Strategy Management for Project Managers (Part 1) Article

Expanding project management knowledge and preparing for AI

In the Future of Work 2.0 podcast transcript titled "Strategy Management for Project Managers (Part 1)," the hosts Idris Manley and Ross Martin discuss the importance of expanding project management knowledge and preparing for the impact of artificial intelligence (AI) in the field. They highlight the lack of information and guidance available in project management compared to other functions like marketing or product management. This dearth of strategic insights and guidance prompted them to create the podcast to share their wealth of experience and knowledge.

Both hosts have extensive backgrounds in project management, with over 25 and 30 years of experience, respectively. They have worked in various tech companies, both large and small, and have held leadership positions within project management teams. Their combined experiences allow them to offer valuable insights into delivering strategic projects, overcoming challenges, and achieving business outcomes.

The hosts emphasize the need to expand the universe of information and insight in project management, particularly in terms of strategic considerations. While there is a plethora of tactical advice and content available, there is a lack of guidance on elevating one's career, breaking the glass ceiling, and reaching higher positions such as director or vice president. Idris and Ross believe that they can provide valuable insight in these areas, drawing from their own experiences as heads of PMOs and VPs of PMOs.

Furthermore, the hosts discuss the impact of AI on project management. They believe that AI will shake up the industry and present both challenges and opportunities for project managers. There is a fear that AI may make the profession of project management obsolete. However, Idris and Ross argue that AI can actually be an opportunity for project managers to drive their careers forward and become more strategic.

They suggest that project managers should prepare for the impact of AI and understand how it will affect their roles. By embracing AI and leveraging its capabilities, project managers can position themselves as valuable contributors to their organizations. As project managers become more strategic and focus on delivering value rather than just milestones and tasks, senior leaders will start to recognize the importance of project management in a new light.

The hosts also mention the potential rewards that come with being acknowledged as strategic project managers, such as increased compensation and other benefits. By expanding project management knowledge and preparing for the AI revolution, project managers can secure their positions and thrive in the evolving work landscape.

In conclusion, the podcast transcript highlights the importance of expanding project management knowledge and preparing for the impact of AI. The hosts emphasize the lack of strategic guidance in project management and aim to fill this gap by sharing their extensive experience and insights. They believe that AI presents both challenges and opportunities for project managers, and by embracing AI and becoming more strategic, project managers can elevate their careers and contribute significant value to their organizations.

Importance of strategic management leadership

Strategic management leadership plays a crucial role in the success of any organization. It involves setting goals, formulating strategies, and making decisions that align with the overall vision and mission of the company. In a podcast transcript titled "Importance of Strategic Management Leadership," the hosts discuss the significance of strategic management in project management and the role it plays in shaping the future of work.

The hosts begin by acknowledging the changes happening in the project management profession and the need to adapt to these changes. They express their excitement to share thoughts and insights on various aspects of project management, including career advancement, the project management profession itself, and the considerations for those interested in pursuing a career in project management.

One aspect that the hosts emphasize is the importance of staying updated with the latest trends and technologies in project management. They commit to keeping their audience informed about emerging technologies and products that can enhance project management processes. By being the eyes and ears for their audience, they aim to provide valuable information that can help project managers stay ahead of the curve and make informed decisions regarding the adoption of new technologies.

However, the podcast is not just about the hosts sharing their knowledge and insights. They also encourage their audience to actively participate in the conversation. They express their desire to create a community of project management professionals who are interested in the future of work and innovations in the field. They invite their audience to share their thoughts, ideas, and topic suggestions, which they promise to consider and integrate into future episodes. This interactive approach fosters collaboration and knowledge-sharing among project management professionals, creating a space for learning and growth.

The hosts then shift their focus to the question of how the title or function of the person responsible for the strategy management function can affect the outcome. They discuss different scenarios they have encountered throughout their careers, where various individuals, such as COOs, presidents, and PMO leaders, have taken on the responsibility of leading strategy planning sessions. They highlight the importance of having someone with oversight and responsibility for both the planning and execution of strategies. They argue that when the person responsible for planning does not have any involvement in execution, it becomes a mere handoff, which can lead to inefficiencies and gaps in implementation.

The hosts also stress the need to understand the strengths and characteristics of the leader responsible for strategic management. They acknowledge that different leaders may have different strengths, such as being visionary or strategic thinkers, but they may lack facilitation skills or the capacity to execute. They emphasize the importance of finding a team of people who can collaborate and bring all the necessary skills to the table to ensure effective strategic management.

