with a broad impact on communities within and outside the organization. These events capture a wide range of viewpoints and concerns. Pro tip: Have an experienced facilitator run town hall meetings, because managing meetings with widely disparate stakeholders can be challenging.

  • Cross-functional team rotations. Implement short-term rotations where team members work in different project areas or departments. This cross-pollination of ideas can bring fresh perspectives to the project.

Think about your current project or a recent one. How did you uncover stakeholders’ perspectives about the project? Would any of these methods help identify perspectives?

For more about stakeholders, check out Natasha Kasimtseva’s Managing Project Stakeholders course or Dana Brownlee’s Managing Up for Project Managers: Working with Challenging Senior Stakeholders.

Coming Up

Office Hours Live Survival Tips for Managing a Difficult Boss, Wednesday Dec 4, 2024, 9:00 AM MT

We’ve all had at least one – a boss that makes our jobs challenging if not impossible. They come in several forms,each with their unique challenges, such as the clueless chameleon, the MIA boss, the meddlesome micromanager, the wishful thinker, and more. In this Office Hours, Dana Brownlee joins me to talk about the different types of difficult bosses, how to identify which one we’re dealing with and what we can do to work with them successfully. To sign up, click here.

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This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 81,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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Integration is a people first process

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Project integration can be tricky when you combine multiple technical components, processes, or both. Most people focus on the technical side of an integration. Yet, the problems in integrations are often technical errors caused by communication and human elements. Here are some actions that help prevent technical issues with integrations.  

  • Specifically assign ownership. Two or more teams serving as owners on an integration exercise is asking for trouble. Like with project tasks, assign one owner to coordinate integration efforts and guide the teams. That way, decisions are made on time and you avoid the “left hand thinking the right hand was working on this” type of issue.  
  • Create a communication plan specific to each integration. Communication between all teams is critical for success in integrations. Create a communication plan so all parties know how, when, and who will direct integration teams. It doesn’t have to be overly detailed. Make sure that team communication is managed and kept in a version-controlled central location. Assign primary and backup points of contact. Share issues related to people or technical issues between teams with critical project personnel even if they aren’t a member of an integration team (think project manager). 
  • Create cultural alignment. Teams from different companies or geographies will have different cultural norms. As a result, decision-making, problem-solving approaches, and engagement with different companies can vary dramatically. Creating cultural alignment around how the teams operate is important for integration success, but often overlooked. Work with the people assigned as integration owners to create cultural alignment between teams in an integration exercise. 
  • Don’t skimp on travel. Integration teams must work together smoothly, and technical integrations must work perfectly to achieve project success. Allow the teams to work in the same space and examine the same technical tools and components together. This makes a huge difference when it comes to working efficiently. You can avoid expensive technical misinterpretations by co-locating integration team members at various times during their work. The efficiencies gained and the technical errors avoided will more than make up for the travel expense.
  • Assemble the best possible change management review team. Integrations are complicated. Effective change management is crucial. A review team with knowledgeable team members and management is essential. Experienced integration project managers will often have a different review team for integration changes because of the depth of knowledge required to make appropriate decisions. This often means two change reviews, one with the integration review team and the second with the standard project review team. The extra time is worthwhile to ensure the best minds review integration-related changes.

For more about project integration, check out Oliver Yarbrough’s Project Management Foundations: Integration course.

Coming Up

Office Hours Live – Survival Tips for Managing a Difficult Boss Wed, Dec 4, 2024, 9:00 AM MT

We’ve all had at least one – a boss that makes our jobs challenging if not impossible. They come in several forms, each with their unique challenges, such as the clueless chameleon, the MIA boss, the meddlesome micromanager, the wishful thinker, and more. In this Office Hours, Dana Brownlee joins me to talk about the different types of difficult bosses and what we can do to work with them successfully. To sign up, click here.

_______________________________________

This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 80,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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When should the sponsor address the project team?

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The project manager is the primary communicator with the project team. Sometimes, the sponsor’s presence makes a significant impact on the project team. Here are times to leverage the sponsor’s influence.

