Project Management 101: Project Constraints

Every project has constraints. Understanding each constraint and the relationship between the constraints will allow for more effective management of a project. The primary constraints of a project are risks, resources, budget, schedule, quality, and scope.

Constraint	Definition from the Project Management Body of Knowledge (PMBOK)	Huh? What does that mean?!
Risk	An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives	What might affect the project and result in a pro or con
Resource	Skilled human resources (specific disciplines either individually or in crews or teams), equipment, services, supplies, commodities, material, budgets, or funds	Who and what is needed to complete the project
Budget	The approved estimate for the project or any work breakdown structure component or any schedule activity	How much money is available
Schedule	An output of a schedule model (a representation of the plan for executing the project’s activities including durations, dependencies, and other planning information, used to produce a project schedule along with other scheduling artifacts) that presents linked activities with planned dates, durations, milestones, and resources	How much time is planned (for each part and the whole of the project)
Quality	The degree to which a set of inherent characteristics fulfills requirements	How well something fits outlined specifications
Scope	The sum of the products, services, and results to be provided as a project	What’s the desired outcome & how will it be accomplished

Since constraints exist for every project, it is important to understand the relationship of project constraints. The relationship of project constraints is if any one of the constraints changes, then one or more other constraints is likely to be affected. If converted to a representative mathematical equation, then the relationship of constraints would be similar to below:

Project Outcome = Risks + Resources + Budget + Schedule + Quality + Scope

The relationship can also be thought of in terms of a pizza (just because I love pizza and am currently craving it) where each constraint is a slice of the whole project, but if one slice is larger, then the other slices will be affected.

For example in a project to implement new accounting software for a customer, the customer approaches you and insists that it is necessary to add a procurement module in addition to the account modules. Accepting the customer’s change request would mean a change in scope since instead of implementing only new accounting software, now the project will implement new accounting and procurement software. By allowing this change to scope (a constraint) other constraints are likely to be affected i.e. quality may decrease if the project remains on the same schedule and budget then some of the specifications may need to be sacrificed to accommodate the scope change, risks may increase since additional work is added to the project will provide more opportunities for uncertainty.

Planning is key to a project’s success, but projects are rarely static. Change happens and when change happens, constraints shift. To adapt to the natural flow of a project, planning should happen frequently and be progressively elaborated as constraints change. Many details and information are not known upon initial planning of a project; progressive elaboration allows for increased detail, accuracy of estimates, and accommodating for changing constraints.  

Disclaimer: The views and opinions expressed are those of the blogger and are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

Project Management 101: Portfolios, Yet Another P

Another one?! One more P remains to round out the important P’s of project management, projects, programs, and portfolios.

As defined by the Project Management Institute (PMI), a portfolio is a collection of programs, projects and/or operations managed as a group. Key characteristics from the definition of a program: programs, projects and/or operations and group management.

A program is a group of related projects managed centrally, a project is a temporary activity that produces unique results, and an operation is ongoing non-project work. A portfolio manages all of these different pieces as a group to achieve strategic objectives. Managing these different items collectively allows prioritization and allocation of resources to best meet the objectives of an organization. While a program focuses on related projects and managing resources to best meet the program objective, portfolios are even broader focusing on meeting the needs of the company above the needs of specific programs, projects or operations. Resources would be reallocated based on priority i.e. if the organization’s objective was to increase customer service, then resources may be focused on improving or expanding operations instead on projects or programs.

Think of a smartphone as a portfolio. Keeping in contact would be part of the key operations, calling, texting, messaging. An application downloaded could be thought of as a project i.e. a game that you wanted to play through and beat or a health tracker that you were using to reach a specific fitness level. Similar applications or functionality would be a program. The smartphone manages this whole collection as a group and there are limits to the resources (space, minutes, messages, data, etc.) leading to prioritization choices.

Portfolios can be applied to departments within an organization as well. Let’s take a financial management department as an example. The overall department would be the overarching portfolio with a variety of groups within the department performing operations i.e. accounting, budgeting, forecasting, etc. In addition there are probably several ongoing projects i.e. software implementations, process improvement initiatives, and expansion planning. Many of these projects can be grouped into programs i.e. all procurement related projects (implementation of an eProcurement solution, redesign of the vendor management process, creation of a procedures manual) could be categorized within the Procurement program. As the needs of the department shift, some items may become higher priority over others and result in portfolio management reallocation of resources to support this initiative i.e. eProcurement solution must be implemented by end of month while other projects or operations are not pushing deadlines leading Financial Management to shift resources from other projects, programs, operations to support the eProcurement solution project.