In conclusion, the podcast transcript highlights the importance of strategic management leadership in project management. It emphasizes the need for project managers to stay updated with the latest trends and technologies and to embrace strategic thinking to elevate their careers and contribute significant value to their organizations. The hosts encourage active participation and collaboration among project management professionals, creating a community focused on the future of work and innovation in the field. By understanding the role of strategic management leadership and leveraging it effectively, project managers can drive successful outcomes and navigate the ever-changing landscape of project management.

Involving PMO in strategic planning

The podcast transcript discusses the involvement of Project Management Office (PMO) in strategic planning. The hosts acknowledge that traditionally, PMO leaders have not been invited to contribute to strategic planning discussions at the C-suite level. This lack of involvement has led to challenges and conflicts when it comes to executing the plans handed off to the business leaders.

One of the key points made in the podcast is the importance of bringing in the right people who can contribute to the planning process. This includes not only the business leaders but also the execution arm of the company, such as the enterprise PMO. By involving these execution leaders early on in the planning process, there can be alignment and agreement on objectives and commitments, leading to more effective execution.

The hosts also discuss the historical exclusion of PMO leaders from strategic planning discussions. They highlight that this exclusion has created problems and challenges, as these leaders are not able to contribute their expertise and experience in delivering on the execution of the strategy. They argue that PMO leaders should be included in strategic planning discussions to ensure a holistic approach to value delivery.

The podcast transcript also touches on the concept of a value delivery leader, who is responsible for not just project management but also strategic thinking and contributing to the planning stage. The hosts emphasize the importance of identifying the skill sets and strengths of PMO leaders to determine if they are the right fit for contributing to strategic conversations.

The hosts discuss the importance of learning strategy and how PMO leaders can acquire this knowledge. They highlight the value of getting involved with the strategy team and being curious about the decisions being made. They encourage PMO leaders to understand the "why" behind these decisions and to actively seek opportunities to participate in strategic discussions.

In conclusion, the podcast transcript highlights the importance of involving PMO in strategic planning. It emphasizes the need for PMO leaders to contribute to the planning process and be involved in discussions at the C-suite level. By doing so, PMO leaders can provide valuable insights and ensure alignment between strategy and execution. It is the responsibility of organizations to identify the right individuals for the PMO leadership role, considering their skills, strengths, and interest in strategic thinking. By involving PMO leaders in strategic planning, organizations can enhance their project management practices and drive successful outcomes.

Value delivery is essential

One key aspect discussed in the podcast is the concept of value delivery. Traditional project management has focused primarily on delivering tasks and outputs, such as status reports and executing plans. However, value delivery goes beyond just completing the project and focuses on achieving the business outcomes that the project was initiated for in the first place.

The podcast highlights the importance of constantly going back to the touchpoints throughout the project to ensure that the value of the project is being realized or will be realized. It emphasizes that simply delivering the project is no longer enough; organizations need to ensure that the intended business outcomes are achieved.

Moreover, value delivery involves establishing key performance indicators (KPIs) and metrics to measure the execution of the project. It is not only about delivering value but also understanding how the organization is performing compared to competitors and the market. By measuring success beyond just the value itself, organizations can track progress, hold people accountable, and strive for faster and more efficient delivery.

The podcast also emphasizes the importance of inspecting and adapting throughout the project. This behavior of constantly monitoring, analyzing, and making necessary pivots is not limited to software delivery but applies to all businesses at all levels. It is crucial to develop a habit of inspecting and adapting to ensure continuous improvement and agility.

Furthermore, the podcast discusses the relevance of strategic scenario planning in the face of black swan events. Black swan events are unforeseen events that cannot be planned for but can be recognized in hindsight. While it is important for organizations to have playbooks for risks that can be anticipated, there will always be unforeseen risks that require a different approach.

In such cases, the podcast suggests having a meta playbook, a playbook for establishing a playbook, to address unforeseen risks and situations that the organization was not prepared for. This highlights the importance of adaptability and having a flexible approach to risk management.

In conclusion, the podcast emphasizes the essentiality of value delivery in project management. It goes beyond task completion and focuses on achieving the intended business outcomes. Value delivery involves constantly monitoring progress, measuring success, and making necessary adjustments. Additionally, the podcast discusses the importance of strategic scenario planning and having a flexible approach to risk management. By incorporating these principles, organizations can enhance their project management practices and drive successful outcomes.

Adaptability is key to managing risks

Adaptability is key to managing risks, as highlighted in the podcast. The discussion revolves around the unpredictability of risks in today's digital world and the need for organizations to be prepared for unforeseen events. The podcast emphasizes the importance of having a group within the company that is dedicated to handling surprises and solving complex problems. This "tiger team" is able to jump in and adapt to unplanned situations, ensuring that the organization is better equipped to handle risks as they arise.

