Complexity Conquered

Satya Singh

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To create the most value, don’t (just) focus on the money

Posted by Satya Singh on Nov 23, 2018 1:30:00 PM

Value of an item must not be based on its price, but rather on the utility which it yields” – Daniel Bernoulli

A paradox of traditional project management practices is that project success is most frequently judged through three criteria;

  1. on-time or schedule achievement;
  2. on-budget or cost achievement; and
  3. met requirements criteria or scope achievement;

Yet the reason a project exists is to deliver value, either as benefits or outcomes, to an organisation. So why isn’t benefits realisation consistently part of the project success criteria yet?

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Topics: Project Controls, Project Competencies, "Value Management"

If you're looking for project value through delivery, you're already too late

Posted by Satya Singh on Feb 22, 2018 4:45:22 PM

 

If I were given one hour to save the planet, I would spend 59 minutes defining the problem, and one minute resolving it” – Albert Einstein

These words aptly represent the problem that exists with the traditional view of project controls - a parochial focus on the Delivery or Implementation stage of a project.

While project delivery is key to realising the value of a project, creating the value occurs primarily in the early stages of a project, and well before delivery gets underway.

Similarly, research suggests that cost of getting the early stages wrong, such as misdiagnosing the business problem, is up to 10 times costlier to an organisation than project implementation failures. In Australia, inaccurate understanding of requirements is the #1 primary cause of project failure (PMI, 2018).

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Topics: Project Competencies, Project Controls, Complexity, PMO