Risk vs Issue: Everything You Need to Know
Whether you realize it or not, we make risk vs. issue calculations all day long. Let’s consider one issue: You’re running late for work. Why not drive through that red light? Well, because of the risk: Getting pulled over by police, or worse, putting peoples’ lives in danger. So, you wait out the red light. That’s an easy one. Managing risk vs. issue in project management isn’t always so cut-and-dry. But understanding the difference between risk and issue does boost the chances that your project will be a success. Here’s what you’ll need to know to navigate the world of risks and issues in complex projects. Risk vs. issue: What’s the difference? An issue is an obstacle or challenge that’s already present. A risk is a potential obstacle that may arise in the future but doesn’t necessarily have to. It might sound as if issues are always greater challenges than risks. But the two can vary wildly in terms of degrees. For example, a broken pinky toe is a manageable medical issue. But ignoring a medical risk like a clogged artery can be far more serious. As a project manager, your job is to evaluate both, so you never lose the patient (or the project). Why is it important to note the difference between a risk and an issue? Effective risk analysis hinges on estimating the potential pitfalls in running your project. Ideally, the planning phase will tackle them in reverse: You’ll try to lower the risks at the outset to avoid them becoming full-blown issues. But you’ll need plans for both. To make your own complicated project run smoothly, you need to start backward. Think about the biggest risks with your team and develop plans for them. Run a risk assessment before the initial phases. Remember the old adage that “an ounce of prevention is worth more than a pound of cure.” This is all the more important when launching a complex project. Risk vs. issue examples in project management Still feeling a little confused? Let’s take a look at a couple of examples of risk vs. issue in project management. Boeing’s 787 Dreamliner: Risk complexity leading to inevitable issues Consider the problems with the unveiling of Boeing’s 787 Dreamliner. It was “a more complicated airplane, with newer ideas, new features, new systems, new technologies,” according to a Boeing engineer. From the outset, this complexity made it difficult to foresee specific issues. But given the novelty of the project, some risks were already present. After several delays — and an additional $10 billion in budgeting — Boeing eventually “outran our ability to manage it effectively,” according to a release from the company. It’s tempting to look at this risk vs. issue example from the outside and imagine that it was an unlucky project with too many issues. But Boeing’s ambitions meant higher levels of risks. Without enough risk management, project issues become inevitable. Bank of America: When risks prove more intense issues than you imagined In 2011, Bank of America rolled out a new pricing initiative: $5 per month for customers to get access to debit funds. Bank of America anticipated some customer blowback — after all, that’s common whenever prices go up. But customer reaction was far more intense than Bank of America imagined. One customer started “Bank Transfer Day” on Facebook to protest the fees. Customers moved their money out of their Bank of America accounts in droves. Efforts like these had enough impact that the brand was eventually forced to back down on its new fees. In this case, it wasn’t that Bank of America hadn’t adequately foreseen the risk. They simply hadn’t imagined the risk would manifest as such an intense issue during the rollout phase. Had they spotted this issue earlier, the launch may have played out differently. Issue log vs. risk register: what is the difference? In project management, leaders typically turn to two tools to manage these variables. For risk, they turn to risk registers. This register lists the various risks along with their probabilities and potential timing hazards. (Note: A risk matrix is another effective tool for weighing and predicting risks.) For issues currently affecting the project, an issue log is simply a list of the current problems a team member needs to solve. In one research paper, project manager N.K. Shrivastava says that when a risk manifests as an issue, he makes two key changes: Adding the issue to the issue log to assign it to the relevant team member Flagging the risk in the risk register for better project planning in the future, especially noting which risks were most likely to manifest as issues By flagging the risks that become issues, Shrivastava also grows as a project manager. He learns which issues to spot in potential future projects, making him better at risk assessment for future work. One key difference here: A risk register can be a list of potential obstacles that you create at the outset, while an issue log is only a list of real obstacles. One is essentially in the future tense, while the other is in the present or past tense. How to use Wrike for managing risks and issues In project management, risks are everywhere. There are so many, in fact, that there are even positive risks: unforeseen events that help your project along. Wrike can help you get started with risk assessment by providing the information and templates you need to begin your evaluation. The key is in using previous risks to inform your future work. If you’re starting your first project, use Wrike’s risk assessment templates to better predict, record, and measure the risks associated with your first project. With any luck, your analysis at the outset will help you minimize issues along the way, so you can get to the project wrap-up celebration on time and on budget. Ready to foresee risks, manage issues, and have a more successful project? Start your free trial of Wrike today.
How to Conduct Pareto Analysis Using Pareto Charts
The 80/20 rule, also known as the Pareto Principle, states that 80% of the benefit can be achieved by 20% of the work. The Pareto analysis uses this concept to identify which parts of a project can be done efficiently and which can be avoided. It can be used to decide which problems should be solved first. In this article, we’ll explain how to perform Pareto chart analysis and how it can be used to improve any project. We’ll also get into some vital tools you can use to help teams work smarter, not harder. What is a Pareto chart? The Pareto chart is a visual representation of the most important factors in a given field or project in order to identify and prioritize issues. In general, this tool can be used to identify the most critical factors in a given product or process. For example, in quality assurance, the Pareto chart helps identify the most prevalent sources of defects. The Pareto chart itself is a bar graph with two axes. The left axis shows the frequency of occurrence, which is the sum of the total number of occurrences and the cost of doing so. The right axis shows the cumulative function of the total number of occurrences. The values for each category are depicted in descending order. And the final total is represented with a line drawn at 80% on the bar graph. Any bars rising above that line are considered the problems that, if solved, would have the biggest impact on the project. The Pareto chart can be generated by various means, such as creating Excel spreadsheets, statistical software, and online quality charts. What is a Pareto chart used for? A Pareto chart helps you identify the causes of the various problems and the issues that need to be solved to get the most significant improvement. Here are some of the many ways it can be used: Visually represent project issues to find which have the greatest impact Communicate priority levels to stakeholders Isolate individual process hiccups so that they can be better understood Find the most impactful problems and eliminate them before they cause issues Reallocate workloads so that team members companywide are maximizing their impact and productivity When to use a Pareto chart in project management A Pareto chart is a tool that many people use to analyze different types of problems. It can also identify the most significant issues in a process. In project management, this means everything from big-picture project phases to individual task workflows. When roadblocks come up, managers can use the Pareto analysis to quickly identify what is causing bottlenecks or delays. From there, they can use their project management tool to delegate troubleshooting, adjust task lists, or shift priorities without interrupting the entire project. In addition to making on-the-fly decisions based on real evidence possible, Pareto charts can be used in project management for post-project analysis for both PMOs and stakeholders. Teams can learn from each other and what went wrong in projects with data clearly laid out in this way. In the future, they’ll be able to replicate their successes and mitigate failures. Stakeholders can easily pinpoint areas of investment that worked out and learn more about how this project was managed so they can feel good about the outcome. In particularly successful works, they’ll be able to see how little interference the project encountered along the way. Or they can see how well the team managed issues that did arise. This persuasive tactic allows them to feel great about providing repeat business or, at the very least, enrich their understanding of key projects related to their goals for future reference. How to calculate Pareto analysis The simplest formula for calculating a Pareto analysis is as follows: [Your total unit of measurement per item, e.g., number of occurrences, hours, cost, etc.] / [the grand total of all items] x 100% Use this formula for each category. Keep in mind that each result should be a percentage. Afterward, put them in order from highest to lowest before inputting them into your chart-making software. How to create a Pareto chart Step 1: Collect your data A minimum of 30 data points is best for an accurate picture of the project as a whole. Step 2: Create a frequency table Use the following headers in this order: Issue Type Number of Occurrences (listed in descending order) Note: Some programs will automatically generate a Pareto chart for you once you’ve added the number of occurrences or frequency for each issue category. The rest of your headers may be calculated for you, again depending on the program you’re using: Cumulative Total Cumulative Percentage 80% Cut Off Step 3: Label your chart Keep it simple. You can never go wrong with “Types of Project Errors.” Freel free to add a single sentence description that includes the time period of your measurement and any other details that are important to the people you’ll be sharing it with. Step 4: Clearly label the Y-axis Frequency, total number of occurrences, or even price all work well here. Use whichever value best represents your data set or makes the most sense to you as a manager. Step 5: Note the categories on the X-axis These should match the Issue Types you first listed in your frequency table. Step 6: Interpret the chart Again, the software you use should fill in the other components of the chart, including the bars, lines, and cut-off. From there, you can get to work analyzing the results. The higher the bars are, the more of an impact they are having on your project. You’ll see percentages listed on the right-hand side of the chart across from frequency. They should be listed from 100% and counted down in increments of 10 to the bottom. Any bars that cross the 80% line