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A Score Card for Product Management

A Score Card for Product Management


The business intent of Product Management is to increase an organization's competitive advantage through various product initiatives. Competitive advantage is defined by product differentiation and process efficiency. An XY chart displays a competitive advantage score in terms of differentiation and process efficiency. This type of score card provides actionable information that a Product Management team can use for self-diagnostic in process improvement initiatives, and for performance comparisons between business quarters, or between different teams within the same organization. Standard charts enable comparisons across an industry.

You can use this score card as a sample. Create one table for each of the Seven Pillars. You will want to adjust the strategies to be in context of each pillar. Take the aggregated scores for each of the Pillars and combine them into one score for Differentiation. Computing a percentage achieved out of total possible will make your graphic representation easier to read and comparisons more meaningful. After you’ve completed the assessment in each Pillar you switch and look at process efficiency. We use the same Seven Pillars to establish business goals. The objectives of processes within each Pillar are listed at the end of this post for reference. Remove the ones not valid for your organization. For each remaining objective, you'll need to identify specific strategies your team is performing to accomplish the specific objective.

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Constraint Analysis

Constraint Analysis

“If we used Constraint Analysis then we’d be able to isolate and address the key constraint effecting our practice performance, but this requires specialized skills and we just don’t have time to do it.”

The diagram above illustrates the concept of project constraints which all organizations experience all the time. Regardless of how well your project processes function, there is always a constraint. Projects should be producing either products and services designed to increase collected revenues, or reduce operational costs.

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Lynchpin – Integrated PM – Projects

Lynchpin – Integrated PM – Projects

"If I want to receive the benefits of Integrated PM, then I need some kind of Performance Measure Framework, but this requires an upfront investment in requirements definition."

I’m told the definition of Project management is the ability to administer a series of chronological tasks resulting in a desired goal, but Lynchpin theory is not far from this definition, nor is Integrated PM. But definitions can be misleading, the magic is in the application.

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Multi-Faceted Nature of Projects

Multi-Faceted Nature of Projects

“If I categorized and studied the correlations between all the factors (state variables) of project performance, then I could control and optimize the project’s performance, but gathering and computing this information would take too long, and the project portfolio’s state would change before I could interpret it.”

When we consider the many facets of enterprise project management we can quickly see we need a different way of examining the forest instead of analyzing each tree. Due to the lack of a standardized approach, the popular approach is to divide the various disciplines such as Risk Management, Resource Management, Project Management, Portfolio Management, Capacity Planning, Scheduling, and Finance and then approach each facet separately.

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Placement in Performance Measure Framework

Placement in Performance Measure Framework

“If we use a Performance Measure Framework, then holistic project performance can be governed, but the creation of the framework takes time and specialized skills we don’t have.”

How can an organization know if the process improvement efforts are having the desired effect? Maybe the new practice being deployed is at fault, of maybe no one is using it. It could be a great practice, but current policies and procedures may be preventing success. A performance measure framework provides a holistic look at a single practice in context of current processes, policies, and procedures.

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Portfolio Management Performance-Service™

Portfolio Management
Performance-Service™




 

“If we engage pmNERDS’ Performance-Service™ for Portfolio Management, then we’ll increase the organization’s competitive advantage, realize higher value from projects, and complete projects more efficiently, but it will require change leadership.”

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