How To Select And Do The Right Projects 

The Problem With Selecting Projects

Let’s consider a business unit. Recently, it missed booked margin on a large project automating a power plant . Customers didn’t get the right product features and the project didn’t achieve its purpose. The business unit manager had to decide on new projects so they aligned better with the business. Project managers were busy integrating the right software, using the right hardware, training their teams to deliver projects on time, on budget, on quality. Projects affect leading signals such as on time status, paid milestones for cash flow, change orders and holding teams. However, the link between projects and customer results was missing. What could the business unit manager do now?

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The Proposed Projects

Let’s look at the picture developing the overall business plan. For automating a power plant, executives first like predictable, safe control of power to customers. This helps them stay on the right side of the press. They need the project to comply with regulators, give status reports in real time. They need the project to find faults, so the plant can prevent power loss. Last, the project needs to help lower asset maintenance costs and extend their life. For competing goals, the product needs to have the right results, in real time giving the right data with simple clicks. It can’t afford shutdowns or crashes. The hardware needs redundancy so restarts become seamless. Customers also need to increase the use of the full feature set of the automated project. This confirms they’re getting high value on their money. It's important for the business to keep changes in point releases only to cure critical issues. New releases change product in a bigger way.

What We Learn

For a running project, we immediately see effects of delays. It is critical knowing the core goals for the business. When they’re clear, it becomes easy designing, measuring and selecting projects. Now, they focus more, align with the business. Using such a method, the business needs to measure how projects connect with the customer results. The method helps define leading signals for making sure you meet goals. Now you know in numbers what you need to improve and how you need to carry out your strategy.

How Businesses Reach Their Goals

The business unit manager has to select projects supporting either the core aims or abilities to carry out the overall business plan. He has to talk to his project managers so they know what they should focus on. Using this method, project managers will finish projects and meet customer results.

Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston today!

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