should be considered a top priority for problem-solving. Pareto chart example This Pareto chart example was created by Clinical Excellence Commission and thoughtfully illustrates the key areas of focus project managers should be aware of. The areas marked in red and bold are the spaces project managers should focus on when conducting their analysis. We can also see that the categories on the bottom are great examples of types of medication errors. But project managers may use groupings such as scope creep, resource management, or communication to define a variety of issues that may come up. The most important line on this graph is the green 80% cut-off, which symbolizes the Pareto principle. Any bar that reaches above that line should be considered the most important issue. In the above chart, that would be “dose missed” at 92% and “wrong time” at 83%. Although “wrong drug” clocks in at 76%, it’s not considered nearly as important as the first two. For the next steps, the project manager in this particular example would likely solve the issues above the 80% line first before moving on to the next highest scoring category. Alternatively, they could choose to solve the above-the-line problems, then create a new Pareto chart and see if the values have changed. It’s also possible that solving the highest priority issues may fix less pressing issues on your chart down the road as a byproduct. How Pareto chart analysis can improve your project In general, the Pareto chart helps project managers and team leaders identify the causes of various problems that are having the biggest impact on their work. By figuring out what they are, managers can take the necessary steps to solve them. It’s also easier to determine task and even project or goal prioritization with a chart like this. If you’re working with third-party partners or stakeholders, the visual aspects of Pareto charts make them easy to understand and interpret. Not only is this highly effective for communicating with non-experts, but it’s also highly persuasive. How to interpret Pareto analysis with Wrike So you’ve made your Pareto charts and conducted your analysis. Now what? Put your plan into action with Wrike. Wrike is a project management solution that makes project plans manageable, efficient, and crystal clear. Now that you know what’s going wrong, you can easily add actionable next steps to your project plans without missing a beat. Start by adding a detailed task to your project. Add a description, deadline, and task owner. Wrike also allows you to see the workload of individual team members across all active projects so you can double-check they’re available before assigning it. You can also use Wrike’s custom reporting features to identify issue categories for your Pareto chart. Dissect active and past tasks to find the biggest areas in need of improvement during individual project phases or projects as a whole. In addition to Pareto charts, Wrike also offers Gantt charts and PERT charts that can improve productivity. A Gantt chart is a bar chart that shows the various tasks and deadlines for a project. It's a great tool for managing time and improving efficiency. A PERT chart is a network diagram that shows all the project tasks in separate containers. The boxes that make up the PERT chart are organized with arrows to represent the time needed to complete the task. Combining the results of your Pareto, Gantt, and PERT charts will help you turbocharge your project troubleshooting plans and may even prevent future issues too. Ready to get the biggest results from the least amount of effort? Get started with Wrike’s two-week free trial.
RICE Scoring & Framework Explained
In this article, we’ll define the RICE model and what it stands for. We’ll also explain how RICE scores work, plus the benefits and challenges of using this framework. Keep reading to discover how to strategically apply this method to project management. What is the RICE model? RICE stands for reach, impact, confidence, and effort. The RICE framework is a project prioritization method used for quantifying the potential value of features, project ideas, and initiatives. It’s a great tool for facilitating Agile teamwork. How do RICE scores work? RICE is a score that measures the effort needed to get an item to its goal. It helps us identify which items are most important and which ones are least important. Reach This metric shows the number of people who would be affected by a feature or service in a given time period. It could be a reduction in churn or a spike in transactions. Impact A feature's impact is measured by how much it contributes to the overall success of your product. It can also be used to determine how much of a boost it will provide to your conversion rate. This is often used for product management but can also be applied to projects involving user-facing parts or experiences. There are many ways to measure the impact of a feature. Some key questions to consider include: will it improve conversion rates, or will it make the experience more streamlined? Confidence This metric is used to measure the confidence that you have in the estimations that you made for a project. It asks how confident you are in the data to back up those estimations. Rated on a scale, this metric involves both internal and external validation to score properly. Effort This is the amount of work it takes for a team to build a feature or complete a project. It can be a long-term project or a simple requirement that only needs a few people. Your exact definition of effort may vary. But most product and project managers use metrics such as time and budget. RICE model example RICE is calculated using this formula: (Reach x Impact x Confidence) / Effort It’s up to you to create your own scoring system within each part of the formula. But reach is usually a whole number within a time frame, impact is a number on a tiered scale you define, and confidence can be a percentage on your own custom scale, with 100% being the most confident. Effort is almost always quantified as time, but it can be defined as any resource type, such as labor. For example, let’s say the school lunch team is deciding if they should make more peanut butter or tuna fish sandwiches for the upcoming field trip. Using the RICE model, we’ll calculate the scores of both sandwich types to determine which should be prioritized. Reach There are 100 students going on the one-day trip, so we’ll use one day as our time frame. Of those 100, 80 have signed up for school lunch. Therefore, peanut butter’s reach is 80, and tuna fish’s reach is also 80. Impact Our tiered scale will be small and define student interest based on what we know about leftover sandwiches from the last trip. 1 = lots of leftovers from last trip 2 = some leftovers from last trip 3 = few to no leftovers from last trip There were few to no peanut butter sandwiches leftover from the last trip, but half of all tuna sandwiches were left untouched. From this, we can now see that peanut butter’s impact is 3, while tuna fish’s impact is 2. Confidence We’ll define how confident we are that students will want to eat the sandwiches on a scale of: 0% = extremely unconfident 50% = somewhat confident 100% = they love the stuff We know in this particular example that there are no nut allergies in this group, but there are some vegetarians. Therefore, pulling from the data on leftover sandwiches, we can ascertain that peanut butter’s confidence is 100%, while tuna fish’s confidence is 50%. Effort Peanut butter sandwiches can be prepared by simply spreading it onto bread, while tuna fish requires opening cans, mixing mayonnaise with spices, and then spreading it. Our effort scale will be defined as: Peanut butter’s effort = 3 minutes per sandwich Tuna fish’s effort = 6 minutes per sandwich Final calculation Peanut Butter’s RICE Score = (80x3x100%)/3 = 80 Tuna Fish’s RICE Score = (80x2x50%)/6 = 13 From this analysis, we know that peanut butter sandwiches have scored higher, so their production should be prioritized for the upcoming school trip to maximize the efficiency of supply ordering and division of labor. The benefits of RICE prioritization In a nutshell, RICE helps you make better-informed decisions in Agile project management. The scoring system helps identify when to make the most advantageous trade-offs and minimize potential biases. It also helps empower teams to take the next steps with minimal supervision since task prioritization is made simple when using this tool. And even when you’ve got a project underway, RICE makes it easy to organize all of your incoming work requests without disrupting active work. RICE scoring asks users to defend their choices when measuring their work and resource usage against defined priorities. Challenges of using the RICE framework Due to the complexity of RICE, product managers often have to consider multiple metrics across multiple features to create the best possible outcome. This is time-consuming, and much of the decision-making is at the manager’s discretion, which may defeat the purpose of the method in the first place. Another challenge is the potential lack of information. Data isn't always available for every product, and for most physical products, these metrics are often hard to measure. And last but not least is implementation. After putting in all the effort to create your RICE framework, you still need to get your team on board. If they aren’t frequently referring to the metrics or don’t fully understand what it means for their work on a practical day-to-day level, then the framework creation was a waste of resources. How to use RICE in project management Most project managers have at least some understanding of how to prioritize tasks. They may also have preconceived notions about how to do this. But due to the complexity of project management, it can be difficult to make informed decisions without a system for some of the most complicated factors. Some of these factors include team capabilities, personal biases, and the impact on companies or stakeholders. That’s where RICE scoring and frameworks come into project management. Rice scoring allows project managers the opportunity to make data-driven decisions with objective considerations that are related to the goals and the experiences of their customers. While a good project management system can help minimize this subjectivity by allowing people to easily prioritize tasks even when everything seems important, RICE frameworks also contextualize these choices. How to use RICE in product management A scoring system for product prioritization is not new. But finding one that works seamlessly across different ideas can be a challenge. Using the RICE scoring system outlined above, product managers can create a score for their many competing priorities. Once those are calculated, managers can draft a roadmap based on the order of product prioritization. This framework communicates which initiatives are most valuable to teams while providing a clear way forward no matter how complex your product to-do list has become. Combining RICE scoring and framework with a product management solution that allows you to carry out your new plan is crucial. Abilities such as performing critical path analysis that prevents conflicting resource usage or expectations and updating tasks with customized statuses so that teams can stay true to their RICE analysis results can make or break your prioritization efforts. Ready to maximize the efficiency of your project and product management plans through strategic task prioritization? Get started today with Wrike’s two-week free trial.
