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Portfolio and Project Management Masterclass Selecting & Managing the Right Projects

Why do some big and famous companies from various industries manage to deliver successful products and services to the markets year after year? And why are the majority of other organisations unable to replicate this success no matter how hard they try? Recent studies indicate that only 32% of our projects can be considered successful, while 44% are challenged (i.e. grossly over the budget and/or late) and 24% are outright failures (i.e. cancelled by the customers before they are even completed). Further research shows that the lion’s share of this lack of success can be attributed to poor requirements elicitation, insufficient planning and inadequate project control. Furthermore, every CEO in the world, if questioned, will always complain that there are a lot of ideas to implement, but, unfortunately, insufficient resources to accomplish them. This workshop provides a solution to this dilemma by supplying techniques to assess the value of projects, prioritize projects, and decide which projects to implement and which to postpone. In addition, it describes various methods of balancing project portfolios and different strategic alignment models.

Turning 'Theory' into 'Practice'?

For every organisation which dedicates significant resources to projects this training is MUST DO! This course will demonstrate to the participants how to perform these tasks properly and efficiently by giving them skills, tools, techniques and economic principles that transcend various company structures, environments and project management philosophies. Using the real-life case studies and the best practice examples you’ll learn how to achieve a proper project portfolio balance and how to deliver exceptional project results. The course provides a multitude of real-life project portfolio management case studies from pharmaceutical, product development, financial, energy, telecommunications, not-for-profit and professional services industries.

Who should attend?

The course is designed for senior executives, project management and marketing professionals from various industries (including software, IT, financial, healthcare, construction, financial, professional services and many others)

Key areas to be covered in the programme and documentation

How to Deliver Exceptional Project Results 
In this module we will assess the overall success rate of the projects in industry and try to explain the high failure rate of the endeavours undertaken by various companies. In the process of this session we will derive a formula for the delivery of exceptional project results and conduct a high-level overview of project and portfolio management. 
• The Three Pillars of PPM 
• What Happens without Project Portfolio and Proper Resourcing? 
• Latest trends and recent developments in PPM 

Case Study: Ibaraki Airport 

The Art of Estimation 
• How to stop being constantly late and over the budget on almost all of our endeavours? 
• Key misconceptions about project estimation 
• “Cone of Uncertainty” – What is it? 
• Is padding of the estimates acceptable? 
• How do we improve our estimation efforts?
 
Individual Exercise: “Are we good at estimating in general?” 

Are we Supposed to Negotiate on Projects? 
Are we expected or even allowed to negotiate with our customers and senior managers about the scope, timelines and budgets of our projects? 
• How to Negotiate Using Investigative Negotiations 
• Inventing Options for Mutual Gain 
• Presenting Multiple Offers 
• The best techniques for obtaining the additional degrees of freedom 

Group Exercise: Mastering negotiation techniques 

Customer Walkthroughs, Technical Inspections and Peer Reviews 
• How can we improve quality and minimise the number of defects on our endeavours? 
• The cost of mistake throughout the project lifecycle 
• The optimal time to invest in the documentation reviews 

Practical exercise: Identifying types of reviews and things to watch out for

Why Should You Manage Scope and Customer Expectations? 
How does one keep the project budgets and schedules in check while keeping the customers and the management happy? What can the project manager do to prevent the project scope from ballooning into something scary and unmanageable? 
• Why should we manage expectations? 
• How to manage project requirements? 
• How to assess the impact of the change? 

Group Exercise: “Assessing the Change Request”

How to Maximise Portfolio Value? 
The first pillar of project portfolio management: we will examine several project value assessment models including financial methods (NPV, Bang-for-Buck, etc.) as well as the scoring techniques (DuPont scoring model, EXFO scoring model, best practices scoring model, etc.). Advantages and shortcoming of each approach will also be discussed in this session. 
• Overview of the project portfolio management process 
• Financial methods – descriptions, advantages and concerns 
• Scoring models – descriptions, advantages and concerns 
• Joker Project Concept 

Case Studies: Examples of scoring models from the pharmaceutical, product development, financial, energy, telecommunications, not-for-profit and professional services industries 

Exercise: Creating a portfolio scoring (prioritization) model for your organization 

How to Balance the Project Mix? 
The second pillar of project portfolio management: why should a company seek a balanced portfolio? 
• The advantages of balanced portfolio 
• What dimensions should you consider? 
• Types of bubble diagrams 

Case Studies: Examples of balancing from the pharmaceutical, product development, financial, energy, telecommunications, not-for-profit and professional services industries 

Exercise: Create a balancing model for your organisation

How to Link Portfolio to Strategy 
The third pillar of project portfolio management: can we link all of our company projects back to the overall strategy? Can our executives answer a seemingly simple question, “Why are you doing this project?” We will examine top-down and bottom up approaches of linking project to strategy as well as their strengths and weaknesses. 
• What are the prime goals of the market leaders? 
• What is strategic linkage? 
• Pros and cons of linking approaches 
• Top-down approach 
• Bottom-up approach 
• Top-down, bottom-up approach 

Exercise: Creating a strategic linkage model for your organisation 

Implementing Project Portfolio Management 
This capstone section of the workshop will be dedicated to summarising all of the information learned in this course and providing the attendees with hands-on practical steps that should be undertaken when implementing project portfolio management at a given company. 
• Level 1: Project Selection Reviews 
• Why Should You Consider Your Internal Resource Costs? 
• How to Establish the Size of Your Project Resource Pool 
• Level 2: Phase-Level Reviews 
• Level 3: Periodic Project Status Reviews 
• Importance of Mission and Strategy 
• “Cognitive Dissonance” Theory 
• “Mass Delusion” Theory 
• “Machiavelli Factor” Theory 

Group discussion: Lessons Learned from Implementations 

Project Portfolio Management Charter 
• Portfolio Scoring Model and Project Ranking 
• Project Proposal, aka the Business Case 
• How to Collect the Largest Number of Proposals Possible? 
• Portfolio Monitoring 
• Sound Project Management Capabilities 
• Role of the PMO 

Group discussion, “take-aways”, Q&A

Benefits to you

• Mastering the art of Project Estimation strategies that actually deliver
• Enhancing your existing negotiation techniques with customers and management to achieve “win-win” situation
• Learning efficient creativity cultivation techniques for your project team
• Finding out about great stakeholder and scope management methods
• Leveraging document walkthroughs, inspections and peer reviews to save you money and time on your projects
• Benchmarking the most useful tools for maximising the value of your project portfolio
• Embedding efficient creativity cultivation techniques within your project team to drive innovation and to achieve a proper project portfolio balance
• Learning how best to demonstrate the link between your project and portfolio management strategy and the company strategy
• Identifying and overcoming the key hurdles to implementing and effective portfolio management framework at your organisation

Companies already benefiting include:

Duration of Course

2 Day Course

Course details

7-8 November 2019, London, PT4027

Other relevant courses include:
  Writing and Presenting Compelling Business Cases
 
 
 
 

 

Looking to train larger teams in this subject?

dzingim@marcusevansuk.comTailored in-house/in-company training courses and bespoke strategy workshops designed and delivered on-site throughout Europe according to your specific requirements.

All management, personal development and project management public courses featured in our Course Directory are also delivered on an In-Company basis.

Click Here for information on how this course can be delivered for you as an In-Company Training Solution

 


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Testimonials

"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac