Strategic Portfolio Management at Hydromax: Converting Strategy into Action and the Strategic Importance of Project Execution

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1 Strategic Portfolio Management at Hydromax: Converting Strategy into Action and the Strategic Importance of Project Execution Stephen J. Garfein, MBA, PMP RPM Systems Corporation 1

2 Where we have been? & Where we are going? Strategic Portfolio Management Enterprise Project Management Desktop Project Management

3 2004 PMI Congress in Anaheim Tom Witty 3

4 2005 PMI Congress in Toronto 4

5 2005 PMI Congress in Toronto 5

6 2007 PMI Congress? The New PMI Global Standard for Portfolio Management: An Executive Perspective 6

7 Closing the Gap between Strategy and Results Strategic Portfolio Management involves charting the course, translating strategy into workable plans, and delivering results. W. James McNerney Jr. Chairman, President and Chief Executive Officer, The Boeing Company As reported in the Wall Street Journal, June 13,

8 The Reality Companies typically realized only about sixty percent of their strategies potential because of defects and breakdowns in planning and execution. In what follows we offer a Strategic Portfolio Management framework for closing the gap between strategy and results. 8

9 This Paper Provides two frameworks for establishing effective governance over a strategic portfolio; Outlines a method for evaluating the inherent value and risk of projects in the portfolio, and; Suggests a feedback methodology to assure continuing alignment of project with strategic objectives. 9

10 PMI Management Standards 10

11 Convergence of Capabilities and Global Events Project Management Institute PMI Subsidiary President EGYPT Subsidiary President CHINA 9 Executive VP HydroMax Chairman President VP Finance & Admin VP Operations Project Management Professionals PMP 6 7 Enterprise Project Management Collaboration and Workflow Solutions Subsidiary President CHILE VP Engineering CIO & CTO 11

12 SPM Mapping to PMI Standards First Framework The Standard for Portfolio Management The Standard for Program Management Project Management Body of Knowledge 12

13 Case Study 13

14 Hydromax Strategic Initiatives 14

15 Components to Achieve PFS 15

16 Portfolio Management Needs to Cover a Wide Area Identification Categorization Evaluation Selection Prioritization Portfolio Balancing Authorization 16

17 Panel Based on PMI Portfolio Standard Second Framework 17

18 Portfolio Management Identification 18

19 Portfolio Management Categorization 19

20 Portfolio Management Evaluation 20

21 Portfolio Management Selection 21

22 Portfolio Management Prioritization 22

23 Portfolio Management Portfolio Balancing 23

24 Portfolio Management Authorization 24

25 You Still Have to Run the ELT Vision HydroMax Mission Executive Leadership Team Railroad Organizational Strategy and Objectives High-Level Operations Planning and Management Project Portfolio Planning and Management Management of On-Going Operations (recurring activities) Management of Authorized Programs and Projects (projectized activities) HydroMax Organizational Resources (Internal and External) 25

26 Generic Portfolio Structure 26

27 Hydromax Portfolio Structure PORTFOLIO Legend Program or Project Strategic Initiative Program Office HYDROMAX ENTERPRISE PORTFOLIO Office of Strategy Management (OSM) Enterprise Program Management Office (EPMO) OD - Organizational Development MT Manufacturing Technology RS Regional Strategy MS Management Systems Certification PROGRAM Initial funding through FAA certification Design of three flight test aircraft Major subcontract subsystems Fabrication & assembly CHINESE PORTFOLIO Production Aircraft Facilities: Production, flight test, & customer service Design support & Project Management Fabrication, subassembly & final assembly EGYPTIAN PORTFOLIO Production Aircraft Facilities: Final assembly, flight test, & customer service Design support & Project Management Kit subassembly & final assembly CHILEAN PORTFOLIO Production Aircraft Facilities: Final assembly, flight test, & customer service Design support & Project Management Kit subassembly & final assembly BG Business Growth Flight test & certification Flight test and customer delivery Flight test and customer delivery Flight test and customer delivery Project Management Kit fabrication for Egypt & Chile 27

28 Translating Strategy into Results Executive Leadership Team OSM LEGEND OSM Office of Strategy Management EPMO Sponsor Sponsor Sponsor Sponsor Sponsor Sponsor EPMO VP DR Enterprise Program Management Office Vice President Director PM PM PM PM PM PM RM Resource Manager DR RM PM Project Manager RM VP RM Work Package Work Package Work Package DR RM RM RM Work Package Planning Package Work Package Resource A Resource B Resource C 28

29 Enterprise-Wide Risk Criteria Project Objective Very low /.05 Low /.10 Moderate /.20 High /.40 Very High /.80 Cost Insignificant cost increase <10% cost increase 10 to 20% cost increase 20 to 40% cost increase >40% cost increase Time Insignificant time increase <5% time increase 5 to 10% time increase 10 to 20% time increase >20% time increase Scope Scope decrease barely noticeable Minor areas of scope affected Major areas of scope affected Scope reduction unacceptable to sponsor Project end item is effectively useless Quality Quality degradation barely noticeable Only very demanding applications are affected Quality reduction requires sponsor approval Quality reduction unacceptable to sponsor Project end item is effectively useless 29

30 Risk Breakdown at Hydromax Hydromax Risk Breakdown Structure Technical External Organizational Project Management Assuring safe water landings in marginal weather Relationships with host countries Communications across cultures and time zones Lack of trained project managers in subsidiaries Meeting payload guarantees Terrorism Identification of all stakeholders Integration of all subsidiaries and subcontractors Meeting maintainability guarantees Natural disasters All Other Timely reporting of potential problems Meeting initial and life cycle cost guarantees Trade barriers Staying within investor cost thresholds All Other All Other All Other 30

31 Scorecard Indicators become the Basis for Monitoring and 31

32 Closed Loop SPM Closing the Gap between Strategy and Results 32

33 Strategic Portfolio Management Readiness Assessment Information Technology Structure and Relationships Leadership, Strategy, and Planning Procedures and Procedures Individuals and Roles 33

34 The key issue to make SPM successful lies in: Leadership, Strategy, and Planning e.g. Top management's commitment to make it happen Top management's awareness of the strategic implications at a systemic level Vision, clarity and communication Urgency of driving forces Availability of funding 34

35 Top Three Critical Success Factors 1. Executive leadership 2. Executive leadership 3. Executive leadership Executive leadership and the ongoing support by the ELT is the most important component in SPM success. 35

36 Simplify the Complex Although the technology is mature, it is complex and yet has to be transparent and fast from a user s perspective. 36

37 Implementation Challenge Some - perhaps many - aspects of SPM implementation are likely to be beyond the organization s organic capabilities. 37

38 Identify All Gaps And Fill Them It is essential for SPM success that the organization identify, as early as possible, all gaps in their implementation capability and then supplement their internal staff with appropriate the external resources. 38

39 Contact Information Steve Garfein Session Number: TRN13 39

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