Mr Harold Kerzner initiated a discussion on Future Project Management Office – A Value driven approach for Key stakeholders
Share of Projects using Project Management software is less than 35%. There is a shift of trend towards more non traditional projects being executed under current business conditions. Unlike in Traditional projects where the focus is only on the Triple constraints , in non traditional project there is an additional parameter focus on triple constraint +Value
The shift of Contractor Expectations is towards Long term strategic partnerships (Engagement Expectations).Each project is seen as a collection of values scheduled to attain corporate objectives. Statement of Work ( SOW ) is subject to numerous changes in current PM’s with multiple stake holders. Unique value driven KPI (Key performance Indicators) are enumerated. Flexible “Fluid ” PM methodology adopted. There is a demand for Real time reporting of Project progress. Managing multi stakeholder expectations. All this is illustrated as a matrix.
Governance>>Dashboard Design>>Key Performance Indicators>>Measurement>>New Success criteria
With this there is a Multiple definition of success of a project (each customer / stakeholders have different definition). This demands the need for Creation of customer satisfaction Index. that can be measured occasionally on the project. Metric driven PM will be the future.
Project failure is bound to happen when linear thinking is adopted and when Methodology doesn’t not allow out of box thinking.
Newer analyses tools like Different Value analyses – Intellectual Cap valuation. Intellectual Property Scoring , Balanced Score Card method, Future value management, value management methodology to take customer engagement to a higher level.
Project management reports like Forecast reports >>Status Reports>>Progress Reports help in monitoring how projects progress in future.
Forecast Reports tend to capture data point and parameters like >> Time @Completion, Cost @completion.
The entire session was so informative and good perspective of what project management will be in the future.