Project Portfolio Management. Breaking through the barrier to sustained growth and profitability

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1 Project Portfolio Management Breaking through the barrier to sustained growth and profitability Dr. Jim Wasson, PMP October 8, 2013

2 Presentation Topics What is Project Portfolio Management? Why is Project Portfolio Management Needed? Strategic Management for Product Innovation Product Technology Life Cycle Management Portfolio of Options versus Risk and Reward Selection Criteria for Balanced Project Portfolios Strategic Project Portfolio Management Model Closing Thoughts Dr. Jim Wasson, PMP President, Growth Strategies International LLC Technology investment strategies, business development, and project management for the development and manufacture of new products to achieve profitable and sustainable growth in the international market

3 Project Portfolio Management Defined Project Management deals with the planning and execution of projects using standards processes and methodologies Project Portfolio Management (PPM) deals with the planning and execution of the business strategy aligned with a group of projects PPM identifies, prioritizes, authorizes, manages and controls projects to achieve specific strategic objectives Inventory, categorize and classify proposed projects Evaluate and score projects based on weighed criteria Select and prioritize projects, align scope, assign resources Conduct project reviews, make adjustments and report results

4 The Current Environment U.S. Department of Commerce U.S. manufacturing output rose 73% between 1993 and 2012 U.S. manufacturing produces $1.7T of value annually or 11.7% of GDP U.S. exports of manufactured goods topped $1.2T in 2012 Research & Development (product innovation) accounts for 7% GDP growth United Nations Industrial Development Organization U.S. remains the world s largest manufacturer with 24% of the world s manufacturing output - China comes in second at 15% U.S. Department of Labor U.S. manufacturing jobs peaked at 19.5M in by 2011 only 11.4M jobs Technological change, automation and IT boost output and cut payrolls Labor shortages and widening skill gap to run automation systems Organic growth through product innovation and strategic project portfolio management can have a significant impact on the bottom line

5 Need for Project Portfolio Management BCG and AMR research results show: 41% of companies are increasing their R&D budgets >10% this year. However, 31% of executives feel that their new product development launch process is out of control, and 40% of executives said half of their new products fail! Why is that? Lack of a disciplined PPM approach to align projects with strategy using tools such as market/product technology roadmaps in business planning Lack of balance between incremental product improvement and innovation of revolutionary disruptive technologies for future growth Lack of horizontal integration and modular design across product lines leading to excessive cost and delay in being first to market

6 Strategic Management Model Source: Strategic Management: Formulation, Implementation and Control, John Pearce, Irwin McGraw Hill Feedback Loop Economic Social Political Technological Ecological Entry barriers Buyer Power Supplier Power Substitutes Competition Buyer Behavior Labor Availability External Environment Strategic Profitability Objectives Productivity Competitive Position Employee Development Employee Relations Technological Leadership Public Responsibility Vision and Mission Statement Strategic Analysis And Choice Strategic Control Product/Service and Customer/Market Goals: Survival, Growth, Profitability Philosophy: Self-Concept, Public Image Commitment to Stakeholders Internal Environment Strategies And Tactics Core Technical Competencies Past Performance Comparison Stage of Industry Evolution Benchmarking with Competitors Key Industry Success Factors Concentrated Growth Market Development Product Development Innovation Horizontal Integration Vertical Integration Concentric Diversification Conglomerate Diversification Reformulation / Turnaround Divestiture or Liquidation Joint Ventures Strategic Alliances Consortia

7 Project Portfolio Management - Strategic Objectives Become and Remain a World Class Leader Maintain an Edge in Product Quality and Innovation Have a Competitive Advantage in Production Productivity and Reduced Costs Be Responsive to Customer Interests and Needs Have Major Breakthroughs That Create New Market Opportunities 7

8 The nature of business is to make our own products obsolete. If we do not do it ourselves, our competition will do it for us. That is why we always try to come up with something new. That is our initiative our driving force. Akio Morita Co-founder, Chairman, CEO Sony Corporation

9 Operations Project Management Spectrum - From R&D to Manufacturing to Product Support Pre-Concept Refinement Material Solution Analysis Technology Development Engineering and Manufacturing Development Production & Deployment Technology Readiness Levels 9

10 New Product Evaluation - an Iterative and Continual Process Source: Third Generation R&D: Managing the Link to Corporate Strategy, Harvard Business School Press WHAT ARE WE TRYING TO DO IN THE BUSINESS? WHAT WILL WE SUPPORT IN R&D? New Product Evaluation Customer Value? Competitive Advantage? Return on Investment? Requirements Risk? Technical Risk? HOW CAN R&D CONTRIBUTE? WHAT CAN WE AFFORD? WHAT ARE THE COSTS/BENEFITS AND RISKS?

