What is a Project?

Project_Management_Knowledge_Areas

Many in the working world, who are not Project Managers by trade, manage projects. In many cases, they do not recognize they are managing a project and treat it as just another task assignment without applying project management disciplines. This can be very stressful as projects can descend into chaos without proper management.

If you are given a goal and it has a due date you now have a project. It can range from the trivial (“let’s go out to lunch Friday”) to the very complex (“we need a new payroll system”). There is a tipping point where you need to start applying project management discipline, with the depth varying with the complexity.

If you are the person responsible for meeting the goal and the date, then congratulations, you’re the Project Manager, whether that is your formal title or not. Recognizing that is your role is the first step to improving your chances of success. There are many more ways to fail than to succeed. By applying fundamentals, you eliminate ways to fail.

In future blog posts I will introduce you to fundamentals that will help you succeed in your job and your life.

Decision Making Process Part 6 – Summary

In the preceding series of posts, I presented a process I use for making key decisions. Now I will present a brief summary of those posts.

  • We struggle with some decisions because…
    • There are too many choices
    • The apparent choices are all bad
    • The apparent choices seem all equally good
    • Loss Aversion – we fear risking something we have for something we want
    • Fear of being wrong
    • Fear of being criticized
  • Poor decision making process results in…
    • Regret
    • Unintended consequences
  • Good decision making process will…
    • Eliminate decision paralysis
    • Reduce stress
    • Keep you moving forward
    • Eliminate regret
    • Look at decisions as a “portfolio” instead of isolated events
  • The process in 8 steps…
    • Begin with the end in mind – know your desired outcomes and how you will measure success
    • Analyze your alternatives – there may be more than you think!
    • Identify and mitigate risks
    • Distance yourself from short-term emotion
    • Create contingency plans
    • Make the decision
    • Evaluate the outcomes
    • Evaluate the process

Try using the process on your next key decision. Tweak it as needed for your specific circumstances. Leave some comments on this post as to what worked and what didn’t.

 

Decision Making Process Part 5i – Evaluate the Process

For the eighth andĀ  final step in the decision making process you will evaluate the process itself. You do this in the spirit of continuous process improvement. This will improve your future decision making process and outcomes.

Here are some questions to ask yourself regarding your process:

  • For good outcomes:
    • What process steps were the most useful?
    • What could you have done to make the good outcomes even better?
  • For negative outcomes:
    • Did the process fail or was it circumstances beyond your control?
    • Did you skip steps?
    • Were there some steps you did not give sufficient time and energy?
    • Did you anticipate and plan for this negative outcome? If not, what would you have done different?

The next post will be the final post in the Decision Making series and I will summarize and give you some additional thoughts on the topic.

Decision Making Process Part 5h – Evaluate the Outcomes

At an appropriate point in time after you have made the decision, you should evaluate the outcomes as part of a program of continuous improvement in the decision making process. Here are the steps to take:

  • Revisit the “measures of success” you defined in the first step in the process. In that step, you determined what success would look like and how you would measure success. This is the time to take those measurements.
  • Evaluate the “degree of success” for each measure. Not all of your success criteria will be a binary “yes or no”. Often you will have achieved some measure of success but perhaps not all you targeted. This is a key input to the next step.
  • Determine if additional activity, time or resources will increase your degree of success. This is a key decision point. You don’t want to “throw good money after bad” hoping to succeed. You will need to decide if the calculated risk of continuing to invest more in the decision is worth it to you. Employ the same decision making methodology for this as used in the original decision.

In the next post I will present the final step in the 8 step process, where you evaluate the process itself to help you improve your future decisions.

Decision Making Process Part 5g – Make the Decision

At this point you have created a vision of the end result, analyzed your alternatives, identified and mitigated your risks, made contingency plans and distanced yourself from short-term emotions. You should also understand the constraints that limit your choices (e.g. “I can’t move from my current home”).

It is now time to make the decision. You will compare all of your alternatives, with an understanding of the range of outcomes and risks, and make and commit to a decision with confidence. There will be no need to look back with regret, no matter the result, because your process was sound and you made the best call based on the information available to you.

At this point you should prepare a timeline of major milestones. These are significant points in time where something (good or otherwise) should have happened by then and you will use those milestones as opportunities to evaluate your decision and make course corrections if necessary.

Decision Making Process Part5f – Have Contingency Plans

Once you have identified your most important risks the next step is to make sure you have at least one contingency plan (aka “Plan B”) for every risk. These are alternate plans you will use in case the risk occurs despite your efforts to mitigate. For example, if you are buying a new home and expect to close on a certain date, you should have contingency plans for living arrangements and storage in case the date moves out.

Here are a few ideas to help you identify the kinds of contingency plans you may need:

  • Conduct a “pre-mortem” – This is a look into the future where you ask yourself “My decision failed – what were the causes?” Was it lack of time, money, or support? Were you being too ambitious?
  • Conduct a “pre-parade” – Ask yourself “My decision was wildly successful – what were the reasons?” Brainstorming the answers to this question will help you avoid problems and identify ways to ensure success.
  • Set a milestone – This is a point in time where you will evaluate your efforts and decide to carry on, make a course correction, or stop altogether. This will prevent you from falling into the “sunk cost” trap (Where you continue with a bad investment in time or money simply because you already have invested so much).
  • Be prepared for unexpected success – Your endeavor may be more successful sooner than you anticipated. This might mean more of your time and money to keep up. Be prepared in advance to react quickly.

 

Decision Making Process Part 5e – Distance Yourself from Short-Term Emotion

We are all human and emotions can play a part in any decisions we make. However, emotions can sometimes cause us to make decisions against our own best interests. For example, a pro athlete claims his current team made him an “insulting” offer only to find when he reaches free agency that no other team will pay him nearly as much. In this post I will state some techniques that will help you combat this effect.

One technique to use is to first think about potentialĀ  “undesired outcomes” of your decision. As an example, think about a time you received a nasty email from a co-worker. Your emotions tell you to lash out and immediately respond in kind. Stop and think: what are the undesired outcomes? You are trading a few seconds of self-satisfaction over your clever response for a damaged relationship and an escalating flame war. Think before acting!

Another technique is to pretend you have made the desired decision. How will you feel about it 10 minutes from now? How about 10 days from now? Ten months from now?

My favorite technique for removing short-term emotion is asking yourself “If this was my best friend confronted with this decision, what would I advise them to do?” This works remarkably well and will help you make cool, logical decisions.

There is also a psychological factor at play in making decisions. It is called “loss aversion”. This is the tendency to feel more pain for losses than joy in gains (many sports fans will tell you that having their team lose always feels worse than the joys of victory). It can prevent you from taking calculated risks that would be in your favor. Be aware when this factor is in play and remove it from the decision making process.