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Project Management – Avoid These 2 Common Misconceptions

Becoming an organization that is good at project management is not simple.  While the basic concepts of project management are easily understood, there are a myriad of reasons why those concepts are not consistently and effectively put into action.  Here are 2 of the most common misconceptions that get in the way:

Components of project management diagram1) A good project management tool will keep our projects on track.  There is no question that a good project management tool can help with effective project management.  Depending on the size and complexity of the organization, it might be an absolute necessity.  But unfortunately, it won’t – on its own – make the organization good at project management.

A project management tool is invaluable for tracking tasks and clearly showing when projects are in trouble, but it can only do that when task statuses are reported realistically, and without undue optimism.  For tips on how to ferret out accurate status assessments, read our blog, Project Management: 180,000 Definitions of On Track.

2) A good project manager will make us good at project management.  Good project managers can be an important key to effective project management, but don’t expect automatic success.  The greatest project manager won’t be able to shift the organization’s practices without the support and active involvement of senior leadership.

Read how Redwood Credit Union revamped its project portfolio management process, redefined senior management roles in that process, and took its project management capabilities to the next level in our c. notes, How a High-Performing Credit Union Upped Their Game.

And for some helpful thoughts on skill sets for project manager success, read our blog, 5 Musts of an Effective Project Manager.

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5 Musts Of An Effective Project Manager

72% of all projects fail.¹ Effective project management can be a strategic differentiator. One of the most important keys to the success of a big project is the project manager.

Equally important is the senior support necessary to allow an effective project manager to get the job done – even when the project manager isn’t saying what others want to hear, put any misgivings aside and take advantage of the skills the project manager brings to the table. In the end, the project implementation will be better, which can ultimately enhance your members’ and employees’ experiences.

An effective project manager should:

  1. Not be a “yes” person. Your project manager should require that any mid-project changes be thoroughly vetted, even if those changes are coming from senior people. This involves an objective assessment from the project manager of whether the changes are out of scope and how they will affect timelines, budgets, and other resources, so decisions can be made with more complete information.
  2. Ask pertinent questions and drill down for their own understanding of why something is being included in the project plan.
  3. Think creatively to get the job done, on time, with quality, and on budget – all while appreciating that the project team members have their real jobs to do, as well.
  4. Without hesitation, give weekly frank assessments on how the project is progressing (i.e., it is on track, at risk, or in trouble) in a way that keeps stakeholders informed of progress, or lack thereof.
  5. Be comfortable asking the business owner to step in, when necessary, to help light a fire and/or reallocate resources, budgets, or adjust timelines.

It can be easy for a project manager to blindly accept a business owner’s requests, especially if that business owner has a more senior position in the credit union. Further, it can be infinitely more difficult for a project manager to push back if questioning leadership is not part of the credit union’s culture.

Effective project managers are able to think deeply, ask tough questions, provide pushback, and say “no” when needed – even if it means saying “no” to the boss. So the next time you are thinking “I wish our project manager would just say yes,” think again, and appreciate that an effective project manager is striving to have projects that are well planned, well executed, on time, and within budget.

For more on project management, browse our previous blogs.

 

¹The Chaos Report, Project Management Institute

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Project Management Tip #9: Ideal Mapping

Creating an ideal process map is a critical part of project planning. This process is well worth the effort, as it helps stakeholders to solidify and reach clarity on objectives.

For instance, if the credit union is implementing a new loan origination system, the ideal mapping can serve as a guideline for what the project will accomplish when successfully completed, long before an RFP is sent out for submissions. The ideal map should be drafted with representatives from each area of the credit union, including stakeholders, someone to represent the end users, and a representative from marketing, legal, and compliance.

In launching a project, it is not uncommon for each person in the room to have a different idea of the end result, even if they believe the end result is clearly articulated. An ideal map greatly reduces the number of times you will hear, “I thought we were doing _____.” Or, “I thought we meant _______.” The ideal map is a great tool to help the project team think through what areas of the project plan need special attention. It’s also a great visual aid for everyone to see what they are working toward, and why their work is important.

For more project management tips like this, please click here to read our c. notes article, Project Management Tips from A to Z.

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Project Management Tip #20: Time

Time focuses on how much time is allotted to complete a project. Time is a resource that project teams can wield in their favor by building out a timeline as part of their project plan. The time it takes to complete tasks in a project should be reasonable, and can best be estimated by seeking feedback from stakeholders and subject matter experts.

Key events that are often missed when building a plan include project team vacations, vendor liaison vacations (if applicable), holidays, and other credit union projects. Effective project teams consider non project-related events when providing time estimates, and schedule these vacations and holidays into their project timeline. They also get time scheduled for the project onto the team’s work calendars, so that the appropriate time is reserved for the project and not usurped by other meetings and duties.

If there is a heavy reliance on IT resources for the project, their available time commitment must be understood and agreed to in advance. If third-party tasks are required, time should be scheduled to inspect the work provided.

In addition, if there are process changes required as a result of the project, appropriate time will need to be set aside for training, and communicated in advance to trainers so that they can prepare for their role in the project. If time is not appropriately controlled, an increase in costs and decrease in quality, or non-compliance could result. Creating, communicating, and achieving stakeholder buy-in to a timeline is critical, as is making sure each stakeholder understands the threats to cost and quality if the timeline is compromised.

For more project management tips like this, please click here to read our c. notes article, Project Management Tips from A to Z.

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Project Management Tips

As projects are kicked off in credit unions every day, many project managers understand the basic project management phases of initiation, planning, execution, control and closure. But we all know the “devil is in the details.” Here are a few tips you might find helpful:

  • Get all the players involved at the outset. At credit unions, it is not uncommon for compliance, marketing, legal and training departments to be introduced to the project in its later phases. Input from each department can be critical so it’s best to get it early on in order to prevent do-overs later
  • During project kickoff, coordinate everyone’s PTO/vacation/travel schedule
  • If vendors are involved, have a clear conversation up front to understand their time constraints. Don’t assume that they will be able to accommodate your schedule if the project timeline changes, as they likely have other commitments
  • Think through and document the biggest risks to the project. Then consider mitigation strategies and bad-case scenarios and communicate them to stakeholders
  • Ensure that all documents, communication and other project-related materials are located in a central place where everyone who needs to can access them easily
  • Keep track of all decisions made throughout the project, including those made during regular meetings. Be sure to document the rationale for the decisions. The rationale is just as important as the decision itself

These are just a few tips we’ve identified in our extensive work with credit unions on project management. Projects can be frustrating, over budget and overly time-consuming, but they don’t have to be. Successfully implementing a solid project management structure that evolves into a culture of execution can be a true strategic advantage for your credit union.