Effective project, program, and portfolio management is key to an organizations success. Regardless of whether a person is officially titled as a P_____ Manager or not, every member of the workforce is part of some project, program, or portfolio. Knowing the ongoing projects, programs and portfolios can connect the dots in understanding an organization’s objectives, and make you a more effective contributor to these objectives (which has the happy byproduct of increased possibility of being identified by your management as a star performer leading to positive career trajectory)!

Disclaimer: The views and opinions expressed are those of the blogger and are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

Project Management 101: Programs, the Other P

Project management is not the only buzzword out there. There is also program management. Management of this, management of that, what does this p word mean anyways?!

Program

As defined by the Project Management Institute (PMI), a program is a group of related projects managed in a coordinated manner to obtain benefits and control not available from managing them individually. Key characteristics from the definition of a program: related projects,coordinated management, opportunities beyond a single project.

Think of a project and think about one or a few steps above to the bigger picture. The project is trying to achieve a unique product, service or result. But why? How does the project fit into the bigger picture? A project is a piece of the puzzle to accomplishing the business objective. Programs consist of several related projects that are working towards the same business objective. These related projects are managed by a central resource focusing on thecoordination of these projects on effect on strategy, direction, and business objective.Coordinating management of related projects allows for greater control and benefits not available to a single project i.e. economies of scale (similarities of projects within a portfolio that can be leveraged for increased efficiency), conformance to business objective, etc.

Think of each project as the content i.e. a chapter, while a program is the context i.e. the book. The cost and benefit of each project is measured to determine the impact to the overall program. Looking at the impact to the overall program rather than the individual success of one project means that within a program a project could fail, but the program as a whole could still be successful. Some examples of programs are below.

• Shopping Center: establishing each store could be individual projects, the establishment of the shopping center would be the program. Each store’s setup and opening would need to be coordinated to meet the shopping center opening. Stores would be chosen aiming to bring the highest amount of consumer traffic to the center to ensure a successful shopping center. Some stores may not meet the opening date or may go out of the business but the shopping center may still be successful.

• Talent Acquisition: there may be several ongoing efforts that would each be a project (recruitment strategy development, applicant tracking system implementation, onboarding process redesign, turnover & retention analysis, etc.), but the program would be the overall goal of talent acquisition. Across these various projects, similar expertise could be leveraged. Each of these projects could benefit the program, and the impact to the program may determine resource allocation.
• End User Services Upgrade: organizations frequently go through major initiatives to improve end user experience. The initiative i.e. End User Services Upgrade would be the program with several projects falling within the scope of the program i.e. computing equipment replacement, network upgrade, help & service desk establishment, security enhancements, etc. Coordinating these projects centrally could result in cost savings from negotiated contracts from a single vendor to provide multiple services, direction to each project in understanding its impact on the organization, removal of obstacles to the success of each project and the program, etc.

Projects and programs come in all shapes and sizes. Just remember when your organization has several ongoing related projects, grouping these projects with program management could provide great benefits!

Disclaimer: The views and opinions expressed are those of the blogger and are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

Project Management 101: What is a Project?

Job responsibilities have shifted from standard processes to project-oriented work increasing the emphasis on project management. More and more job descriptions require or prefer experience in project management. Project management is obviously important, but what is a project anyways? As defined by the Project Management Institute (PMI), a project is a temporary group activity designed to produce a unique product, service or result.

Two key characteristics form the definition of a project: temporary and unique. A project is temporary, this means that there is a defined end date and start date. A project produces something unique, the purpose of the project is to develop something that does not currently exist. When you are trying to determine if a task is a project next time, ask yourself, “Is this task temporary?” “Is the outcome of task completion something unique?” If the answer to both questions is yes, you have a project on your hands! Remember projects can come in all shapes and sizes, from building a hospital to writing an article.

Now, let’s test your knowledge on identifying projects! Determine whether each of the situations below is a project (answers at the end of the post).

1. Fulfilling a new traveler request at an operations center
2. Designing a report to track metrics for management
3. Factory production of a car
4. Developing new functionality in an information dashboard
5. Preparing standard reports to management
6. Establishing an operations center

Answer time!