  • The Kickoff meeting. This meeting sets the project’s direction and confirms the responsibilities of the project manager and the team. Also, the sponsor can talk about the project’s purpose. It’s powerful to hear this from the manager who will benefit the most from project outcomes. That way, team members can ask business-related questions to clarify project benefits and approaches to deliver those benefits.
  • Recognizing project milestones. The sponsor is the best person to acknowledge progress. The sponsor’s recognition validates the relevance of the project and management’s interest in project success. This pep talk also confirms that the team is on the right track and boosts their motivation. 
  • When significant changes occur. Business, staff, and project conditions often change, sometimes drastically. When that happens, the sponsor must reassert the project’s business value. As a critical member of the management team, the sponsor’s reassurance helps the project team stay focused during turmoil. 
  • When a major issue occurs. Significant issues can derail a project. When a major issue occurs, the sponsor can act as an engaged participant in crisis management. This shows their dedication to the project’s success despite the challenges. The sponsor can also validate and reinforce issue response actions. The project team’s morale and dedication is boosted when they see the sponsor participate in recovering the project, rather than assign blame.
  • Recognizing outstanding performance.  Attention from a senior leader  accentuates recognition. If the sponsor is part of a recognition event, it will be memorable and powerful for the project team.
  • Town Hall meetings. Things change in the business and discoveries during a project may raise questions in stakeholders minds . Town Hall meetings are an effective way to keep everyone up to speed. Have the sponsor present status at these meetings to remind everyone of the project’s importance.
  • Project closure. The sponsor being present at closure is the ultimate form of recognition. This acknowledges the project and the team member’s contribution to the business.

Think about whether there is an opportunity to leverage your project sponsor in your current project. If so, great! Next step, discuss with them how they can help the project by communicating with the team. It’s always good to give them some hints (or direct requests) for points to make.

For more about  project sponsors, check out Antonio Nieto-Rodriguez’course, How to Be an Effective Project Sponsor.

Coming Up

Office Hours Live Survival Tips for Managing a Difficult Boss,  Wed, Dec 4, 2024, 9:00 AM MT

We’ve all had at least one – a boss that makes our jobs challenging if not impossible. They come in several forms, each with their unique challenges, such as the clueless chameleon, the MIA boss, the meddlesome micromanager, the wishful thinker, and more. In this Office Hours, Dana Brownlee joins me to talk about the different types of difficult bosses and what we can do to work with them successfully.

_______________________________________

This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 80,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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Is Your Compromise Reasonable?

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Negotiating reasonable compromises with stakeholders is a given in the life of a project manager. But what constitutes a reasonable compromise? Here are things to consider when assessing whether a compromise is reasonable.

  • Multiple solutions were explored. Don’t allow discussion to stop when an initial solution is identified. The best compromise discussions explore alternatives to ensure that everyone fully understands the solution’s short- and long-term implications. Make sure the team considers as many practical solutions as possible. Note: One exception to this guidance is a project facing time constraints. In this case, it might be better to move forward with the first acceptable solution.

  • Everyone can identify benefits. Ideally, the compromise is a “win-win” scenario, where all parties walk away thinking they got what they wanted from the negotiation. That’s not always possible. However, if all parties see that they achieve some benefit from the talks, the compromise may be reasonable, assuming multiple solutions were explored.

  • Nobody “owes anything” when the negotiation is complete. Ask everyone whether they are satisfied with the solution and don’t feel anyone needs to give something up in the future. If everyone feels they were treated fairly, it’s likely a reasonable compromise has been reached. If the playing field seems uneven after a compromise, future discussions will be difficult, and in the worst case, long-term relationships can be damaged.

  • The solution satisfies the project’s purpose. Compromise solutions aren’t reasonable (or even solutions) if they change the project’s purpose or reduce the business benefits. A compromise solution resulting in a change order might makes sense. But true solutions must support the outcomes the project was launched to achieve.

  • All senior stakeholders approve any precedent established by the solution. Compromise solutions could result in a change to project methodology or the risk management approach. These potentially precedent-changing solutions need to be reviewed by a broad set of leaders. This review ensures that the precedent is acceptable for future projects and that it is evaluated against the organization’s strategic and cultural goals.

Try creating a checklist of considerations to determine whether a compromise in a project is reasonable. For each point on the list, describe actions you can take to evaluate those considerations. If you have questions, post them in the comments section.

If you want to start a few steps earlier in this process, the LinkedIn Learning library has lots of courses on negotiation. Check out Chris Croft’s Negotiation Skills or Mike Figliuolo’s Strategic Negotiation.

New Course Available

Project Management: Choosing the Right Online Too. Check out my updated course on LinkedIn Learning! In this new version, I review 11 online project mgt software tools.

