The FED is now in the mortgage banking business

The Federal Reserve Bank indicated it would buy $40 Billion in mortgage backed securities as an economic stimulus until the unemployment rate improves.

Gee, I hope one day, maybe, this country can start getting back to work innovating and producing so the government doesn’t have to own my home!

Value of the Charter

Some things never change. Today, just as when I started in this business, one of the biggest problems project managers face is scope creep.

In my opinion, the first key step in controlling scope creep is the project charter. It’s the document that defines the project’s scope to senior managers, it’s a contract between PM and senior management, and it becomes the single defining document for project scope.

While I could easily write a book on the charter itself, for the purposes of scope creep, the key elements are: Business objectives, Inclusions/Exclusions and Assumptions.

The business objectives define what the organization expects to achieve from the project. From this, a savvy business analysis needs to define products (or services) to achieve these goals — no more — no less.

That same savvy business analysis then needs to limit project scope by defining inclusions and exclusions; again, with one thought in mind: achieving the business objectives — no more — no less.

As each project unfolds, almost all stakeholders will come up with new ideas. These will come from senior managers, the team, clients, everyone. As each new idea manifests itself, the project manager must be strong enough to force the ideas through change management. Here, the Change Control Board (CCB) must review the idea against the charter: it’s original business objectives, inclusions/exclusions and assumptions. The CCB must approve only those changes that enhance the enterprise while never loosing sight of the original objectives.

Remember, you don’t have to include all changes in this project; you can always enhance this project after the initial roll-out.

India, Dogs, and Project Management

I just returned from a short trip to Bengaluru, India (Bangalore to us Westerners). I admit that I was in culture shock the first few days. Fortunately, the company I worked with offered excellent guidance and support.

Close to the building where I worked is a small plot of unoccupied land (strange in a city that’s so overpopulated).  It’s a mound of dirt about 200′ long and maybe 80′ wide covered with trash. On the mound apparently lived a few dogs. They belonged to no one, they just seemed to live there.  At first, I was frighted, I’m not used to dogs just running loose. But they were quiet and peaceful. I usually found them sleeping, or just walking about the plot scrounging for food and water.

Coincidentally, my primary contact at my client, a man I’m learning quickly to respect and honor, said he registered to follow my blog.

I haven’t written anything since October and I explained to him I had all but given up on the blog. For years, I’ve been screaming at the top of my lungs, trying to show senior managers how to improve true value in their companies, but no one seemed to care (two recessions in 8 years is quite enough evidence for me).

While my contact didn’t disagree, he did remind me that there are a lot of people just trying to get better at project management and they could always use some help.

My first reaction: shame on me! For years as a project manager, I fought with incompetent and/or uneducated senior managers and back then I decided to do everything I could to educate senior managers to understand the benefits, tools and value of project management. I was so dedicated that I wrote a book on the topic — a book that released at the crest of the worst economic recession in my lifetime.

… and it hit me. No matter how loudly I scream, not matter how many books I write, whether it’s my lack of communication skill or just simply the social cycle of the planet; the rich will continue to get richer (without adding any value to the planet), and the poor will continue to get poorer. The middle class is dying (at least here in the states) and there’s nothing I can do about it.

And I found myself understanding the dogs, sitting on a mound of dirt that’s covered with trash, just trying to get through the day. That’s me, just with one minor difference. Unlike the 4-legged creatures, if I can help others, I will.

So, I’m rededicating this blog to those project manager just trying to make their next project a bit better … just trying to improve their teams and just trying to balance their private and professional life.

To my contact in India (I won’t use his name without permission), thank you for helping me refocus. For whatever I can do .. help is on the way.

Cheers,

Michael.

Ownership – A working model

Over the next few blogs, I’ll offer a model for implementing and using ownership as a management tool.

In my most recent book, I indicate the importance of ownership for running successful projects. However, it is just as applicable and process work, and perhaps more importantly, in research.

When used properly, ownership eases the manager’s job significantly. It’s the ultimate form of delegation. It motivates employees by allowing them to succeed. Finally, it makes sure the job gets done right.

Stay tuned and I’ll show you the model I’ve been using for many years, the one I teach in my seminars, and the one I describe in my most recent book, A Manager’s Guide to Project Management.

Cheer,
Michael B. Bender
The Value Strategist

Ally’s Web Site: www.AllyBusiness.com
Twitter ID: ValueStrategist

Thomas Edison, Henry Ford, and Organizational Structure

I recently attended a delightful presentation by Sarah Miller Caldicott, MBA, Great grand niece of Thomas Edison, author and speaker. She spoke about how Edison was able to achieve what he did, his leadership style, organizational structure, and the way he turned innovation into products.

Interestingly, Henry Ford and Edison were friends. Ford worked for Edison’s company (although not directly for him), but had to set off on his own to start the Ford Motor company.

Ford’s and Edison’s companies were different — one designed to innovate, the other designed for consistency.

Interestingly, projects are a hybrid, part innovation, part consistency. I’ll be working on this over the next few weeks. Stay tuned.

Cheers

Gloomy Outlook for Project Management

I participate and subscribe to a monthly survey regarding international project business conducted by the Project Management Institute (PMI). The August results are more than gloomy.

35% indicate they’ve had a significate decrease in revenue expectation during the month. Another 32% indicate a slight decrease. 53% expect the economic crisis to have a negative effect on business through mid 2010, another 20% expect the trend to continue through the end of 2010.

Since it’s projects that take innovation and turn it into value, how are we ever going to get out of this recession?

It’s the value that finds the project

I’m answering some questions for an interview regarding my book. The way one question was worded caused me to think.

In an strategically-drive organization, it’s the value the finds the project, not the other way around. The strategic plan defines the goals for the organization. We then define projects to achieve those goals. This is the role of the portfolio and project designers.

Only in innovation-driven companies does the project have to find it’s value — a more challenging proposition. This doesn’t mean I rebuke creativity, I just recognize that it’s more challenging to find project value and alignment. The well-defined OGBS and value tracks will still serve their purpose.

Cheers

…and so, I tweet

Okay, I give up.

Thanks to a seminar attendee this week, I think I finally have a use for tweets.

I’m at:  http://www.twitter.com/mbbender

I’ll broadcast updates for the blog, newsletters and seminars.

Cheers