1. Fulfilling requests would be part of routine operations and does not produce a unique result, No
2. Designing the report would create a unique product for tracking and is temporary starting with the design and ending with the completed report, Yes
3. Factory production of pretty much anything is routine work and does not produce unique products, No
4. Developing new functionality creates unique functionality not previously available. If the development is part of the standard maintenance process then this task is routine not temporary (not a project), but if the development is not part of standard maintenance then this task is temporary (a project), It Depends
5. Standard is a key descriptor, anything standard is not unique unless you are creating that initial standard, No
6. Establishing an operations center as a specific instance (unique, temporary) to meet a need (a project), but if establishing operations center is part of your standard scope of work i.e. establishing customer support call centers around the world then this would not produce unique results and this work is routine, It Depends

Disclaimer: The views and opinions expressed are those of the blogger and are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

Why You Should Welcome the F Word, Failure

Failure, I said it, pardon my French. Failure is avoided as much by professionals as by mothers trying to censor the other F word from their toddlers. Why is everyone so afraid of failure? Well, everyone wants to be successful and as defined by Google, failure is the lack of success. Instead of being the lack of success, failure can be the catalyst to success and provide the benefits below.

• Rest: Failure is draining. Take a set period of time (a couple hours to a couple weeks depending on the situation) to take a break from the situation and recharge. During this period actively banish failure-related thoughts and negative feelings from your mind.
• Learn from the Mistakes: Review the situation to determine possible causes for the failure. Once causes are identified, focus on actions to prevent these risks in future situations. Shift the effort away from berating yourself over the past and concentrate on future prevention. Lessons learned documentation in project management is a prime example.
• Self-Evaluate: People are busier than ever with increased mobility and connectivity allowing competing demands (school, work, family, etc.) to reach you 24/7. You rarely get a break for introspection. What motivates you? Why do you do the things you do? What are the sources of (dis)satisfaction in your life? Use the situation to think about the path your life is taking and supporting reasons; it may be time for a change.
• Value Success, Deal with Failure: Experiencing failure helps you deal effectively with future failure. Failure can be shocking to those only experiencing success. A friend recently was in a downward spiral of depression due to a work project being axed. Having little to no previous experience with failure she did not know how to deal with the situation and felt lost, unsure, and unconfident. Her learning curve in managing failure was significantly steeper than others with previous experience, and it took several months for her confidence to return.
• Grow Long Term: Life is full of success and failure; each shapes your life and helps you grow. Living a balanced life is important and for balance to exist there must be both failure and success. Being forward thinking in your approach to failure will promote development both in the present and the future.

These benefits do not mean you should actively pursue failure, but when you experience failure (we all do!) regard it as a positive opportunity instead of a negative consequence. Of course you may need a happy hour outing with coworkers or couch potato time to get over the initial disappointment, but afterwards take advantage of the situation and focus on reaping the benefits of failure. After not being  selected for a position I was upset, but after initial moping (lots of fried foods and sweets) I realized I was missing key qualifications and went back to school for my MBA. Following my MBA, I was well positioned and promoted when the opportunity occurred in my department.

Disclaimer: The views and opinions expressed are those of the blogger and are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

Planes, Trains, and Travel Essentials

I live a fabulous life, jet setting to an exotic location every other week to explore new wonders. I wish! I do travel from time to time for business and fun experiencing trial by fire to learn there are key items that would benefit any trip: plane, train, or automobile (or bike or foot or boat...).

Plastic Bags: Do not throw away the bags you get from the grocery store or while shopping! I repeat, do not toss these bags away! As a budget conscious citizen (a deal hunter trained by my mom), instead of throwing away bags I keep these in a box in my pantry. These bags separate dirty clothes, shoes, or other items that may spill from everything else.

Surge Protector/Extension Cord: Why are outlets in inconvenient places 90% of the time?! Who can reach behind the bed or wants to use a plug on the opposite side of the room? Leave the frustration to less savvy travelers and bring a surge protector and/or an extension cord. No more choosing between a light in the room or a charged phone!

Reward Accounts: Before you even start any sort of travel, sign up for the reward programs for any airlines or hotels that you plan to use. Points quickly accumulate, especially if you travel for work. These points can be traded in for lots including future flights and stays. To sign up, go to each company’s website, almost all have free reward programs.

Destination Information: Pretty obvious, how will you know if you don’t have the information for the destination: contact name, phone, address, etc. Bring a hard copy just in case your phone or laptop runs out of battery.

Comfy Shoes: You will be walking and nothing is worse than walking on blisters. While you’re packing your comfy shoes, go ahead and throw in a couple of bandaids just in case.

Extra Socks/Undies: Just bring extra…

Accessible Charger: You do not want to dig through your suitcase when you need a charger, just keep one handy either in your purse or backpack for when you need it.

Payment Methods: It’s a good idea to contact your bank or credit card company if you are traveling and plan on using your debit/credit card frequently. Otherwise your card may be locked and payment inaccessible for loss prevention to prevent against identity theft. Also bring some just in case cash for sketchy places where you may not be comfortable using your card.

