Last month, we pointed out that the CEO that plans the best, maximizes cost-effective resources and concentrates on their business the most wins!
Whether you are starting a business, building a new plant, reengineering processes, buying/installing capital equipment or launching a new product/program, project management has an unparalleled track record of success. But where do I start? Every idea may not be viable or even qualify as a project.
You start with the project’s feasibility. The PFASAP (Project Feasibility As Soon As Possible) model sets the baseline for the initial investigation of the project’s worthiness, helps establish prioritization and directs subsequent actions. It begins with 5-questions which are helpful in focusing the initial planning and the actual setting-up of the project.
- What do you want? (Project Definition)
1.1. Clearly define the expected result.
- What for? (Project Justification)
2.1. Purpose is stronger than object
- How much are you willing to spend in terms of time, money and people? (Project Cost)
3.1. Not many have the luxury of time and unlimited funds.
- What is the timeframe? (Project Schedule)
4.1. In order to be successful, my resources must be available or planned for in advanced.
- What is the value to the Customer? (Project Audit)
There are both internal and external Customers to consider. Ensure you project’s goal/objective is to provide a benefit to the correct Customer base. For example, satisfying the internal Customer base is important, but not at the expense of the external Customer(s).
The answers to these five simple questions have a remarkable effect on the outcome of your project because in business “Time is precious and delays cost money”.
Every business has the same resources: Time, Money and People.
The one common factor no matter the size, industry or technology is time. Every business has the same amount. Therefore, all businesses must be categorized by the remaining two-thirds: Money and People. The key to your success is how you deploy and maximize those resources you have control over.
Well…“Time Management is the answer and Project Management is the tool”. Think about this: In order to manage your time, you must first control your resources. The beauty of project management when properly configured for the job at hand is that it has an unparalleled track record; proven in countless programs in every field of endeavor since the 1950s. Why because it works!
Your business is constantly inventing, modifying and implementing your products and services. By controlling how you develop these new opportunities and when they are launched is based on time, money and people. Project Management can get your products and services to market faster by identifying and creating the environment to streamline processes which reduce risks, delays and impediments to your success.
A project is simply a one-time event to accomplish a result. From business, technical and nonprofits to personal events, the logic of defining what is to be accomplished, who is responsible and how it is to be implemented has many benefits.
If you employ project management within your organization, you create your own unique ‘Strategic Weapon’. Your customers will embrace your flawless delivery and your competitors will marvel at your continual improvement.
Timely solutions are absolutely critical to your success. The CEO that plans the best, maximizes cost-effective resources and concentrates on their business the most wins! It’s that simple. What’s not that simple, tough to recognize and the recipe for disaster is “Thinking good is good enough”.