The primary objective of project initiatives is the produce Value. However, many of our models for thinking are based on Cost. This post explores how Cost and Value are related – and how they are unrelated. This is not about Planned Value, Earned Value, and Actual Cost! It explores both Cost-based and Value-based thinking and … Read more
When mass production rose in the early 1900s with the Model T Ford, the saying went, “You can have any color you want…as long as it’s black!” Mass production grew in importance, but advances in technology have enabled more flexibility and a more modern twist on the theme: Mass Customization. This post explores what Mass … Read more
Is there a way to boil down strategic choices to three generic strategies? Strategy guru Michael Porter has done just that. This post explores the generic strategies, the pitfalls in choosing one, and their importance to project managers. Overview of Porter’s Three Generic Strategies It may seem funny to illustrate Three Generic Strategies with a … Read more
Strategy is all about identifying and creating areas of competitive advantage. Project management is all about executing those strategies. This post examines two economics concepts – Absolute Advantage and Comparative Advantage – which provide structure for analyzing and achieving competitive advantage. What Is Absolute Advantage? Absolute Advantage is a concept invented by Adam Smith in … Read more
Michael Porter of Harvard has developed a model for the competitiveness of industries among nations. Considering international variables is useful to governments, investors, strategists and project management pros. The post reviews Porter’s Diamond Model and provides some examples of the principles. Finally it offers ideas how PM professionals can use it to be more effective … Read more
Innovation and new ideas are great – but how do you get the word out? This is a challenge, especially for implementing innovation strategies. This post examines a widely held theory about how innovations are absorbed and accepted by people, and the implications for implementing strategy. Diffusion Innovation Theory Model Diffusion of innovation theory is … Read more
You can manage projects in some tough environments – and one of the toughest is a turnaround environment. This post asks what is a turnaround strategy, outlines structured approaches to turnarounds, and reviews implementing through a focused and well-structured portfolio of programs and projects. What Is a Turnaround Strategy? Turnarounds are needed when an organization … Read more
Problems can sometimes be exceedingly messy, things can get painfully complicated, and communication across stakeholders can seem almost impossible. Logic tree diagrams can be a practical, invaluable, and deceivingly easy tool to help in these situations! This post explores what logic tree diagrams are, the various types of diagrams, and where they can be useful … Read more
This post lays out a simple way to identify the highest priority – or highest value – solutions to problems. It then extends that simple model from prioritizing solutions to prioritizing strategies and projects. The best tools are usually the simplest, and that is the case with this simple prioritization matrix! A Simple Prioritization Matrix … Read more
The BCG Growth Share Matrix is a simple but powerful conceptual framework for businesses, large and small. It is still very much applicable today, and well worth mastering for strategic portfolio managers, project portfolio managers, program managers, and project managers. This post provides an introduction to the BCG Growth Share Matrix Diagram, digs into the … Read more