innovation foundations course 104 - project portfolio mgmt for innovation

© Think For A Change

Innovation Management Foundational Training

Course No. 104 – Project/Portfolio Management Concepts

Presented By:Think For A Change


Course 104 – Project / Portfolio Management Concepts

Target Student Audience:

Little to no experience with: Formal project management concepts, tools

and/or techniques Innovation management concepts

Frustrated with: Failure to execute upon ideas Failure to adequately plan Failure to anticipate and/or mitigate risks Waste that results from reluctance stop and/or kill

outdated and ineffective projects



Course Objectives:

At the conclusion of this training, the student should have:

A solid understanding of general project management concepts and how those concepts inter-relate with innovation management

An awareness number of tools, techniques and documents utilized in managing innovation-related projects

Increased knowledge regarding the importance of execution and action in innovation management


Innovation Execution Methodology

Project Management Concepts

Review and Demonstrate What You’ve Learned

Segment One

Segment Two

Quiz


Course Syllabus:


Innovation Execution Methodology

Segment One


Ideas + Action + Need = Innovation

“Vision without Action is merely a dream…

Action without Vision just passes the time…

Vision with Action can change the world”

Joel Arthur Barker


Innovation Execution Methodology:


Five “Must Have’s” For Innovation Success

Leadership Engagement Not just commitment, awareness, approval or

buy-in Business Discipline

Innovation treated as an equal business discipline, not a singular event

Resources Human, Money, Time and Space

Process Efficient and Effective

Execution Discipline Approach to managing action




“If You Don't Know Where You're Going,

Any Road Will Get You There.”

The Cheshire Cat from Alice In Wonderland




New Product Development

Life Cycle

“Fuzzy Front End” Problem Identification Idea Generation Idea Screening

“Messy Back End” Development Prototyping Customer Need Business Feasibility Testing Implementation

Commercialization Pricing Marketing Launch Distribution

Sunset Period Extensions Improvements Maintenance End of Life




There Are Many “Roads” To The Same Destination

Stage Gate Process Discovery / Scoping / Plan / Development / Testing & Validation /

Product Launch Business Process Management

Design / Modeling / Execution / Monitoring / Optimization Software Development Life Cycle

Initiation / Planning / Requirements / Design / Build / Testing / Operations / Maintenance

Lean / SixSigma Define / Measure / Analyze / Improve / Control Define / Measure / Analyze / Design / Validate TRIZ

PDCA Cycle Plan / Do / Check / Act

Project / Portfolio Management…




Project Management Concepts

Segment Two


There Are Many “Roads” To The Same Destination (cont’d)

Project & Portfolio Management

Project Management Institute Initiating / Planning / Execution / Control / Closure

PRINCE2 Start-up / Initiating / Directing / Controlling / Managing /

Closing Critical Chain

“Theory of Constraints” Planning / Execution / Monitoring

eXtreme Project Management “Agile & Scrum” Model / Implement / Test / Deploy


Project Managers Find Answers To These Key Questions

Initiating: Where Are We Going? Why Do We Want To Go There?

Planning: Who & What Do We Need To Get There? How Long Will It Take To Get There? How Much Is It Going To Cost To Get There?

Execution & Control: How Will We Know We Are Making Progress? How Will We Deal With Any Problems Along

The Way? Who Needs To Know What We Know?

Closure: How Will We Know We Have Arrived?


Project Management Phases(Key Activities, Deliverables & Document Artifacts)

Initiating: Activities:

Define Key Project Parameters: Key Deliverables Timeline Resources Effort Budget

Artifacts: Scope Definition Document Business Case Cost/Benefit Analysis Charter



Planning: Activities:

Secure required resources Plan project details:

Business Requirements Design and Architecture Work Breakdown Structure Task Sequencing / Critical Path

Identification / Scheduling Budget Estimation Risk Assessment & Mitigation Planning Communication Planning

Artifacts: Project Management Plan

Includes individual planning detail documentation and artifacts



Execution & Control: Activities:

Schedule Management Task Completion Tracking

Budget Management Resource Management Issue/Risk Management Quality Management Communication Management

Status Reporting Stakeholder/Sponsor Touchpoints

Change Management Scope / Budget / Schedule

Artifacts: Status Reports Project Health Check Meeting Agendas/Notes Risk/Issues Log Assumptions/Decisions Log Change Management Log



Closing: Activities:

Post-Mortem Assessment Capture Lessons Learned

Artifacts: Updated Project Documentation Final Status Report Closure Report Lessons Learned Report After Action Review


Portfolio / Program / Project Management Concepts

A Portfolio is a collection of projects and/or programs that are grouped together to facilitate effective management to meet a strategic business objective

A Program is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually

A Project is a temporary endeavor undertaken to create a unique product, service or result.