What is Quality Assurance (QA) in Project Management?
Quality assurance (QA) is one of the final and most important steps of any product roadmap. Used in a variety of industries, including software development and construction, quality assurance verifies that a product or service is of the highest quality, which is an integral process for any company. In this article, we’ll explain the basic premise behind what quality assurance is and why it is important. Keep reading to discover how Wrike can be used as a tool for quality assurance. What does QA stand for? QA stands for quality assurance. It refers to the process or actions taken to ensure a product meets all of its requirements. Quality assurance is often used to track compliance and maintain consistent product management output over time. This is accomplished by ensuring that each step of the production process is thoroughly inspected and refined. The main benefits of QA include gaining a customer's satisfaction and confidence. This leads to higher sales and better customer loyalty over time. Quality assurance processes have become so critical that many companies have created their own dedicated department. You may also hear of a quality assurance system referred to as a quality management system. How is quality assurance used in project management? Quality assurance is used in project management to help companies avoid making mistakes and to minimize potential risks. With quality assurance in mind, project managers can start planning for the quality of their deliverables from the very beginning of their project plans. Doing so will highlight areas where they can improve their work, increase efficiency, and hold their team accountable. Not only does this strengthen a brand’s reputation, but it also cuts down on the potential exponential costs associated with fixing QA issues down the line. Quality assurance can be completed at any stage of the project process. It can begin with establishing a quality framework for the hiring process so that only the best, most compatible talent is brought on. After that, teams can perform self-checks to ensure that your work is conducted according to predefined standards. Regular QA monitoring can be built into project plans with other departments, or third-party entities can easily be looped in to give approvals. After a product has gone to market, teams can further track its quality by receiving customer feedback and implementing changes as needed. All of these quality assurance tasks can be organized and executed through proper product management. In fact, without a proper project management tool and strategy in place, companies are even more vulnerable to QA issues. For quality assurance issue prevention and resolution, having a clear understanding of what’s going on at all times is essential. What are the three types of quality assurance methods? There are three types of quality assurance methods that project teams commonly use. These methods can vary depending on the requirements of the company; however, you can count on using at least one of the following during the process: Statistical process control Failure testing Total quality management Statistical Process Control Statistical process control (SPC) is most often used for developing products with technology and/or chemistry involved. This can include everything from consumables to cleaning supplies to software. The SPC method monitors ongoing progress through charts and strives for continuous improvement. The steps involved in this quality assurance method include discovery, investigation, prioritization, further analysis, and charting. This can be done internally using project data, team input, and studies conducted by QA and operations teams. Decisions are based on facts and figures and will likely follow the scientific method approach. Failure Testing Failure testing is commonly used to test physical or virtual products. For physical products, that means whether the product will break down under pressure or in various usability scenarios. For example, crash testing a vehicle’s safety airbags would be considered failure testing. For virtual products, failure testing focuses on a program’s resiliency against a number of possible high-stress scenarios. Issues such as cybersecurity and transaction capacity are all evaluated. Overall, failure testing aims to assess a prototype or finished product and decide if it’s ready to go to market. Total Quality Management The total quality management (TQM) method aims to continuously improve products by using quantitative methods. Practically speaking, it helps build a process that is consistent and predictable. It does so using a variety of modules that help manage the various phases of a project. TQM also supports teams by relying on data and analysis to plan and implement future updates. It’s most popular for improving assembly-line efficiency. Regardless of which quality assurance method you use, having an execution plan is very important. It will help you keep track of all of the steps involved in the QA process as they happen. Teams can also track improvements over time and study trends as they progress. What is quality control in project management? Quality control is a process that involves inspecting, testing, and reporting outputs to ensure that they meet the requirements of the project. In order to achieve the highest possible level of conformance, decisions need to be made in all phases of quality control. Projects involve a wide variety of tasks and processes that are often subject to various forms of quality control. The project manager will typically always agree to follow quality control measures but having input from internal or external QA experts is a great idea too. Quality assurance and quality control are sometimes used interchangeably. However, they are distinctly different. Quality assurance vs. quality control Quality assurance (QA) and quality control (QC) are part of a quality system, along with other elements such as goals and procedures. Quality assurance typically covers all elements of a quality system, while quality control is a smaller subset. In other words, while QA sees the big picture (process), QC focuses on the details (finished products). Quality assurance examples Quality assurance examples can be found in many different forms across all industries. They can happen in businesses both large and small, and the issues they aim to solve or prevent may be identified by internal teams, external partners, or even their very own customer base. Here are some general examples to help illustrate what quality assurance looks like: Running cybersecurity tests on a user portal after a breach was exposed Revamping a car manufacturing process to better suit new safety standards Changing fabric suppliers after discovering that dresses aren’t reacting to dye as well as they did weeks before Designing a new bumper after data suggests its current design to be the cause of higher flat tire rates Weeding out possible vat issues after receiving complaints from customers that their granola bars made buyers sick As you can see, quality assurance plays an important role in a company’s overall success. From protecting customer health and private information to assuring that your brand image is consistent, these examples prove that QA is a non-negotiable asset for any company. How to use Wrike during the quality assurance process Wrike’s product management tools help you manage all your quality assurance activities in one place. Using our tool, managers can accelerate product launches through automation and go-to-market faster without sacrificing quality. Wrike does all of this using features such as templates and cross-functional team communication tools. Wrike offers pre-made templates designed by and for experts in your industry to ensure that you capture all the essential steps in every project. This lays a strong foundation for high-quality and consistent output. Wrike also allows users to create their own process templates. Once an issue is discovered, teams can easily implement a custom QA solution template into their existing project plans and take action that much faster. Whether you’re responding to an issue or monitoring to ensure one doesn’t come up, a project management solution that offers cross-functional team communication tools is a must-have for quality assurance. Wrike does this through several features. First, Wrike offers improved visibility into real-time reports through dashboards, charts, and detailed task views. Second, Wrike allows teams to involve everyone in the conversation. This happens through integration with third-party communication apps so that all discussion is organized no matter where it takes place. It also is made possible through secure project plan access to outside partners who need to view and approve of plans. Even within the program itself, teams can easily view succinct dashboards that outline where they are, what they have to do, and where the project is going. Team members can easily get one another up to speed on QA issues by pinpointing which tasks went wrong and reviewing in-task discussions to get a better understanding of the event. Get quality assurance discussions started across multiple departments and countries with our easy-to-use project management software. Start Wrike’s free trial to get better insight into your own processes now.