Rough Itinerary: You don’t have to plan out each minute of your day, but having a list of places you would like to go or things you would enjoy including the name, location, cost and hours of availability will save a ton of time and headache. Instead of spending an hour deciding what to do, you can check your list and slot things based on convenience.

Suitcase with spinners!: Once I began traveling more frequently for work, I hated dragging my two-wheeled suitcase. It was hard to maneuver and would bang into corners. While grumpily pulling my bag, I saw my first suitcase with spinners…Pure magic! 4 wheels that turn in any direction and are easily maneuverable. I was instantly determined to procure one of these magical pieces and now happily count myself as one of the owners of a suitcase with spinners.

Disclaimer: The views and opinions expressed are those of the blogger and are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

Office Wardrobe Essentials for Women

Appropriate office attire is a constantly evolving target varying significantly by company culture. Knowing what to wear at the office can become harder to figure out than a Chinese puzzle (even I’m not really sure what this is, I just hear people talk about how hard Chinese puzzles are all the time). Below is a guide of basic items that women can stock their closet with regardless of which organization or what fashion trends they are part of.

• Blazer: Blazers are just awesome. I went from owning one suit-like jacket to having a whole row of blazers after only a few years into my professional career. Blazers instantly amp up your professional presence when thrown over an appropriate outfit or snazz up your casual gear. Often I pair casual dresses with a blazer and end up business casual.
• Comfortable Heels: Heels suck, especially if you’re a flip flop kind of girl like me. Heels do help with your office presence due to the added height subtly directing more attention towards you. That’s why it’s important to get at least one pair of comfortable heels. Shop for neutral colors (black, tan, beige, taupe, navy, brown) with a heel height of 1.5”-3.5.”
• Bag/Purse: A bag or purse large enough to hold a portfolio or laptop is a necessity. Whether going to an interview, work, or networking event, having something large enough to hold your items is helpful and keeps your hands free to hold a coffee while opening the door. I tote around a backpack with a wallet clutch to use when going out for lunch.
• Stockings/Pantyhose/Tights: Whether or not this is part of normal office attire depends on where you work. More conservative cultures may still require wearing some of these stretchy things. Even if your company doesn’t require or prefer stockings, some neutral colored stockings come in handy especially when it’s cold outside.
• The Basics: Keep at least one of each and slowly add as you have time and money: dress, slacks, shirt, button-down, a-line skirt. Remember this is a professional environment so stay away from clothes that are too tight, short, or low-cut. Stick to solid colors (stay away from neon…) or classic patterns (hounds tooth, polka dots, flowers, not animal usually). Also do a walking and sit test of your outfits. Clothes have an odd tendency to pinch and fold when you’re not standing in front of a mirror smoothing out the bunching.
• Coworker Appropriate Casual Wear: At some point of your career you will need to spend time with coworkers outside the office: happy hour, employee event, conference networking. You may not be ‘on the clock’ anymore, but maintaining a semi-professional presence is important. Have clothes on hand that are not quite as stuffy as office wear, but not as casual as when going out with friends or couch potatoing at home. Think nice dress or jeans and a shirt.
• Hair tie: Short hair, long hair, mid-length hair. Sometimes you just want to get your hair out of your face or you need a last minute rubber band like device to wrap around the highlighters at your desk. I keep a few in my wallet.
• Watch/time keeping device: Be on time or early. Don’t keep people too long. Short and sweet, have a watch or other time keeping device.
• Jewelry: I am by no means a girly girl (well, I guess a lot more now than I was), but jewelry is an easy way to accentuate your outfit at the office without buying a new wardrobe. I use jewelry to add color to my otherwise black, black, and more black outfits. Keep the pieces simple and classy.
• Blazer +1 (to leave at the office or in the car in case of emergency): Blazers! You’re probably thinking, but you listed that earlier! Yes, I sure did. This should show you how essential these things are to your wardrobe. Keep an extra blazer at the office or in the car or both, you never know when you suddenly have to meet with the executives or when you will spill tomato basil soup all over you.

Collect these pieces as a normal part of your life, a blazer here, a blazer there, a blazer everywhere…just kidding…but opting for one of these pieces instead of the new shoes you were about to buy will pay off. Trying to buy all of these items just before you need the items will be costly and stressful. Take your time, look for sales. Personally, I opt for when stores have semi-annual clearance and take an additional 30-70% off of clearance items.

Disclaimer: The views and opinions expressed are those of the blogger and are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System.