Project Management Methodologies PPMP20009 Week 5 LectureBest Practice • Different definitions “…best practices are those actions or activities undertaken by the company or individuals that lead to a sustained competitive advantage in project management.”Kerzner • Early days – industry focused successes whereas the government looked at failures to identify best practice.Assessing Readiness for Implementing Organisational PMCritical Success Factors • Committed sustained executive level leadership • Organisational change management including assessing the organisation’s readiness for change • Continuous Improvement to sustain benefits of implementationCritical Success Factors • Determine feasibility by determining strategic need and the cost benefit position • Share OPM information – to increase awareness, understanding and buy-in • Evaluate the organisation’s current stateDeveloping a blueprint or roadmap Knowing where the organisation is now. Knowing where the organisation wants to be in the future. HowBusiness Case • Capture rationale of OPM • Set parameters and define success criteria • Tool to guide design, management, and evaluation of the OPM initiative.  What should be included in a business case?Key Points (Kerzner) • Once business case endorsed form an OPM team to lead the implementation • Need to demonstrate the linked to the organisational strategic objectives • Consider the culture and environment carefully • Senior leadership commitment and support needs to be visible, as do the OPM Leaders.Strong sponsorship Clear vision Implementation plan Understand your peopleCo-design with diverse working group Context appropriate governance & method Meaningful accountabilityNot in the text books Audit management 70 % 20 10 % % Change Mgt initiative Experienced Practitioners 10, 20, 70 principle Resource constrained? ‘Project by numbers vs practice flexibilityKey Points (DoC) Understand what you want to achieve, why you want to achieve it, & if you have an authentic sponsor. Develop a practical and pragmatic implementation plan. Know what is realistic with the resources and timeframes you have. Your people are your greatest asset. Implement as a change management initiative. Use them to co-design the journey and co-maintain the maturity.Project Selection (Portfolio Prioritisation) What is it and who does it?Feasibility Study vs Cost Benefits analysis Feasibility Study • Can we do it? • Validate that the project is feasible in terms of cost, technology, safety, marketability, and ease of execution requirements Cost Benefit Analysis • Should we do it? • Validate that if executed correctly, the project will provide required financial or non-financial benefits. • That benefits are of greater value than the cost of the initiative. 1. What is an opportunity cost and why do executives prioritising projects need to consider it? 2. What metrics could be used for a cost benefits analysis?Prioritisation Criteria What criteria would a portfolio board use to select projects?Utilising categorisation in prioritisationOrganisational StructuresMatrix StructuresMatrix and Project ManagementThe Article • Project Management Journal • Volume 44 No 1, pages 17-34 • Besner C. & Hobbs B. (2012) Contextualized Project Management Practice: A Cluster Analysis of Practices and Best PracticesLessons Learnt What are lessons learnt? What are some ways to gather lessons learnt? Activity PPMP20009 Lessons LearntCollect Portfolio Reflect Share Select