Understanding Dependencies in Project Management
In project management, identifying and handling a variety of dependencies is one of the most important tasks team leaders will manage. The challenge is that dependencies in project management are often complex. There are different types of dependencies that need to be considered in different project phases. In this article, we’ll dive deep into project dependencies by going over types, examples, and how Wrike can be used to seamlessly manage them all. What are project dependencies? Project dependencies, also known as task dependencies, are the order in which tasks should be performed. They allow you to work out the optimal order for the project, giving the fastest route through the work. For example, if Task B is dependent on Task A, Task A will need to be completed first in order for Task B to begin. Types of project dependencies There are ten different types of dependencies in project management. You’ll need to be familiar with each of them to optimize your project planning. Some are intuitively named, but others may require additional explanation. Keep reading to learn these essential terms. Casual dependencies This type of project dependency is any task that follows the logical sequence of events. These are typically easy to assume. Resource-based dependencies This dependency is created when more than one project requires the same resource for completion. The project will be dependent on the completion of each task and whether or not there is enough of that resource available for all project needs. Preferential-based dependencies Preferential-based dependencies are unique to each team and have to do with best practices, established procedures, and the intuition of the project manager. Cross-team dependencies Cross-team dependencies are when teams from multiple projects or departments need to work together to deliver an end-to-end solution. External dependencies An external dependency is a requirement that a task needs from a third party before it can proceed. This dependency often takes the form of an approval. FS dependencies FS stands for finish-to-start. The finish date of the preceding task gives the date of when the next task will begin. SF dependencies SF stands for start-to-finish. The start date of the preceding task gives the date of when the next task will be completed. SS dependencies SS stands for start-to-start. A start-to-start dependency means that a successor project cannot start before its predecessor has done so too. FF dependencies FF stands for finish-to-finish. This dependency tells the successor task to finish the predecessor's work. They don’t need to be completed at the same time, but one can’t finish unless the other is ending or has already ended. Outside-inside dependencies An internal task has external dependencies in order to complete or vice versa. Project dependencies examples Now that you know all of the different dependencies, here are some examples of each one to help you better understand what they look like in real life: Casual dependencies For example, to send an email, you must first write it. And before that, you’ll need the email address of the person you’re sending it to. These tasks would depend on each other and flow in order. Resource-based dependencies You may need eggs to prepare both your omelet and your pancakes for breakfast. The extent of both cooking projects will depend on how they utilize the shared resource. Preferential-based dependencies Some freelance writers may prefer to work without a blog post outline. However, the marketing team already has a custom workflow that involves giving them one. Cross-team dependencies The sales team may be working side by side with marketing on a new product launch. External dependencies A construction project may rely on a concrete supplier to deliver their product to the jobsite before they can begin pouring. FS dependencies In marketing, you may need to get approval on your quarterly budget proposal in order to launch your next paid advertising campaign on Facebook. SF dependencies If your company is redoing its logo, it will need to keep the old one while starting the new design before it can be replaced. SS dependencies A team of professional home cleaners must start the laundry and begin scrubbing the bathtub at the same time in order to provide their two-hour express service. FF dependencies If you’re redoing your website, you can simultaneously work on the backend code while also designing the user interface. The code will need to finish in order for the user interface to also go live. Outside-inside dependencies A wedding planner is waiting for a reception venue to confirm their availability on a set of potential dates before returning with a quote to their engaged clients. How to manage project dependencies with Wrike Wrike is a project management tool that allows you to find, plan for, and manage a variety of complex project phases with task dependencies through features such as the Timeline and automated task dependencies. The Timeline feature allows users to plan and schedule tasks with drag-and-click support. It eliminates the need to create separate task lists for each project. Task dependencies are easy to view and piece together within a given timeframe. Wrike also offers individual task dependencies, a feature that automatically links tasks to each other and shows the downstream effects of each link. This feature makes it much easier to maintain an accurate project plan. And if any changes need to be made while the project is underway, managers can quickly rearrange employee schedules and to-do lists without losing sight of which tasks are already connected. Plus, Wrike offers robust communication features for stakeholders inside and outside of your immediate team. Loop in other departments through @mentions within tasks so they can quickly get up to speed with ongoing conversations and relay their informed input. Or, grant restricted access to third-party vendors and clients so they can seamlessly contribute to tasks as needed. Ready to master task dependencies and improve your project management strategy? Start Wrike’s free two-week trial today to better organize and execute complex project steps with ease.
A Step-by-Step Guide to Using a Punch List
Got a never-ending list of project tasks to complete? A punch list can help. This project management tool is frequently used by construction managers, but it can help teams in any industry manage both old and new tasks that need to be revisited or monitored. In this article, we’ll explain what a punch list is in construction, why it’s so helpful, and how you can benefit from using one. Keep reading to discover how to create an effective punch list that works for your unique projects, all while adhering to best practices. What is a punch list? The term punch list comes from the construction world, where managers would have their team punch a hole in a paper task list next to an item they had finished. A punch list is a list of tasks that must be completed before a project can be completed. Tasks include active work, work that has been completed, and notes on delays in the project. Task deadlines and big-picture project deadlines are also saved here. A punch list does not always include the major work but rather smaller tasks that must be completed. Punch lists are used to keep track of work that needs to be completed to meet the terms of a contract. Project and construction management software can help you create and maintain a punch list that works seamlessly with the rest of your workflow. Project details are updated in real time and can be accessed anytime from anywhere. Each punch list item should have its own name, location, and deadline. Not all items on the list will be urgent, so it’s important to mark priority items. Punch lists are created by managers but used by all members of the team. They’re also useful for communicating with stakeholders. Project owners should regularly check in with them and confirm they are satisfied with the process. A punch list is only made once the project is considered almost finished. It consists of minor tweaks and usually only addresses major issues. When drafting the punch list, all team members involved should address issues they encounter before the project closes. This step typically involves reviewing the original project specifications and addressing any changes or updates. Afterwards, everyone comes up with a plan to address the remaining tasks. The contractor or manager then provides a schedule for when the project will likely wrap up. Why are there punch lists in construction? Have you ever used the phrase “punch out”? The term originally refers to the process of completing a construction project's punch list. A construction punch list is a step-by-step plan that outlines the work left to be done before the project's final inspection. It's typically created before the project's final inspection. Before the contract can be finalized, the general contractor and the owner will do a site walkthrough to make sure all the necessary work is done. A punch list structure is a great way to align your team's quality control efforts throughout the construction process. It's also a great way to keep track of all the details of a project. Site walkthroughs are usually carried out by a crew member who may also contribute to the punch list. During this walkthrough, they will note down all the items that are missing or that require attention. Even though this walkthrough is visual, tasks are not just identified by what you can see but what someone says must be done in order to fulfill the agreed-upon project needs. These notes are all used to create the punch list. Doing it this way will eliminate the confusion and misinformation that can cause delays and unnecessary expenses as the project progresses. It also gives teams a way to communicate clearly and schedule the remaining work, making it easier for everyone involved to efficiently collaborate. Many construction companies will create punch list templates. A punch list template helps to organize all of the information that's needed to manage a construction project, including details such as who, what, and where. This template can be created once and then used repeatedly, saving managers the time it would take to make each new punch list from scratch. The goal of every construction management project is to have zero items on its punch list. Once this has been achieved, the contractor and the owner enter the substantial completion phase. When the punch list is zero, the project owner and the contractor can reach a mutual agreement, which states that the work is finished and ready for payment. Having one person responsible for the punch list's maintenance is very helpful. This person is typically in a management position. They’ll be responsible for answering questions, following up on task progress or delays, and keeping the list up to date. As you can probably guess, having an open line of communication between the punch list manager and the rest of the team is critical for this tool to be effective. Many people play key roles in the construction punch list, including the project owner, the architect, the general contractor, and the designers. Project owners create and manage the list while the general contractor reviews and carries out the details. While that’s happening, the architects, designers, and subcontractors complete the tasks. Punch list examples Looking for ideas for your own punch list? Here are some punch list examples you can use to build your template, along with our insight on what makes each unique and how to use them: Example 1: Life of an Architect In this example, architect Bob Borson shows us his punch list for the inside of a 12,000 square foot construction project. What’s unique about Borson’s punch list is that he includes a ledge at the top with numbers that correspond to tasks. He then uses the numbers as a shorthand for each of his tasks, adding details if needed. Example 2: Levelset’s Template Levelset has created a general template for construction punch lists. It takes the form of a chart with headers that say: item number, location, item description, the subcontractor responsible, status, and date completed. The simplistic nature may be appealing to managers who prefer to use paper and pencil. However, projects with tasks that require more details, frequent status updates, or approvals may want to add more to it. Going digital also makes it easier to view, share, and revise as you go along. The benefits of punch list management Build better relationships This type of communication tool creates a better working relationship between a project owner and a general contractor because it allows them to be on the same page about task statuses. A punch list also ensures that everyone’s voice is heard. You may feel like the project is finally finished, but keep in mind that everyone involved has their own thoughts. Improve communication The entire team plays a part in creating the punch list. They're also responsible for maintaining it. Although there is a point person, everyone becomes a stakeholder for the remaining tasks in the project. It's also easy to reference and share if you use electronic tools such as project management software. Stay on track Failing to deliver all of your tasks on time and under budget can create major problems, especially when there are contracts involved. A punch list not only keeps a record of what you and stakeholders agree to but also paves a clear path for what still needs to be completed before the project deadline. Set expectations When you use a punch list, everyone on your team knows exactly what they are responsible for and when it is due. Employees don't have to worry about going above and beyond the punch list since that may involve time and expenses that are unaccounted for. Instead, they can focus on providing high-quality results for the most important tasks. Keep teams accountable Punch lists are visible to everyone on the team. Because there are names assigned to each item, it's easy to see who