Diversified Global Portfolio

Companies with diversified, global business portfolios are performing well under current market conditions. Similarly, as pointed out by TheFools, a career path would be served well by international exposure and global perspective. ...

... "with two teenagers preparing for college, I'm doing everything I can to nudge them both toward majors in international business. " ...

Via Motley Fool: Honey(well) of a Quarter

Business Analyst Body of Knowledge: Help at Last

AllPM has a great theme going this month. It's all about the integration of business analysis and project management. As it points out, especially during the early phases of a project, the project manager often works very closely with business analysts.

Three years ago, an organization called the IIBA (International Institute of Business Analysts) was formed to do for business analysts what PMI has done for project managers. It has grown to 3,500 members in 62 countries. They now have a certification exam as well, plus their own "Body of Knowledge" (BABOK).

The article below from AllPM outlines the relationship to project management. Well worth reading...

Theme of the Month: From Project Management (PM) Certification to Business Analysis (BA) Certification By Greta Blash, PMP :: ALLPM Project Management :: Project Manager - Project Management - Information - Forum Manager- PM Tools - Ar

IT Talent: Business Career Path

The conventional IT career path ladder has faded away to a zig-zag path across business and IT roles. Careers will be much more exciting and business acumen will be natural. ...

... "What really matters, then, is knowing how to apply technology to improve business performance. " ...

Via Computerworld: Link

Sage Advice for New Project Managers

Mark Mullaly has a great editorial in Projects@Work, titled "What I Wish I'd Known." It's an honest, heartfelt answer to an inquiry from a reader asking what he wished he'd known before entering project management.

Mullaly makes some great points, especially around the importance of asking questions. A career project manager, he learned the ropes the hard way, through trial and error, and discovered what worked and what didn't.

As Albert Einstein said, "The only thing that interferes with my learning is my education."

I recommend that those new to project management read the article, if for no other reason than to understand what the real paths to success are, such as communication, business acumen, and a true understanding of people and what makes them tick.

http://www.projectsatwork.com/content/Articles/232486.cfm

Project Management Winds Are Changing

There's an excellent article by Betsy Morris in the current issue of Fortune Magazine about how the Jack Welch way of winning is---dare we say---a thing of the past.

How is this relevant to the project management field? Well, for one, it means recognizing the winds of change in the industry, and how projects are selected, promoted, and managed. Above all, this impacts program and portfolio management. Particularly, note four trends in management thinking:

Innovation:

Let's take Welch's old rule of being number 1 or 2 in your market (or else fixing, selling, or closing the business). The new rule is to find a niche and create something new. The article uses CocaCola as an example of a company that was basking in their glory as number 1, but eventually realized (although it took a while) that energy drinks and bottled water were about to pass them. As the article points out, energy drinks "are now expected to outearn every other category of soft drink within three years." Parhaps marketing guru Harry Beckwith said it best in Selling the Invisible when he said that it's fine to do something 10% better until someone else comes along and does it 110% different.

Customer-Centric Management:

Welch started a whole movement of focus on the shareholder, which led many organizations to ignore the future amid pressure to appease shareholders and "make the numbers." Now, organizations realize that the customer is king. The article references several companies that have made this realization, and the trend is heading in that direction. After all, statistics show that even a minor improvement in customer retention leads to a major increase in profitability. The days of short-term thinking may be finally coming to an end.

Reinvention vs. Incremental Change:

Since it seemed Jack Welch could do no wrong, everyone imitated whatever Jack did---and Six Sigma was no exception. The problem is that, according to the article, of the 58 large companies that announced Six Sigma programs, 91% have trailed the S&P 500 since. As the article points out, that's mostly because Six Sigma is intended to "fix an existing process," whereas innovative companies that developed new and unique products (or reinvented their business) took the lead.

Stop Ranking Your Players; Inspire Passion:

Once of Welch's most controversial systems was to constantly rank his employees and regularly weed out the "C" players. But companies have had difficulty getting productivity and innovation out of "increasingly disenfranchised employees." In the article, Christopher Bartlett of Harvard Business School put it best:

"People don't come to work to be No. 1 or No. 2 or to get a 20% net return on assets. They want a sense of purpose. They come to work to get meaning from their lives."

Side editorial: For the "enlightened" approach of finding the hidden strength in everyone (something Peter Drucker always suggested), read Marcus Buckingham's Now Discover Your Strengths (or any of his books for that matter). Or read Dennis Littky's The Big Picture: Education is Everyone's Business. I assure you, you'll never be the same.

Meanwhile, I highly recommend the article (the link is below) for those looking for the latest trends in management thinking, and who want to remain one step ahead.