The podcast also touches on the shift in risk focus from physical security to digital risk. With the rise of the internet, digital risks have become more prevalent and require attention and resources to combat and address. Unlike physical risks, digital risks can come from anywhere and at any time, making it difficult to anticipate and plan for specific incidents. However, organizations can still be proactive by engaging in scenario planning and ensuring that they have sufficient budgets, staffing, and resources to deal with potential risks.

The discussion further highlights the importance of diversifying suppliers and considering geographical and geopolitical risks. The pandemic and the supply chain disruptions it caused serve as a reminder of the vulnerability that comes with relying on a single source or location for key supplies. While it may be impossible to foresee specific events, organizations can take steps to minimize vulnerability by diversifying suppliers and considering different types of countries and geographies.

The podcast also addresses the integration of risk planning into strategic planning exercises. It suggests that risk planning should not be solely the responsibility of the Chief Information Security Officer (CISO) but should involve all key executives. The leader in risk and risks should be present at the table during strategic planning discussions to provide context and contribute to the conversation. This highlights the need for a broader view of risk management that encompasses all possible risks, both digital and physical. The consolidation of roles and the emergence of a chief risk officer position in some organizations reflect this shift towards a more comprehensive approach to risk management.

In conclusion, the podcast emphasizes the importance of adaptability in managing risks. Organizations need to be prepared for unexpected events and have the flexibility to adjust their strategies and approaches accordingly. By incorporating scenario planning, diversifying suppliers, and integrating risk planning into strategic planning exercises, organizations can enhance their ability to manage risks effectively. Adaptability is key in today's dynamic and unpredictable business environment, and it is crucial for organizations to prioritize risk management to ensure their long-term success.

Include digital and physical risk management in strategic planning

The podcast transcript highlights the significance of including digital and physical risk management in strategic planning. The speakers emphasize that these roles should not be an afterthought but rather an integral part of the strategic planning and execution process. They argue that organizations need to proactively consider and address both digital and physical risks in order to mitigate potential negative impacts on their operations and outcomes.

The speakers suggest that companies should start evaluating their risk management strategies as soon as possible. While it may not be realistic to begin immediately after completing the planning cycle, they recommend initiating conversations and considerations at the beginning of the fiscal year. This allows organizations to have the first six months of the year to reflect on what went well and identify areas for improvement.

However, the speakers acknowledge that many companies fail to reevaluate and improve their strategies. Instead, they continue with the same planning and execution methods as the previous year, without making any significant changes. This lack of adaptation can have a detrimental impact on the organization's results and overall success.

The podcast also highlights the importance of tools and resources in the strategic planning process. The speakers share their own experiences of wanting to adopt new tools but facing challenges in implementing them due to time constraints. They emphasize the need to start early in the selection and implementation process to ensure that the tools are ready and functional when the strategy process begins.

Additionally, the speakers discuss the role of an objective evaluator in the strategic planning process. They suggest designating someone who can objectively assess the previous cycle's results and identify opportunities for improvement. This person can help identify areas where roles or functions were not adequately considered and facilitate collaboration to ensure the company benefits from collective input.

The podcast also touches on the impact of turnover on strategic planning. When a new person takes over the strategy planning process, they may introduce significant changes, causing confusion among business leaders. The speakers suggest that sticking with the previous year's wording and structure could prevent confusion and help maintain continuity.

In conclusion, the podcast emphasizes the importance of including digital and physical risk management in strategic planning. It highlights the need for organizations to be adaptable and flexible in managing risks and adjusting their strategies accordingly. By integrating risk management into the strategic planning process, organizations can enhance their ability to navigate unexpected events and ensure long-term success.

AI in strategic planning: challenges, data, success

The podcast discusses the role of AI in strategic planning and the challenges that come with it. It suggests that companies need to consider AI as part of their strategic planning process and discuss their objectives for the year in relation to AI. However, due to the unknown nature of AI and the abundance of information surrounding it, determining optimal goals can be a challenge. Different opinions and concerns may arise when deciding on the ideal objectives for the year.

One of the challenges mentioned in the podcast is the varying levels of understanding within the company regarding AI. Some individuals may be well-informed and up-to-date with AI developments in their respective areas, while others may lack knowledge in this field. The podcast suggests that CTOs and CIOs should take the responsibility of educating and informing others about AI, but it also emphasizes the importance of collaboration between different departments such as marketing, product management, and security to ensure a comprehensive and thoughtful approach to AI implementation.