* From the Project Management Body of Knowledge, 4th Edition, Project Management Institute, 2008

Portfolio

Program A

Program B

Project A1

Project A2

Project B1

Project B2

Project B3

Project D

Project C


Portfolio / Project Management Approach To Innovation

Sustaining Breakthrough

Incremental

EX

IST

ING

EX

IST

ING

vs.

NE

W

Disruptive

HIGH RISKN

EW

LOW RISK

RISK


Sustaining Breakthrough

Incremental

EX

IST

ING

EX

IST

ING

vs.

NE

W

Disruptive

HIGH RISK

NE

W

LOW RISK

RISK

Project A1

Project C1

Project A2

Project B

Portfolio / Project Management Approach To Innovation (cont’d)


Portfolio / Project Management Segmentation & Constraints (cont’d)


Creativity: “The phenomenon whereby a person creates

something new (a product, a solution, a work of art, etc.) that has some kind of value”

Spending Money to Generate Ideas Dream It…

Innovation: “The process of acting upon, or putting to

use, a new concept or combination of concepts that creates new value and/or captures value in new ways.”

Spending Ideas to Generate Money Do It…

Using Project Management As An Execution Tool for Innovation Means Matching The “Dreamers” with the “Doers”

In Innovation…“Dreamers” Need “Doers”


Review

Innovation is about action Action needs to be managed There are many ways to

manage Project management

methodology is probably already built into your organization

Leveraging portfolio management methodology is a good way to “spread your bets”

Match “Dreamers” with “Doers”


Demonstrate What You’ve Learned!

Quiz


Project / Portfolio Management Concepts

Quiz – Question 1:

Q1.What are the five (5)

“Must-Haves” for successful innovation?




Q1.What are the five (5)

“Must-Haves” for successful innovation?

A1.Any combination of the

following:•Leadership Engagement•Business Discipline•Resources•Process•Execution Discipline




Q2.The section of the New

Product Development Life Cycle that deals with execution, or bringing new ideas to life, is commonly referred to as what?

A. Fuzzy Front End?B. Commercialization?C. Messy Back End?D. Planning?




Q2.The section of the New Product Development Life Cycle that deals with execution, or bringing new ideas to life, is commonly referred to as what?

A. Fuzzy Front End?B. Commercialization?C. Messy Back End?D. Planning?

A2.The Correct Answer is:

C…The “Messy Back End”




Q3.Put the five main

project management process phases in the correct order:

Planning ControlClosure

Execution Initiating




Q3.Put the five main

project management process phases in the correct order:

Planning ControlClosure

Execution Initiating

A3.1. Initiating2. Planning3. Execution4. Control5. Closure




Q4.A __________ is a

temporary endeavor undertaken to create a unique product, service or result.




Q4.A __________ is a

temporary endeavor undertaken to create a unique product, service or result.

A4.Project




Q5.Leveraging the portfolio

management approach is a good way to “spread your innovation management investment bets.”

TRUE or FALSE?




Q5.Leveraging the portfolio

management approach is a good way to “spread your innovation management investment bets.”

TRUE or FALSE?

A5.TRUE


Innovation Management Foundational Concepts

Course No. 104 – Project / Portfolio Management Concepts

Presented By:Think For A Change

Congratulations!

You have completed:


For more information on best/next practices, educational training, tools, techniques and process models for:

• Creative Problem Solving• Idea Management• Innovation Management

Please visit: www.thinkforachange.com

innovation foundations course 104 - project portfolio mgmt for innovation

Education

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project management plan

project details

project managers

action think

key project parameters

importanceof execution

business discipline