Posts Tagged ‘portfolio’

The true value of change

September 22, 2017

The following is an extract from my new book ‘How to get Fired at the C-Level: Why mismanaging change is the biggest risk of all’ in association with my friends at Tailwind Project Solutions – previous extracts followed a series of 5 Challenges that I think every organisation should consider, and consider very carefully – and now we will look at the 5 tests of control:

We have already identified in an earlier article that knowing the true value of your investment in change, and the consequential cost of failure to deliver this change is critical.

On that basis now is the time for you to ‘do the math’ and work your change portfolio investment out, an example was covered in ‘Challenge 1 – Invest in the right portfolio management’ – so you can reference that if you wish.

Before you start how big do you think your Portfolio is right now and how big do you think it really might be? It will be interesting to compare later on.

OK – start with your Portfolio value. How simple is that to discover? The figure doesn’t have to be 100% accurate, you are looking for a rough order of magnitude really – but if it is really difficult to even start with a ROM valuation you might consider why that is, and how can your organisation manage change if it doesn’t know the basics?

Assuming that you do have that number to hand now all you need to know now is the ratio of Compliance projects versus Growth projects. The same argument stands in this case if you struggle to identify that percentage mix. But again, it is a rough estimate that is needed for this exercise.

And then select or identify the Cost/Impact ratio and the growth Value Add ratio – these really should be part of your business case approval process by the way.

And finally, estimates of disruption ratio percentage (use the 20% provided if you don’t have a true idea of your own organisations percentage) and failure factor ratio percentage but only for the growth projects. For the compliance projects it could well be something like ‘Go to Jail, do not Pass Go) or some serious fine etc. – feel free to quantify this if you can of course – it may well be significant.

 

 

P Portfolio Value (Starting Value) £
C/G Compliance (@ 40%) £

(40% of ‘P’)

Growth (@60%) £

(60% of ‘P’)

CI Cost Impact (2:1 for Compliance) £

(2*’C’)

VA Value Add (4:1 for Growth) £

(4*’G’)

TSF Total so far £

(‘C’+’G’+’CI’+VA’)

D Disruption (@20% of initial Portfolio value) £

(20% of ‘TSF’)

F Failure Factor (10% of Growth – planned value add) £

(10% of ‘VA’)

TP True Portfolio Value £

(‘TSF’+’D’+’F’)

 

 

TAKE THE TEST: Run the numbers and ‘do the math’ and then step back and take in the figure at the end

There you have it – the truth, the whole truth, and most likely, scarily nothing but the truth.

Tailwind Project Solutions was formed in 2014 to provide a bespoke approach to project leadership development. Owned by Director & CEO Alex Marson, the organisation works with large FTSE 250 clients including some of the biggest companies in the world in the Asset Management, Professional Services, Software, Automotive, Finance and Pharmaceutical industry.  The company has a team of world-class experts who provide a bespoke approach to the challenges that our clients have, and the company was formed because of a gap in the market for expertise which truly gets to the heart of the issues clients are facing – providing a robust, expert solution to change the way that companies run their projects.

At the time, the market was becoming flooded with training companies, providing a ‘sheep dip’ approach to project management, and the consensus was that This didn’t solve the real challenges that businesses and individuals are experiencing in this ever-increasing complex world of project management. The vision was to hand-pick and work with the very best consultants, trainers and coaches worldwide so that Tailwind could make a difference to their clients, to sit down with them, understand their pain points, what makes them tick, and what is driving their need for support.

These challenges being raised time and time again are in the project leadership space, from communication issues, not understanding stakeholder requirements or having the confidence to “push back”, lack of sponsorship support, working across different cultures, languages, levels of capability and complexity. We expect more from our project managers – we expect them to inspire, lead teams and be more confident.

Tailwind’s experience is vast, from providing interim resources in the project and programme management space, supporting the recruitment process, experiential workshops, coaching – from project managers through to executives, providing keynote speakers, implementing PPM Academies, PM Healthchecks and Leadership development. The approach is created often uniquely – to solve the real challenges of each of their individual clients.

http://tailwindps.com/

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Bangers and Mash

August 19, 2016

Now if you are from the UK you will 100% know what I am talking about, and if you are from Canada, Australia or New Zealand (I am reliably informed) you will also have a good chance of knowing what ‘bangers and mash’ are. But, if you are from elsewhere and haven’t had the personal pleasure of enjoying a mouthful of ‘bangers and mash’ (tasty) then you are probably completely confused.

For the record, ‘bangers and mash’, also known as sausages and mash, is a traditional British dish made up of mashed potatoes and (typically) fried sausages.

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The sausage part (or ‘banger’) may consist of a variety of sausage flavours made of pork or beef or a perhaps even a Cumberland sausage (if you are being posh) and the dish is sometimes served with onion gravy, fried onions, baked beans, or peas, preferably – in my personal case with ‘mushy peas’. And so we are off again aren’t we? You have no idea what mushy peas are do you? Sorry, go look it up on the world-wide web of wonder.

Why ‘banger’ I hear you ask? Well, the term is attributed to the fact that sausages made during World War I, when there were meat shortages, were made with such a high water content that were very liable to pop under high heat when cooked, whereas modern day sausages don’t have this attribute, they just sizzle, delightfully so.

I wrote an article a while ago on ‘The Business of Meaningless Words’, about the growth in bland tired and need-to-be retired clichés LinkedIn Article but there is another aspect to such ‘code’ that isn’t meaningless but still needs to be known, or translated, in order to communicate efficiently.

‘Bangers and mash’ for example is not shorthand for ‘sausages and mash’ but rather an alternative term, colloquial, perhaps even slang, but still if you say started work in an English pub that both served good beer and ‘pub grub’ food then you would need to know what it was for sure. I’d be in there ordering it!

PMI’s White Paper on Communication states ‘Communication is what allows projects — and the organization — to function efficiently. Conversely, when key players at any level fail to deliver their end of the communication bargain, projects face unnecessary risks’

And one of the levels of failure can be in not explaining terms to people who do not know them and, here’s the balance, asking what terms mean if you don’t know them or understand their meaning.

See what I did there? Yes, it is a two-way responsibility. Explain, don’t assume understanding together with ask, don’t fake understanding.

Got it? Excellent.

Right I’m off for a quick bevvy, and fancying a nice plate of bubble and squeak for supper with perhaps a chip butty on the side[1]. How about you?

 

 

 

Peter Taylor

Peter Taylor is a PMO expert currently leading a Global PMO, with 200 project managers acting as custodians for nearly 5,000 projects around the world, for Kronos Inc. – a billion-dollar software organisation delivering Workforce Management Solutions.

Peter Taylor is also the author of the number 1 bestselling project management book ‘The Lazy Project Manager’, along with many other books on project leadership, PMO development, project marketing, project challenges and executive sponsorship.

In the last 4 years he has delivered over 200 lectures around the world in over 25 countries and has been described as ‘perhaps the most entertaining and inspiring speaker in the project management world today’.

His mission is to teach as many people as possible that it is achievable to ‘work smarter and not harder’ and to still gain success in the battle of the work/life balance.

More information can be found at www.thelazyprojectmanager.com  – and through his free podcasts in iTunes.

[1] You have no idea what they are either do you? Go look it up on the world-wide web of wonder.