innovation foundations course 104 - project portfolio mgmt for innovation
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© Think For A Change
Innovation Management Foundational Training
Course No. 104 – Project/Portfolio Management Concepts
Presented By:Think For A Change
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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outdated and ineffective projects
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Course 104 – Project / Portfolio Management Concepts
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
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Innovation Execution Methodology
Project Management Concepts
Review and Demonstrate What You’ve Learned
Segment One
Segment Two
Quiz
Course 104 – Project / Portfolio Management Concepts
Course Syllabus:
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Innovation Execution Methodology
Segment One
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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
Course 104 – Project / Portfolio Management Concepts
Innovation Execution Methodology:
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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
Course 104 – Project / Portfolio Management Concepts
Innovation Execution Methodology:
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“If You Don't Know Where You're Going,
Any Road Will Get You There.”
The Cheshire Cat from Alice In Wonderland
Course 104 – Project / Portfolio Management Concepts
Innovation Execution Methodology:
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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
Course 104 – Project / Portfolio Management Concepts
Innovation Execution Methodology:
© American Institute for Innovation Excellence
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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…
Course 104 – Project / Portfolio Management Concepts
Innovation Execution Methodology:
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Project Management Concepts
Segment Two
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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
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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?
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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
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Project Management Phases(Key Activities, Deliverables & Document Artifacts)
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
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Project Management Phases(Key Activities, Deliverables & Document 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
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Project Management Phases(Key Activities, Deliverables & Document Artifacts)
Closing: Activities:
Post-Mortem Assessment Capture Lessons Learned
Artifacts: Updated Project Documentation Final Status Report Closure Report Lessons Learned Report After Action Review
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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
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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
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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)
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Portfolio / Project Management Segmentation & Constraints (cont’d)
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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”
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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”
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Demonstrate What You’ve Learned!
Quiz
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Project / Portfolio Management Concepts
Quiz – Question 1:
Q1.What are the five (5)
“Must-Haves” for successful innovation?
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Project / Portfolio Management Concepts
Quiz – Question 1:
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
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Project / Portfolio Management Concepts
Quiz – Question 2:
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?
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Project / Portfolio Management Concepts
Quiz – Question 2:
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”
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Project / Portfolio Management Concepts
Quiz – Question 3:
Q3.Put the five main
project management process phases in the correct order:
Planning ControlClosure
Execution Initiating
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Project / Portfolio Management Concepts
Quiz – Question 3:
Q3.Put the five main
project management process phases in the correct order:
Planning ControlClosure
Execution Initiating
A3.1. Initiating2. Planning3. Execution4. Control5. Closure
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Project / Portfolio Management Concepts
Quiz – Question 4:
Q4.A __________ is a
temporary endeavor undertaken to create a unique product, service or result.
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Project / Portfolio Management Concepts
Quiz – Question 4:
Q4.A __________ is a
temporary endeavor undertaken to create a unique product, service or result.
A4.Project
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Project / Portfolio Management Concepts
Quiz – Question 5:
Q5.Leveraging the portfolio
management approach is a good way to “spread your innovation management investment bets.”
TRUE or FALSE?
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Project / Portfolio Management Concepts
Quiz – Question 5:
Q5.Leveraging the portfolio
management approach is a good way to “spread your innovation management investment bets.”
TRUE or FALSE?
A5.TRUE
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Innovation Management Foundational Concepts
Course No. 104 – Project / Portfolio Management Concepts
Presented By:Think For A Change
Congratulations!
You have completed:
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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