From a project management perspective, the handwriting is clearly on the wall. The traditional "execute to a set of deliverables" approach won't cut it. Today's project manager needs to be thinking about things like innovation, customer focus, business transformation, business acumen, change leadership, and team passion. Those focused on merely schedule, budget, and scope will soon be dinosaurs.

Fortune: The new rules - Jul. 11, 2006

Is the Role of the Project Manager in Jeopardy? - An Editorial

A few weeks ago, I posted a blog about the new Program Management credential from PMI. In it, I referenced PMI's definition of a program manager vs. project manager in their FAQ page.

A project manager, according to PMI, has the following responsibilities (I've put some of the key points that jumped out at me in bold):

• Perform their duties under general supervision and are responsible for all aspects of the project for the life of the project
• Lead and direct cross-functional teams to deliver projects within the constraints of schedule, budget and resources
• Demonstrate sufficient knowledge and experience to appropriately apply a methodology to projects that have reasonably well-defined project requirements and deliverables.

A program manager, according to PMI, has the following responsibilities (again, I've bolded the key points):

Under minimal supervision, program managers are responsible and accountable for the coordinated management of multiple related projects directed toward strategic business and other organizational objectives. These programs contain complex activities that may span functions, organizations, geographic regions, and cultures. Program managers build credibility, establish rapport, and maintain communication with stakeholders at multiple levels, including those external to the organization.

Clearly, a program manager must be closely tied to the strategic goals and benefits, monitor the program accordingly, and have a strong connection to senior management. And I also feel that the new credential seems on the surface to set the bar appropriately high.

But I can't help but feel that, in contrast, the PMP credential is losing steam. First, there are myriad organizations virtually guaranteeing an "instant-PMP" after a crash course and some tweaking of one's background experience (although PMI is now doing audits of work experience).

Second, a project manager must, in many cases, go beyond the PMP/tactical focus and possess the same traits and skills that PMI has designated as requirements of a program manager, especially in the case of an enterprise and/or global project, such as a business transformation effort. I realize PMI's role definitions are a way to differentiate and justify the new certification and I suppose one could organize their effort into a "program" to qualify for that certtification, but in these changing times (and with greater challenges for project managers), I think PMI needs to evaluate and revamp the PMP certification as well.

When I do presentations on principle-based leadership training, I have a slide where I present what I call "The PM Challenge." I present it as a boxing match. In one corner, we have a project manager, armed with MS/Project and the PMBOK, but lacking:

• Business Acumen
• Leadership Skills
• Conflict Management Skills
• Negotiation Skills
• Presentation Skills
• Communication Skills
• Strategic Intuition

In the other corner, we have the "challenger," represented by "the project," with the following characteristics:

• Global, virtual team
• Complex technology
• Complex change
• Multiple vendors
• Offshore resources
• Conflicting Stakeholders
• Scrutinizing Executives

Such a project manager, without the appropriate leadership and soft skills, doesn't stand a chance. Wouldn't a person with the skills PMI describes as a "program manager" be more apt to have success?

In the latest PM Network magazine from PMI, there are not one, but TWO articles that illustrate this point. One is titled "Project Management 2.0: Project Management is at a Crossroads," by Peter Fretty. The other is titled "No Limits," by Marcia Jedd, and talks about what project managers must do to crash through the glass ceiling and elevate it from the tactical trenches.

Perhaps a start would be to take a new view of project management beyond just "executing to a set of requirements to deliver on-time and on-budget." The current tactical focus might explain the consistent failure rates of projects. One problem is that PMI has traditionally "followed common good practices in the field," which of course is what a standard is supposed to do. The problem is that common practices have brought common results, which aren't all that good. Time for an upheaval. Perhaps they need a section, apart from the "standard" itself, for "new frontiers in project management," which could outline those who are breaking the mold with good results.

I'd be interested in others' thoughts on this topic. Who knows---It just might help drive requirements for the next version of the PMBOK and/or PMP credential.

Project Management Ain't What it Used to Be

There's an excellent article in Computerworld about how project management has evolved in the last few years to be much more than the traditional planning, scheduling and monitoring role it used to be (in some circles anyway).

Today's project manager, according to the article, must demonstrate strong business acumen, political savvy, cultural awareness, and soft skills.

A project manager today must be confident discussing a business case and benefits with senior management, negotiating the shark-infested waters of organizational politics, leading offshore resources, negotiating with vendors, resolving conflicts, and much more.

In other words, a project manager must be more of a mini-CEO than a scheduler or team leader. The implications are that a whole different skill set is required.

Here's the full article. It's well worth reading..

The New Project Manager - Computerworld