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Managing Successful Breakthrough Technology Projects

Managing Successful Breakthrough Technology Projects

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Managing Successful Breakthrough Technology Projects

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  1. Deploy Close Proof Solution Develop Qualify Identify Value IdentificationAwareness Value Creation Value CaptureMeasurement Managing Successful Breakthrough Technology Projects Bob FanninGlobal Project Management Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  2. Managing Successful Breakthrough Technology Projects The Poor Statistics on Successful High Tech Projects Failed systems projects cost more than $100 billion per year - Computerworld One out of every two projects overruns its budget by 180% or more - Computerworld Survey of 300 large companies 65% reported projects were grossly over budget, behind schedule and technology nonperforming – KPMG 65% of companies have lost control of at least one major project – Forrester Research 35% of ERP and CRM systems are never completed – Forrester Research Source: Computerworld; Forrester Research Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  3. Why are Projects so important? Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  4. Full Engagement of Project Teams Yet, more is needed to help with good project management • Projects continue to fail, even with skilled project managers, • Projects are becoming even more complex, especially in the high tech industry, • Organizations are under heavy competitive pressure to meet higher standards in project work, • Technology and a dynamic business environment requires creative managers for new development projects Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International 1.1-4

  5. Projects continue to fail, even with skilled project managers • More needs to be understood regarding the effect of leadership on the success of special high demand and complex projects. • There is a need for a concentrated effort with time and creativity as the key factors of success • The distraction of other projects and events take a great toll on the professionals ability to produce Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  6. Conceive Develop Execute Finish Opportunities/Risk Period of Highest Risk Impact Risk Opportunity • High Risk/ • Low Amount • at Stake • Low Risk/ • High Amount • at Stake Impact Amount at Stake Time Qualitative Risk Analysis (cont’d) At which stage is the project at its: - Highest risk and impact of risk impact - Lowest risk and highest impact Source: Max Wideman

  7. Projects are becoming even more complex, especially in the high tech industry • The greater the complexity, the greater the risk of failure due to the teams inability to get a focus on all the details and resolve it with the overall objective in mind. • The need for the PM to work with specialist experts and to get them to share their knowledge and decision-making that effects the project deliverable • The ability for the PM and the team to experiment with new ways of doing a project for improving the status quo Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  8. Organizations are under heavy competitive pressure to meet greater demands • Which include: • Many projects are condemned to failure due to changing requirements – but the market demands it • Timing is everything when it comes to releasing new products or introducing new services Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  9. Technology and a dynamic business environment requires creative managers for new development projects • This is the tempo of the time: • By identifying the technology opportunity faster the company can then implement it faster in their competitive strategy • Combined with this is the ability to shorten the development cycle of the new product Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  10. There is a need to improve the organisation’s ability to shorten the identification of opportunities and to incorporate it into their new product release: • A better managed product development portfolio is required to be tied to the corporate: • Market Intelligence System • Effectiveness in their product development project life cycle Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  11. Intensive Investment Profile Return on Investment Successful Project Implementation Delayed Project Implementation Failed Project Implementation POI Time to Market POI = Point of Implementation

  12. Innovation Life Cycle ≈≈ Innovation Cycle Time Net Profit Period B Cash Flow Tr Tb Tf Time A To Tp Te Ts BET To Opportunity occurs Tr Product is released to production Tp Ts First customers are satisfied Opportunity is perceived Tb BET Break-Even Time Project activity begins Te Project becomes extinct Tf Product definition and plans freeze Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  13. First Be able to identify opportunities earlier Innovation Life Cycle With the Use of Market Intelligence ≈≈ Improved Innovation Cycle Time Substantially Increased Net Profit Period Anticipation Period due to Good Market Intelligence Benefit of Early Project initiation Due to Improved Anticipation B Cash Flow B Tr Tb Time A To Te A Ts BET Ta Second Be able to reduce the time to execute the project Tr A To Opportunity occurs Tr Product is released to production Tp Ts First customers are satisfied Opportunity is perceived Tb BET Break-Even Time Project activity begins Te Project becomes extinct Tf Product definition and plans freeze Ta Anticipation of Opportunity Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  14. An Enhanced Innovation Life Cycle with the Use of Market Intelligence ≈≈ Improved Innovation Cycle Time Net Profit Period Anticipation Period due to Good Market Intelligence Benefit of Early Project initiation Due to Improved Anticipation B Cash Flow B Tr Tb Time A Ta A To Te Ts BET Tr Tr Project Initiation A A Earlier Market Presence Greater Market Share & ROI Return on Investment More Intensive Investment Profile Time to Market

  15. Four Key Principles of Successful High Tech Projects • Principle One: • Avoid Closet ‘PMism’ • Facilitate, Don’t Dictate • Need to move people out of their comfort zones • It’s the people that accomplish the project, not the plans • Focus on project ‘Team Energy’ Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  16. Four Key Principles of Successful High Tech Projects • Principle Two: • Start with the Objective • What is the purpose – not what is the problem • Work backward from the targeted solution • Assess the alternatives based on objective • Usually a part of the whole – Program driven Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  17. Four Key Principles of Successful High Tech Projects • Principle Three: • “Don’t get lost in the forest while counting the trees” • Practice Project Benefit Management • Assure benefits from each step are achieved as planned Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  18. Four Key Principles of Successful High Tech Projects • Principle Four: • “Don’t get stuck in a rut” • “If different, do different” • Practice good sponsorship relationship Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  19. Full Engagement of Project Teams The Conventional Wisdom of Project Management Achieving the Critical Dimension of Time, Cost and Scope • Project Management Triple Constraint • Need to manage the three parameters of: Cost Time Scope Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  20. Knowledge - The Key to E-Business Success Why is this Happening?Paradigm Shifts in Company Operations Stakeholder Focus • Shareholder Focus Value chain mgmt with partners and customers • Supply chain mgmt with various suppliers Knowledge is the core value • Capital, financial & product- ion facilities are core assets Increasing global threats and opportunties • Local and regional business focus Rapid and widespread market and industry deconstruction • Market fluctuations but basic industry stability Source: Institute of Chartered Accountants in England and Wales Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  21. PM Conventional WisdomNew PM Paradigm Manage time Manage energy Avoid stress Seek stress Work is marathon Work is a series of sprints Downtime is wasted time Downtime is productive time Rewards fuel performance Purpose fuels performance Self-discipline rules Rituals rule Positive thinking Focus on full engagement Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  22. The Answer: To be able to focus on a fourth constraint of project management: • Without the right quantity, quality, focus and force of energy, we are compromised in any activities we undertake; • The ultimate measure of our success is not how much time we spend on our work, but rather how much energy we invest in the time we have in our work; • The number of hours in a day is fixed, but the quantity and quality of energy available to us is not. It is our most precious resource. Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  23. Project Managers are the Stewards of organizational energy • Through leadership skills PMs can inspire or demoralize: • By how effectively they manage their team’s energy, • By how well they mobilize, focus, invest and renew the collective energy of the team, • This skillful management of energy, makes it possible for a project team to be able to be fully engaged, • Full engagement, therefore, enables the project team to be: • physically energized, • emotionally connected, • mentally focused, and • spiritually aligned with a purpose beyond our immediate self-interest. Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International

  24. Four Key Steps to Managing Team Energy • Draw on four separate sources of energy: physical, emotional, mental and spiritual • Balance energy expenditure with intermittent energy renewal • Push beyond your normal limits, training in the same systematic way that elite athletes do. • Positive energy rituals – highly routines for managing energy – are the key to full engagement and sustained high performance Breakthrough Technology Series – November 2003 - Bob Fannin, GPM International