is completing their tasks on time and who isn't. Team members can support one another when someone falls behind and feel motivated by the progress that is being made in other areas of the punch list. What should be included in a punch list checklist? No matter what industry you are in, your punch list checklist should include each of the following: Punch number: The total number of tasks on the punch list or what number the specific task in question is on the list. Location: If there is a construction site involved, this is where the task will need to happen. If your work is all digital, you can use this space to designate which software tool this item will live in so that it’s easier to look up later on. Trade or department: Choose which specialty this task falls under. For example, signing off on the final design for a Times Square billboard campaign may fall under the marketing department’s responsibility. In construction, this may look like carpentry, plumbing, etc. Task name: A shorthand for what most team members will remember and understand. Task description: A paragraph describing what the task is, any general guidelines needed to complete it, and important details the assignee absolutely has to know. Files: Ideally, your punch list will be digital and have the ability to link out to or store supporting files. Things like photos, images, videos, and documents are all useful here as long as they directly relate to the task. Task type: What general task category does this punch list item fall under? Your team can come up with a list of specific categories that fit your unique project needs. Priority: Note this using a word or color designation. At a minimum, your priority scale should include low, medium, and high, but feel free to include more variety. Due date: As the name implies, this reflects when the task is due and absolutely must be completed. Owner: The person responsible for making the task happen. Approver: The quality control person who must sign off on the task completion, if needed. Task status: Commonly used tags include completed, awaiting approval, and in progress. Notes: Use this section to discuss the project, loop in other participants for opinions and updates, and elaborate on anything in the task that needs to be explained. Pro tip: As you can tell by now, each individual task will include a lot of details, which is why it is also important that your punch list is short and concise so that you maximize the effectiveness of your to-dos. It’s not a list of what you could do but what you have to do. Doing so will make sure you’re using the remaining resources wisely while maintaining compliance with the original project agreement. How to create an effective punch list template Start by using data from reports on similar projects you’ve done in the past. Look for things they have in common and add some of your initial task ideas to the punch list draft. Your team will help you decide whether or not to keep them later, but for now, they will form the foundation of your standard punch list template. Then, use a premade punch list task form or a project management task template to define each individual item. If you don’t have a premade one available, use the list outlined above to draft your own. Make sure that your template is simple and clear so that everyone on the team can understand how to use it. The key is to keep it streamlined, especially if your tasks are complex. Finally, add drop-down menus for categories such as task type or location if there are a limited number of options available. If the section requires a little more personalization, leave space for users to enter the text below the header. Using Wrike as an alternative to punch lists Wrike is a project and construction management tool that makes it easy to create, manage, and assign tasks. As you can imagine, it’s extremely hard to track punch list items on paper. Doing so leads to many errors and inefficiencies, and it can also hinder collaboration among various parties. Even a digital punch list tool has its limitations. Features such as asset storage and accessibility controls that Wrike offers aren’t typical of traditional punch list software. And yet, these details can make all the difference as you strive for efficiency in the final stages of your project. While a project management software may not have its own designated punch list outline, it does offer productive alternatives such as Kanban boards. A Kanban board is a visual representation of your workflow. Instead of a punch list, it uses columns and cards to represent the stages of your work. You can also set specific priorities and attach customized tags. Wrike also offers secure cloud storage. A project collaboration system powered by the cloud will allow you to keep track of all your team members and issues in real time. Wrike even works seamlessly with mobile platforms, which maximizes visibility. Blended teams across the globe can easily make and view changes in real time. Added all together, the features of a digital project management system combine to create a powerful alternative to traditional punch lists. In conclusion Using punch list and project management technology, team members can now communicate even when they're not in the same physical location. Wrike helps streamline this process by allowing you to assign, track, and monitor people for specific tasks. Start your two-week free trial of Wrike and see for yourself how you can get projects done on time and within budget through advanced task organization.
Cycle Time vs. Lead Time: Everything You Should Know
Lead time and cycle time are often confused with one another. Both cycle and lead time are important time metrics in manufacturing, but they’re also important strategic tools for project management. Project managers and team leaders need to fully understand their differences and similarities to harness their power. In this article, we’ll go over cycle time vs. lead time and what they do. We’ll also share some tips on managing both cycle time and lead time in your project management solution to achieve better results. An introduction to cycle time vs. lead time In a nutshell, cycle time measures the time it takes for a team to make a product, while lead time measures the time between the customer order and order fulfillment. Lead time is always longer than cycle time because cycle time fits into the timeline of lead time. In Scrum methodologies, cycle times are equivalent to a sprint. Here, we’ll discuss the differences and similarities between the two metrics. Keep reading to discover the answers to your most common questions about cycle time vs. lead time. What are the differences between lead time and cycle time? The cycle time is the time it takes for a developer or a team to finish a project. It is typically the time between when the work item is in progress and when it has been completed. The cycle time officially starts when an item is moved to “In Progress” and ends when it is marked “Done” in whatever project management solution you’re using. For example, when a marketing manager builds a social media campaign for Twitter, the cycle time begins when the team starts preparing the content. The lead time is the time it takes for a single unit of product to be created and added to the backlog when it is shipped. This is typically the time it takes for one project to be completed and sent to the customer. If you’re using a Kanban board, the lead time will begin once the item is added to the “To Do” list column. In the marketing example scenario above, the lead time will end once all the content is published on the platform. By measuring cycle time, you can identify areas of concern that need to be addressed to improve the efficiency of your team. But by measuring lead time, you can determine how many items are flowing into your queue and how long it takes for your team to check them off. And when it comes to testing the system's efficiency, focus on the lead time, not on the overall development process. In simpler terms, lead time refers to the time that has already passed, while cycle time refers to the time it would take. They are not easily compared side by side for this reason. What are the similarities between lead time and cycle time? First and foremost, lead time and cycle time both measure the minutes, hours, days, weeks, or months it takes a product to get from a starting point to an ending point. Those points are different for each, but they do represent a quantifiable period of time. If those measurements are consistent, then teams can achieve business continuity. If they aren’t, they may need to adjust in order to better plan and execute projects. Because of this, both lead time and cycle time offer insight into the efficiency of teams and their processes. These values examined simultaneously create an accurate picture of how a company uses its time when properly monitored and measured. From there, project managers and team leads can create realistic benchmarks. They can easily make the necessary adjustments, calculate these values again, and weigh the results side by side to see if any progress has been made. Lead time and cycle time are also values that represent effort versus output. After all, not all effort resolves in progress and not all output leads to outcomes you’re looking for. What does it really take to create this product? And what does it take to create this product once our team makes it? What about our customer orders — do those match up with our fulfillment plans? All of these questions and more can be answered with the help of these two tools. What do both lead time and cycle time metrics miss? Lead time and cycle time metrics miss the human element of project management. Although there are ideal turnaround times for a product or service, there may be interferences that you simply can’t account for in a mathematical model. For example, unexpected supply chain hiccups or sudden team shakeups from the Great Resignation may create longer than average cycle or lead times. Also, they may be great for predicting issues, but they’re not useful for diagnosing them. Only a holistic project management software can give you the full picture of what’s going on. Even if you know you need to make a change, simply relying on lead time and cycle time to determine your course of action may negatively impact other areas of your business if not used wisely. Cycle time vs. lead time vs. takt time The cycle time, lead time, and takt time are the three key factors that determine the average time it takes to produce a product. To better understand what they are and how they compare, let’s take a look at how to calculate each one: Cycle time: When the team begins to fill one customer order/ number of units in one customer order Lead time: When the incoming work request is received — the time it takes to deliver the end product Takt time: Total number of work hours available/ total number of products needed to meet total customer demand As you look at these equations, it’s easy to spot the differences. Cycle time and lead time refer to a singular order, whereas takt time refers to overall customer demand. This means that cycle time and lead time are smaller values within takt time. Lead time is useful for setting customer expectations of delivery times. The lag time between when the order is placed and the cycle time begins can sometimes take longer than the time it takes to create the product itself. This means that it’s important to incorporate the entire lead time in with delivery estimates. If you only use the cycle time to set expectations, customers may feel disappointed when their product takes longer to get to them than they were originally told. To summarize: Cycle time measures the time it takes your team to complete an order. Lead time measures the time it takes between order input and fulfillment. Lead time measures how long it takes to fulfill one order. Takt time measures the total number of hours you have available and how many average orders you can fulfill within that time frame. How to manage time metrics with Wrike Understanding both cycle time and lead time metrics will help you keep track of your team’s progress. It will also provide insight into how to pick up the pace and ensure that your customers are satisfied. There are plenty of tools available to help you determine cycle and lead time, but understanding how they're calculated can be helpful in planning releases. Project management solutions like Wrike add context to your metrics and make it possible to plan, monitor, and measure different strategies to improve them. One of the biggest obstacles to accurately measuring both cycle time and lead time is updating progress statuses. From order input to order fulfillment, there are quite a few different phases a request can go through. If even one status update is missed, the entire team can lose track of where they are in the fulfillment cycle. Wrike offers a few different features to help keep track of the statuses of all your projects, orders, and tasks. First, there are detailed task views which allow users to choose from a customizable menu of status updates. Then, once the task is marked as ready for review or ready for the next phase, Wrike will automatically trigger a notification to the next responsible party, saving time on individual updates and eliminating the opportunity for team members to miss the change on their own. Wrike also has time tracking, a must-have data feature for measuring cycle time and lead time. Time tracking is automatically recorded and measured so that project leaders can measure progress. This information helps laser focus on which phases or team members are responsible for higher than expected numbers. And with Wrike’s reporting capabilities, it’s easy to turn those insights into actionable adjustments. Now that you understand the nuances of cycle time vs. lead time, you’re ready to apply what you’ve learned with Wrike. Improve productivity, manage resources more efficiently, and better understand which processes are or not working with Wrike’s two-week free trial.