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This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 79,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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Successful project success criteria

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The SMART (Specific, Measurable, Agreed-to, Realistic, and Time-Boxed) model is a standard for defining effective objectives and requirements, and it can also be applied to project success criteria. Beyond SMART characteristics, effective success criteria should also:

  • Be tied to the business value used to justify the project. The project’s success criteria should reflect the project’s purpose. This alignment helps keep focus on the project’s core objectives throughout its lifecycle. This also helps ensure that the success criteria address the expectations of key stakeholders, including sponsors, customers, and end-users.

  • Reflect different perspectives. Not all major stakeholders have the same expectations of a project. Effective success criteria capture those differing perspectives. For example, the sales team expects new marketing tools produced by a project to increase market share. At the same time, the finance team is looking for the new marketing tools to meet sales goals within a given budget.

  • Describe how to achieve regulatory compliance. Project success criteria must include compliance with all applicable laws. Beyond that, success criteria can describe the way compliance will be achieved, because the method may create constraints for the project deliverables, and the processes stakeholders must follow when implementing the project’s products.

  • Allow for a stability period. Business benefits are rarely realized as soon as project deliverables are implemented. The project’s success criteria should define a stability period to set appropriate expectations. This period allows for corrections to staff training, resolving issues with new business processes, and validating the accuracy of measurement tool results.

  • Define accountability. Business benefits come from suitable project deliverables and operational personnel using new business processes. Success criteria need to reflect a clear understanding of both the project and operational teams’ responsibilities to deliver business value. That is: how do the project team and operational personnel work together to ensure the project satisfies its purpose?

Between SMART and this list, those are a lot of requirements for effective success criteria. Build a checklist for success criteria best practices. Evaluate the success criteria from a current or recent project with your checklist and see whether you would enhance them.

For more about success criteria and the SMART model, check out my Project Management Foundations course.

New Course

Project Management: Choosing the Right Online Tool. Check out my updated course on LinkedIn Learning! In this new version, I review 11 online project mgt software tools.

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This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 79,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library and tune into my LinkedIn Office Hours live broadcasts.

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What Senior Leader’s Really Want

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Project management has a clear goal: to deliver business value. As a project manager, what can you do to support senior leaders on that value journey.

  • Be predictable. Project methodologies create a pathway from idea to the realization of benefits. A powerful element of a methodology is predictability — for senior leaders and the team. Everyone in a project should know what steps they’re taking and what’s expected of them. Surprising senior leaders isn’t good for your project or your career. So, establish the methodology for delivering each project and follow it. It’s OK if you need to change it. But be sure to collaborate to make the change and communicate the result to all affected stakeholders so there are no surprises.

  • Provide information proactively. Project managers need to be forward-thinking. Status reports that detail what just happened aren’t enough. Proactive reporting helps leaders stay ahead of the game instead of scrambling when things go wrong. Use risk triggers for early warnings when risks may come to fruition. Use earned value concepts to forecast project outcomes. Dive into your organization’s project history to compare past project performance to current situations.

  • Reassure leaders with tangible data. Senior managers have a lot riding on project outcomes, and a project by its unique nature might make them anxious. To reassure senior leaders, provide them with frequent, accurate, and timely status information, customized to address their concerns.

  • Discuss options with pros and cons. To determine how to deliver project outcomes, you have to explore different approaches. Most of the time, there will be more than one way to address project goals and objectives. That means researching the options, identifying their pros and cons, and making a recommendation to senior leaders. That way, management will feel confident they are making solid, well-thought-out decisions, boosting confidence in the project.

  • Represent the sponsor when necessary. Project managers must represent the sponsor in many situations (with confidence and capability). Doing this (with the sponsor’s endorsement) boosts management’s confidence that the project is in good hands.

  • Support organizational strategy. Projects are often part of an extensive portfolio intended to implement organizational strategy. It’s good practice for project managers to ensure that both the project outcomes and delivery process move the organization toward strategic goals. For example, a project may take a less than ideal approach by providing extensive technical training to team members. That training might not be vital for this project, but it is essential to the organization’s longer-term strategic goals. So, in delivering the project, the PM satisfies the project’s objectives and helps set up the successful delivery of future projects in the strategic portfolio.

No surprises, relevant information, crises avoided, and organizational goals supported. All things that make senior leaders happy!

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This article belongs to the Bonnie’s Project Pointers newsletter series, which has more than 78,000 subscribers. This newsletter is 100% written by a human (no aliens or AIs involved). If you like this article, you can subscribe to receive notifications when a new article posts.

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