Another challenge discussed in the podcast is the high failure rate of AI projects. It is stated that more than 70% of AI projects fail, and this number may even be higher. To increase the chances of success, the podcast highlights the importance of defining AI projects effectively. This includes being realistic about the available data and its quality, setting achievable goals based on the data, and considering the organizational culture and employee support for AI initiatives. Taking these variables into account can help ensure the success of AI projects.

The podcast also emphasizes that AI initiatives within companies require a different approach compared to traditional product and feature set initiatives. AI projects need to be more data-driven and iterative in nature. The success of AI projects relies heavily on the quality and iteration of data, rather than just delivering features and capabilities. Organizations need to shift their mindset and prioritize data iteration and analysis to gain valuable insights and take informed actions.

In conclusion, the podcast highlights the challenges and considerations involved in incorporating AI into strategic planning. The unknown nature of AI, the varying levels of understanding within the company, the high failure rate of AI projects, and the need for a data-driven approach all contribute to the complexity of AI implementation. However, by addressing these challenges and taking a comprehensive and collaborative approach, organizations can harness the power of AI in their strategic planning and increase their chances of success. It is essential for companies to start thinking about AI in their strategic planning process today and continuously re-evaluate their strategies to adapt to the rapidly evolving technological landscape.

Localization of plans is crucial

The podcast transcript focuses on the importance of localizing plans and strategies within organizations. The speakers discuss how executives often communicate their plans in their own language, without considering how it can be translated and applied to different departments and teams. This lack of localization can lead to misalignment, confusion, and a lack of engagement among employees.

The speakers emphasize the need for executives to provide a framework for translating annual plans and goals into something that is applicable to each team and individual. They argue that it is not enough to expect teams to make the translation themselves, as this can result in prioritization conflicts and a lack of understanding about how individual actions contribute to the overall strategy.

To address this issue, the speakers suggest using Management by Objectives (MBOs) and Objectives and Key Results (OKRs) as frameworks for aligning individual and departmental objectives with the overall organizational goals. These frameworks provide a structure for ongoing conversations, visibility, and accountability, ensuring that everyone is working towards the same outcomes.

The podcast also highlights the importance of shared responsibility in overseeing individual and departmental objectives. Rather than leaving it solely to human resources or people operations, the speakers argue that it should be a collaborative effort involving the COO or PMO. This approach encourages conversations, transparency, and continuous improvement, rather than simply using it as a tool for evaluating performance and compensation.

In conclusion, the podcast emphasizes that localizing plans and strategies is crucial for ensuring alignment, engagement, and accountability within organizations. By providing a framework for translation and involving all relevant stakeholders in the process, companies can improve their chances of success and achieve their desired outcomes. Localization should be seen as a continuous and collaborative effort, rather than a one-time task, to ensure ongoing alignment and improvement.

OKRs drive strategy implementation success

The podcast discusses the importance of OKRs (Objectives and Key Results) in driving strategy implementation success within organizations. OKRs are a goal-setting framework that helps companies define and track their objectives, as well as measure their progress and outcomes.

One key point made in the podcast is that OKRs should focus on delivering business outcomes, rather than solely on individual performance. It is important for organizations to ensure that employees understand how their contributions align with the overall strategy and goals of the company. This helps create a sense of purpose and motivation among employees, as they can see the direct impact of their work on the organization's success.

However, the podcast also highlights a potential pitfall of implementing OKRs. If the focus becomes solely on completing goals and checking off boxes, the original purpose and vision behind the OKRs can be lost. It is important for organizations to maintain a balance between achieving goals and staying true to the original business purpose.

To ensure the successful implementation of OKRs, the podcast suggests several strategies. Firstly, it is important to view OKRs as an operational function that requires continuous review and adaptation. Strategy can change throughout the year, and organizations need to be able to recognize and respond to these changes. This requires having structures in place that allow for flexibility and adaptation.

Furthermore, the podcast suggests that having a dedicated team, led by a senior executive, can greatly contribute to the success of OKRs implementation. This team can provide guidance, coaching, and support to employees throughout the process. It is important to involve early adopters and create a sense of excitement and motivation around OKRs, rather than simply forcing employees to comply.

Measuring the success of OKRs is also crucial. By tracking and analyzing data, organizations can determine if the implementation is effective and if employees are actively engaged in the process. The podcast suggests that a shift in language and behavior, such as employees proactively updating their objectives, can indicate that OKRs are being embraced and integrated into the organization's culture.

Overall, the podcast highlights the significance of OKRs in driving strategy implementation success. By aligning individual goals with overall business objectives, involving all stakeholders in the process, and continuously reviewing and adapting the implementation, organizations can increase their chances of achieving their desired outcomes. OKRs should be seen as a collaborative effort that requires ongoing engagement and accountability to ensure success.