What Are KISS Principles in Project Management?
Think about the last time you had a “Eureka!” moment. Was it because you discovered something sophisticated, complex, and hard to understand — with all sorts of bells and whistles along the way? Probably not. More likely, your last lightbulb moment made you slap your forehead and say, “Why didn’t I think of that before?” Our best innovations and ideas often come when we adhere to a principle with a clear message: “Keep It Simple, Stupid.” The emphasis on simplicity has a long history. Occam’s razor, a problem-solving principle dating to the Middle Ages, holds that all other things being equal, challenges should not be multiplied beyond necessity. In modern parlance, we say: “The simplest explanation tends to be the true one.” In business, the KISS principle serves as a reminder that we human beings tend to overthink things. We like to fix systems that aren’t broken. We like to give input where none is needed. We like to add steps to processes to make them feel more “optimized,” even if those steps will only slow things down. But what does KISS stand for, and what does it look like when applied in the real world of project management? What does KISS stand for? KISS stands for “Keep It Simple, Stupid.” The message is just as simple: Don’t make your business processes any more complicated than they have to be. You’ll just end up creating more work for yourself. Even worse, a new initiative you’re launching might produce worse results if you add too much complexity along the way. KISS serves as a handy reminder that complexity doesn’t always reflect improvement. Project managers often like to think that toying with the formula means we’re constantly getting better. But in pursuing diminishing returns, we sometimes make things worse. Leonardo da Vinci once said that simplicity is the ultimate sophistication. Improvements in business are ultimately about finding those elegant solutions that should make us slap our heads and say, “Duh — why didn’t I think of that?” What is the KISS principle in project management? In project management, the KISS principle or KISS rule is a constant reminder to emphasize the simplest way forward. You adhere to KISS when you avoid attaching unnecessary steps to a process that doesn’t need them. The principle of KISS comes from specific projects in the U.S. military. Some trace the term KISS as an acronym that dates back to the U.S. Navy in the 1960s. According to some, Rear Admiral Paul Stroop had a simple assignment: reduce the cost of naval aerial weaponry under his watch. Stroop could have looked for cheaper equipment and materials. He could have renegotiated with vendors. Instead, he realized that the processes the Navy was using were too complicated. There were too many steps, too much red tape. To simplify, he set an example by asking the people under him to adhere to the acronym: Keep It Simple, Stupid. Another source traces the origins of the KISS project to Kelly Johnson, lead engineer at Lockheed Skunk Works. Johnson let the designers at Lockheed know their designs had to be simple enough that a soldier in a combat situation with basic training and tools should be able to fix it. In battle, there was no room for complexity. Wherever KISS started, the principles hold true today — no matter what kinds of projects you manage. “Keep It Simple, Stupid” examples But that’s the Navy. But what is the KISS principle like when used in business? Consider the example of Tesco, a UK supermarket with a reputation for innovation. Before rolling out one of these famous innovations, Tesco applies three questions: Is the innovation better for customers? Is the innovation cheaper for Tesco? Is the innovation simpler for staff? They’re not game-changing questions. They’re not complex. In fact, they’re all head-slappingly simple. Yet by implementing these questions consistently, Tesco identifies great new ideas and throws out the ones that don’t keep things simple. “Tesco’s secret sauce for innovation simplification was, appropriately, astonishingly simple: the company made people — and held people — accountable for simplicity,” writes Michael Schrage for the Harvard Business Review. “Keep It Simple, Stupid” examples aren’t limited to grocery stores, however. When asked about his “business success formula,” systems manager Thad Eidman said it boiled down to a four-step process: Get a customer Make them happy Get a referral Repeat There’s a reason “KISS” isn’t “KIS.” The final “s” serves as a reminder that as human beings, our knowledge and intelligence have limits. If a simple solution works, our interference can sometimes complicate and distort what would otherwise be an elegant way to handle business. KISS serves as a reminder to remain humble in the face of what actually generates results. Advantages of using the KISS rule Simplicity may sound obvious, but the consistent application of the KISS rule has all sorts of advantages: More emphasis on action: When you keep a process simple, it means spending less time on planning, thinking, and meeting. There are some projects that require consistent dedication to action and nothing else. An easier customer experience: At Tesco, one of the core KISS questions is whether a new innovation will be better for the customers. And if it’s not, Tesco throws the entire initiative away. If you’re just as strict about your KISS principles, you’ll make sure every new initiative passes a similar customer or team experience test. Less opportunity for problematic complications: KISS is just as useful in the worlds of IT and software engineering, where unnecessary complications only add new variables that can throw a wrench in the engine. More creativity: KISS might sound like it’s antithetical to creative projects. How are you supposed to thrive creatively when a project manager wants to emphasize only the practical elements of the project? But consider this quote from jazz great Charles Mingus: “Creativity is more than just being different. Anybody can play weird; that's easy. What's hard is to be as simple as Bach.” Sometimes, the best solutions — even in creative disciplines — are the simplest ones. KISS in software engineering Software engineers often like to point to a quote from Antoine de Saint-Exupéry: “Perfection is achieved not when there is nothing more to add, but when there is nothing left to take away.” KISS in software engineering is especially important because any unnecessary complication is an opportunity for the code to go wrong. Engineers also stick to a similar acronym, YAGNI: You Aren’t Gonna Need It. This is a warning against adding functionality that people don’t need; it only gets in the way of a simple, clear user experience. Engineers work to avoid “feature creep,” or the slow, consistent additions of new features to software that move it away from its core functionality. A software engineer might point to the best software and how simple it is. For example, Google earned its status as the top search engine, not because of its bells and whistles, but because of its minimalistic home page and delivery of the highest-quality results. In software, additional complexity has real costs. Add too many features, and the software may take too long to load. Add too many bells and whistles, and the user may find it difficult to onboard, leading to less use. In a paper on simplicity in software engineering, Ben Mosely and Peter Marks once said the following: “Considered next to testing and reasoning, simplicity is more important than either.” Their reasoning? An investment in simplicity makes any future consideration for that software easier to understand. Complexity, meanwhile, can make it more difficult to update software, add features, subtract features, or do anything that the end-user might consider an improvement. How to keep things simple with Wrike When KISS was still a new concept, project leaders could make an immediate improvement in their teams’ performance by posting the KISS mantra on the wall. These days, you might need more. Using Wrike to help with your project management efforts, you can use built-in features to perform the following: Eliminate silos by maximizing visibility across the entire team, removing the complexity of sharing files between different teams. Use Kanban boards to organize projects by simple due dates, which gives you one dashboard for reviewing everything that needs to be done today. Build an approval system that auto-assigns files to certain people for review. This will reduce the amount of “red tape” involved with every project milestone. Use your favorite apps. Wrike works well with over 400+ add-on apps, ensuring that you won’t have to use new third-party solutions if you already have a communications tool that’s working for your team. Simplicity looks easy from the outside. But on the inside, it takes real commitment. Complexity quickly crawls into our projects. We think that the more busywork we take on — the more steps we add to our personal formula — the more sophisticated our project must be. But good project management is about finding the elegant solution that simplifies rather than complicates. “Keep it simple, stupid” should be more than an occasional reminder. It should be a way of doing things that informs your actions as a project manager. Want to try using a tool that can help you adhere to the keep it simple principle? Sign up for Wrike today and see how simple project management can be.