11 Product Technology Maturity Source: Third Generation R&D: Managing the Link to Corporate Strategy, Harvard Business School Press Predictability Technological Maturity Time to Commercialization Knowledge of Competitive R&D Technical Reward R&D Costs Durability of Commercial Advantage Embryonic 7-15 years Poor Poor Fair Poor High Growth 2-7 years Fair- Moderate Fair High Moderate Moderate Mature 1-4 years High High High High Fair Aging 1-4 years High Very High Very High Very High Short 11

12 Product Life Cycle Source: Third Generation R&D: Managing the Link to Corporate Strategy, Harvard Business School Press EMBRYONIC GROWTH MATURE AGING SUSTAIN COMPETITIVE POSITION RENEW? REVENUE $ LAUNCH NEW BUSINESS ESTABLISH COMPETITIVE POSITION GROW NEW BUSINESS IMPROVE COMPETITIVE POSITION EXTEND RANGE OF PRODUCTS REJUVENATE? DIFFERENTIATION COST REDUCTION ABANDON? CUSTOMER SUPPORT COST REDUCTION IMPROVE FEATURES REDUCE COST INDUSTRY MATURITY

13 Market Share Product Life Cycle Management 100% Bubble Size reflects Market Size Potential Bread & Butter: solid, reliable business Pearls: rare & beautiful 75% Arrows depict Product Life Cycle 50% White Elephants: unlikely to flourish Oysters: high potential, but uncertain Expected Value $M $M 2010 T1 Investment Orders Business Case $ 1.65/ Potential T2 Investment Cash NPV Cash P&L In Plan Upside Past To Go Sales ROS IRR Break 10% Product A % 43% 4 years 9.8 Product B % 454% 2 years 7.1 Product C % 68% 6 years 39.9

14 Project Portfolio Risk and Reward Model Source: University of Pennsylvania, Wharton School of Business, Mack Center for Technological Innovation, George S. Day New to Company P(S)= P(S)= P(S)= Discontinuities Product/ Technology Adjacent P(S)= Expansion into adjacencies Exploration Market Penetration Present P(S) = Probability of Success P(S)= Present Adjacent New to Company End-Use Market* *Market means customers, not geographies

15 Technical Uncertainty Portfolio of Options Approach Source: Ian C. MacMillan and Rita Gunther McGrath, Crafting R&D Project Portfolios, Research Technology Management, Sep-Oct 2002 High Positioning Options Stepping- Stone Options Medium Platform Launches Scouting Options Enhancement Launches Low Low Medium High Market Uncertainty

16 Portfolio of Options versus Risk/Reward Source: University of Pennsylvania, Wharton School of Business, Mack Center for Technological Innovation, George S. Day New to Company Positioning Options Stepping- Stone Options Product/ Technology Adjacent Platform Launches Scouting Options Enhancement Launches Present P(S) = Probability of Success Present Adjacent New to Company End-Use Market* *Market means customers, not geographies

17 Example of a Balanced Product Portfolio New to Company 5 4 Growth Business Product Launches Emerging Opportunities Scouting Options 3 Product/ Technology Adjacent 2 Core Business Product Enhancements 1 Present Projected 5-Year Revenue >$1B Revenue = $50M to $999M Present Adjacent New to Company End-Use Market* Revenue = <$50M

18 Risk Project Portfolio Selection Criteria Scouting/Positioning Launches Enhancement Launches Horizon 1 Core Business Sales Forecast (Orders) Financial (IRR & ROS) Platform Launches Horizon 2 Growth Business Horizon 1 criteria plus Strategic Alignment Revenue Growth Market Share Risk Factors Horizon 3 Emerging Opportunities Horizon 2 criteria plus Business Model Technical Maturity Market Acceptance 0-3 years 3-5 years 5-10 years

19 Strategic Project Portfolio Management Model SYSTEM STUDIES NEW PROD RQMTS DERIV PROD RQMTS PROD IMPROV RQMTS CUSTOMER CONTACT ACTIVITY TECHNICAL EXCHANGES TRANSITION TO PRODUCT MARKET ASSESSMENT EXTERNAL ENVIRON EVOLVING MARKETS CUSTOMER NEEDS PROD LIFE CYCLES TECHNOLOGY ASSESSMENT TECH ASSESS TECH CONFERENCE TECH DEMOS TECH INTERCHANGE MEETINGS (TIMs) COMPETITIVE ASSESSMENT CONTRACT AWARDS PUBS / PATENTS CUST SURVEYS INTERNAL SURVEYS CONTRACT R&D PROJECTS SWOT ASSESSMENT MARKET TRENDS CUST REQMTS CRAD OPP / FUND CAPABILITY GAPS TECH WEAKNESS COMP THREATS TECHNOLOGY TRANSITION PLAN COLLABORATIVE PROJECTS (CO-CREATION) STRATEGIC MANAGEMENT PLAN STRATEGIC PROFILE BUSINESS MODEL MARKET ROADMAPS CAPABILITY NEEDS TECH THRUSTS ENABLING TECH PROD PORTFOLIO TECH ROADMAPS PROD DEVEL PLAN PROJECT MGT PLAN RESOURCE PLAN SYSTEMS INTEGR MANUFACTURING QUALITY & SAFETY INTERNAL R&D PROPOSALS HORZ TECHNOLOGY INTEGRATION MODULAR DESIGN OPEN ARCHITECTURE IRAD PROJECTS BID & PROPOSAL BUSINESS DEVELOPMENT PLAN CAPTURE STRATEGY POSITIONING PLAN SALES FORECAST MARKETING MIX PILOTS & DEMOS

20 Closing Thoughts Strategic Management for Product Innovation PPM is derived from environmental analysis and choice of objectives, strategies and tactics. Product Technology Life Cycle Management Revenue growth depends on product evolution and industry maturity. Any portfolio needs a balance. Portfolio of Options versus Risk and Reward Diversifying portfolio into new technologies and new markets has risks but also potential high rewards. Selection Criteria for Balanced Project Portfolios Criteria should be tailored based on technical maturity and time to market to manage risks. Strategic Project Portfolio Management Model A structured process is needed to align Strategy, Portfolio, Programs, Projects and Operations. 20

21 Other people see things and say why But I dream of things that never were and say why not. George Bernard Shaw ( ) Thank You

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