What is the Difference Between Project and Portfolio Management?
PM, PPM, PgM. What is the difference between portfolio management and project management, exactly? And where does program management fit in? Here's a quick explanation of each in plain English to help you distinguish the differences. What is Portfolio Management? A portfolio is a high-level view of all the projects an organization is running in order to meet the business's main strategic objectives. It could be every project across the entire company, a division, or a department. Portfolio management involves setting priorities based on the business leadership’s agreed-on objectives, and then choosing programs and projects to undertake based on what will provide optimal business value, the level of risk involved, and available resources. According to project manager Bob Buttrick, while project management is about executing projects right, portfolio management is about executing the right projects. In Agile portfolio management, it's all about leaning into Agile principles and values to organize and plan for programs and projects within the portfolio. Project portfolio managers look at a company’s projects and evaluate whether they're are being executed well, how they could be improved, and whether the organization is experiencing the expected benefits. What is Program Management? A program is a group of related projects that all contribute to the same business objective or benefit. The program as a whole has a clear, defined goal, and each project within the program assists in meeting those goals. Program managers look at cross-project dependencies, risks, issues, requirements, and solutions, and may coordinate with individual project managers to achieve these insights and keep the overall program healthy. They’re less concerned with the success of every single individual project, and more focused on the success of the overall initiative and achieving the larger benefit. Program managers are also concerned with making sure the right projects are chosen or prioritized in order to achieve the most business value. Successful programs work towards improvements that will have a long-term impact on the organization, and unlike projects that have a specific end date, programs may be ongoing initiatives. Organizations manage projects as a larger program because doing so gives you greater control and benefits than you may see by managing them separately. It’s also easier to coordinate and prioritize resources across projects, and oversee progress and outcomes when you look at a group of related projects. What is Project Management? While portfolios and programs focus on a higher-level view of an organization's activities, a project is a single undertaking: a series of tasks that aims to produce a specific product, service, or benefit within a defined timeline. Project managers oversee individual projects, leading teams and making sure projects are completed on time, within budget, and meet the established requirements. They determine best practices, examine processes to improve efficiency, and work with stakeholders to make sure expected benefits are realized, among other responsibilities. Good project management means teams and team members are constantly developing and improving, giving the business a competitive advantage. Learn More About Project Management If you're a new project manager and still struggling to comprehend the vocabulary as well as the processes, then we've prepared a resource that you will find useful. It's called The Project Management Guide for Beginners, and it's online and totally free to browse. Bookmark it for easy reference. Sources: PMfiles.com, Wikipedia.org, ProjectSmart.co.uk
20 Questions for Project Governance Success (Infographic)
Whether you manage projects, programs, portfolios, project management offices (PMOs), or centers of excellence, you want to do all you can to ensure your projects are successful. You need not only good, but great project governance, which encompasses all of the processes, activities, and checks and balances necessary to ensure successful projects, programs, and portfolios. Check out our webinar From Good Governance to Great: How To Turbo-Charge the Success of Your PMO here Industry-leading global professional organizations, numerous research studies, and the stats of millions of failed projects every year point to an indisputable fact: governance is the #1 critical success factor for projects, programs, and portfolios. Avoiding project failure comes down to establishing effective project governance — but how can your team get there? How to get to project governance success Great project governance comes from asking the right questions to ensure best practices are followed. By asking these 20 questions, you will ensure you have the right foundational building blocks for project success. Discover why teams across industries and the world choose Wrike as their preferred platform to ensure project success. Sign up for a free trial and get started today. And don't forget to take a look at our dedicated webinar, From Good Governance to Great: How To Turbo-Charge the Success of Your PMO, to discover why governance is critical to project and program success and the questions you should be asking about proper governance.
The 4 Values and 12 Principles of Agile Project Management
When embarking on a new project at work, it’s important to have a structure in place to guide your project to success. A plan is important, but it can be difficult to know where to begin. Luckily, there are lots of tried and tested approaches to project management out there for you to choose from — these are called methodologies, and many are grouped into different families for organizations to use. Agile methodologies are some of the most popular approaches to project management, and if you’re wondering why, the clue is in the name — Agile methodologies allow project managers to be nimble and flexible, adapt to challenges as they arise, and pivot quickly to the most successful way of working. There’s a lot to understand about Agile project management to use it effectively in your organization. In this piece, we’ll cover what Agile is, the fundamental Agile values and principles, and how to incorporate the principles of Agile into your next project. What is Agile project management? First off, what is Agile project management? Simply put, it is a way of approaching project management that uses Agile values and principles to pave the way for project success. Agile uses a set of four values and 12 principles to guide project managers in their own work. These Agile values and principles were first developed and set out in a charter known as the Agile manifesto, which was written in 2001 at a gathering of developers and programming professionals. The Agile manifesto was created to find a solution to older project management methodologies and processes that were seen as unworkable for modern projects. The Agile manifesto had 17 signatories, who went on to be known as the Agile Alliance. Once the manifesto was released, the Alliance grew to eventually have more than 72,000 members worldwide, who all embrace the values and principles of Agile project management in their daily work. So, what kind of projects can be managed using Agile? Although it was originally developed for programming projects specifically, Agile lived up to its name and was able to be adapted for many different projects across a variety of industries. Agile is a flexible option for projects and allows goals to be changed without impacting the overall success of the project. This flexibility means that Agile is suitable for teams who like to move fast, without too many limitations or deadlines. If your team is consistent with its communication and enjoys less structure and more adaptability, Agile could be for you. But what are the core values and principles that make up the Agile methodology? Let’s explore each of them in detail. What are the four values of Agile? First off, let’s explore the Agile values. Individuals and interactions over processes and tools This is a cornerstone of Agile project management — favoring communication and interpersonal relationships over strict processes. Agile advises a more personalized approach to project management, where teams constantly communicate, rather than relying on more stagnant scheduled updates. Working software over comprehensive documentation Agile teams are not big fans of paperwork. They would rather utilize more flexible software solutions to manage their data, reports, and status updates than traditional documentation. Customer collaboration over contract negotiation Agile teams love collaboration, and that includes regularly updating and liaising with customers and stakeholders to get their input on how the project is progressing. Lengthy contracts with lots of revisions are part of the documentation that Agile teams prefer to move away from. Responding to change over following a plan Finally, we have the value that characterizes Agile project management above all else. Agile teams are responsive to change and thrive off adapting to new environments and challenges. These values inform every process and task that is done under the Agile umbrella. But what are the 12 principles, which delve further into what makes Agile so unique? What are the 12 principles of Agile? You may notice that many of Agile’s principles relate specifically to software development. As this was the background of many members of the original Agile Alliance, it was a strong focus for the Agile manifesto. However, these principles are still applicable to projects in other areas and industries — let’s take a closer look at how. Our highest priority is to satisfy the customer through early and continuous delivery of valuable software Agile teams place their customers’ happiness first and foremost and prioritize delivering results at regular intervals, rather than have them wait for one final reveal at the end of the process. Welcome changing requirements, even late in development. Agile processes harness change for the customer's competitive advantage Agile teams are ready and able to tackle changes, even at the last minute. This gives them an advantage over more traditional teams, who may not take to change management so easily. Deliver working software frequently, from a couple of weeks to a couple of months, with a preference to the shorter timescale Again, we note that Agile teams are all about regular and consistent communication, rather than scheduled updates that may be too far apart to be workable for clients. Scrum teams, which fall under the Agile umbrella, break their workloads down into one to four week-long timelines, known as sprints. Business people and developers must work together daily throughout the project Collaboration is key in Agile, not just between team members, but with stakeholders, developers, customers, and other relevant parties. Build projects around motivated individuals. Give them the environment and support they need, and trust them to get the job doneAgile teams are successful because they make sure to structure their team with the right people for the project. Once your team members have the support, collaboration, and tools they need to succeed, the rest will follow. The most efficient and effective method of conveying information to and within a development team is face-to-face conversation We can all admit that there is no substitute for in-person collaboration when it comes to project management. But this principle is also applicable in our ‘new normal’ of hybrid and remote working models. Zoom and Teams are a great alternative to phone calls and email, and teams can also make the effort to meet in person for key points of progression throughout the project. Working software is the primary measure of progress This principle cites software as its main deliverable, but its message endures — your focus as a team should always be to deliver the best quality result to your customers as possible. If they are satisfied, then that is the strongest indicator of your project’s success. Agile processes promote sustainable development. The sponsors, developers, and users should be able to maintain a constant pace indefinitely This can be a difficult task for many teams, who may come out of the gate with a burst of quick progress, before falling to a slower pace for the rest of the project. Agile teams must ensure that their working pace is consistent throughout the project. Continuous attention to technical excellence and good design enhances agility Agile is not a ‘one and done’ approach to project management. Every new project offers the opportunity for innovation and to create something new — not to keep rehashing the same ideas. Simplicity — the art of maximizing the amount of work not done — is essential Agile teams do not get bogged down in overcomplication — they meet their requirements, do their jobs well, and move on to the next project. The best architectures, requirements, and designs emerge from self-organizing teams The best teams are those with a leader who is not afraid to let them shine. Micro-managing rarely makes any team better or more productive, and Agile teams are great examples of what can happen when this is not the case. At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behavior accordingly Continuous improvement is the name of the game in Agile, and regular performance reviews of the team as a whole can help to break unhelpful habits and lead to more success. How to implement Agile values and principles into your projects You may be ready to give Agile project management a go, but are wondering how best to keep to the manifesto’s guidelines. There is no one way to implement Agile values and principles into your projects. The Agile manifesto is an intuitive guide for your teams to make their own — as long as you keep to the core ideas of Agile, you can adapt it to suit the needs of your project. One way to ensure success is to utilize project management software that is compatible with the principles of Agile. A collaborative work management tool like Wrike can aid your Agile team to project success with features like: One source of truth for reports, edits, and comments, with no unnecessary paperwork @mentions and app integrations, which ensure that all communication can be done in one place for quick and consistent updates Customizable request and intake forms, so that work can be clearly prioritized and you can make the most of every sprint Ready-to-use templates for your team, including Agile teamwork, sprint planning, Kanban projects, and more Discover how Wrike can bring your team to Agile success. Start a free two-week trial now.
What Is a Gantt Chart for Project Management? (Infographic)
Today, Gantt charts are a staple tool in project management software. They show up in project binders, on boardroom walls, and in project management plans — all because they are able to visually convey what would take paragraphs of boring text. But who invented them? What makes them beneficial for project planning? And what are the useful parts of every Gantt chart? Try Wrike for free Below we've put together an infographic to explain what is a Gantt chart, how it came to be, and why it's an awesome management tool that isn't going away anytime soon. Feel free to download it now and share it with your social networks, or read on for some more information about this ever-popular tool. What is a Gantt chart? Put simply, a Gantt chart is a visual tool used in project management that provides an illustrative timeline for tasks or activities involved in a project. Named after its inventor, Henry Gantt, this chart is essentially a horizontal bar chart that displays project tasks against a timeline. Each task is represented by a bar; the position and length of the bar reflect the start date, duration, and end date of the task. Gantt charts can also show dependencies between tasks, i.e., how the tasks are interconnected. This visual representation aids project managers in scheduling, managing, and communicating the project plan, making Gantt charts an essential tool in effective project management. The evolution of Gantt charts in project management Gantt charts have evolved significantly since their inception. Initially, they were used as a basic visual tool to track the progress of tasks. However, with the advent of digital project management software, Gantt charts have transformed into dynamic and interactive tools. Modern Gantt chart software now offers features such as real-time updates, drag-and-drop adjustments, and integration with other project management tools. This evolution has made Gantt charts and Gantt chart software an indispensable part of 21st-century project management. The benefits of Gantt charts in project management Gantt charts for project planning offer a visual overview of projects, enhancing planning and scheduling. They illustrate task dependencies, aiding in sequencing activities and identifying potential bottlenecks. By promoting transparency, they improve communication among team members and stakeholders. Gantt charts facilitate efficient resource allocation, preventing over or under-utilization. Moreover, they serve as a reliable tool for tracking progress and keeping everyone informed about accomplishments and upcoming tasks. They're a great tool for successful project management. If you’re wondering how to use a Gantt chart for project management, learn more about Wrike’s award-winning Gantt chart software here. Ready to try for yourself? Start your two-week trial now. Try Wrike for free
What Is a Deal Desk?
Imagine a high-value, non-standard deal shaking its way through your sales pipeline. Many stakeholders are involved — sales, operations, legal, and finance. You’re chasing stakeholders for approvals and sign-offs, and you run into lengthy negotiations. Suddenly the deal slows, making the client unsatisfied, or worse, the deal doesn’t end up closing at all. How do you set up your team to prevent hiccups and close deals efficiently and effectively? The answer is a deal desk. What is a deal desk? A deal desk is a centralized, cross-functional team that plays a part in facilitating high-value deals (specifically complex ones) through the pipeline. Think of it as your one-stop shop for closing deals effectively in a reasonable timeframe. What is the purpose of a deal desk? A deal desk’s primary purpose is to ensure that complex high-value deals cruise their way through the approval process and get signed. By centralizing representation from each of the stakeholders, bottlenecks in the sales cycle are reduced or eliminated. The process is not only more efficient internally but also externally from a client perspective. Research shows that successfully implemented deal desks reduce sales cycle times by up to 40% and enhance sales productivity by up to 20%. These productivity boosts are a win-win for the sales team, internal stakeholders, and clients. Alongside efficiencies, deal desks are beneficial because they provide insight, visibility, and consistency across an organization. Financial insights can be collected and provided by the deal desk team and shared among departments for revenue forecasting. In addition, deal desk metrics, such as profitability, average deal size, and win rates, can be measured and reviewed. Standardized approval processes, a professional services contract template, and pricing templates create consistency throughout the organization when managed by one centralized location such as the deal desk. What does a deal desk analyst do? So, who runs the deal desk? Teams are generally made up of deal desk managers and deal desk analysts, though titles may vary. A deal desk analyst is a crucial member, acting as a trusted advisor to the sales team, working as the primary point of contact amongst various departments, and constructing how non-standard deals should work. These roles are non-client facing but serve internal departments. The deal desk analyst works closely with all departments on their respective responsibilities throughout the sales process to contribute to team alignment. This includes ensuring deals are correctly constructed, offering guidance on pricing to maximize revenue, and addressing complexities around the non-standard contract terms while ensuring the whole process is carried out promptly. Process improvement, active collaboration with key stakeholders, operational support, and strategic deal execution are at the heart of this role. Deal desk team structure Here is an example of some of the roles that could be involved in the deal desk: How to set up a winning deal desk Much like anything within your organization, your deal desk’s success as an effective asset depends on how it’s structured and set up. Consider these best practices to set up a winning deal desk — and avoid some of the common reasons why deal desks fail: Clearly define the responsibilities of all members of the deal desk, as well as associated stakeholders. No two deal desks are the same, and the setup and structure may vary across organizations. It’s essential to clearly define the roles and responsibilities of all deal desk members, in addition to the expectations of each stakeholder that is going to work with the deal desk team. Keep your customer front of mind throughout the sales process. The deal desk should not only benefit internal teams working with one another, but it should also create a positive experience for all prospective clients. Understanding your buyer’s journey is a critical component of your strategy and processes. Empower your deal desk by ensuring they have the authority and tools needed to get the work done. After you’ve established the responsibilities of the deal desk, make sure the team has the necessary authority to carry out their roles effectively. For example, if you agree that your deal desk can have the final sign-off on a non-standard pricing agreement, let them exercise their authority here. Your deal desk team will also need tools to help them stay organized and work efficiently, so consider using a strong deal desk software, or research what is sales automation software, and which option is best for your team. How to use Wrike as your deal desk software Speaking of tools, Wrike can help your deal desk get more high-value deals across the finish line. Beyond functioning as a CRM, Wrike supports your team in achieving increased visibility and peak efficiency with everything from templates to streamlined workflows. Here’s a quick look at how you can use Wrike as your deal desk software: Create a new project for the specific deal your team is working on, and choose a default view (list, board, table, or Gantt chart) Queue up tasks that need to be accomplished as part of that deal and negotiation Assign team members and deadlines to each task Monitor your progress as you hustle to close that deal As you use Wrike more and more, you can avoid reinventing the wheel by re-using existing workflows and templated documents. Getting clients and customers to sign on the dotted line of a major deal can be stressful, but the good news is that Wrike can take a little bit of the pressure off. Start your free trial today.