Episode transcript The transcript is generated automatically by Podscribe.
Hello everybody, welcome to the five Minutes BM. Podcast another day, a friend of mine was saying, Oh, this is not a packed project. And to be honest with you, this was the first time in my life. I heard the name of the sentence pet project I know of pet dogs. I know petshop, but I have never heard about the project. And what I did, I decided to do some research and try to understand more; what is a pet project at that point is it is a project or an activity that is a Pet personal favourite.
It's not is required in its not necessarily important for that organization. Probably a this is a vacated by one person or very few people. It brings no Valley. There is no concrete reason for doing the project, but I know do you see some people strongly defending the project? So you see that there is a lot of personal agenda on this kind of project. So, of course, my advice to you, it's basically to follow three steps on that and think that you are the project manager where you are the portfolio manager, the first it's understood the power and politics behind this project.
So first try to increase your awareness of the real roots of the project need what is real root Y this project is putting in place prior to understanding not the basic and concrete criteria, but try, you know, and of course this you'll never find in the form of the report. You need to go backstage and see; you need to do some informal chats, trying to understand why there are people or so in favour, all of this project in why this political awareness is important because otherwise, you are using the wrong criteria to analyze your problems.
And this raises me to the second point. Do you have a clear set of curious on how to select projects, so do you need to apply them? The set of criteria was on that project, and you need to tell them, look, this project based on the criteria we have will not go true. But again, if this is a pet project of an executive or a senior person, this person had most of the time the right to do a force in; I recorded some podcasts.
Talking about the concept of foresee foreseen is a project that you decide to do despite not fulfilling the set of criteria as you put in place for you. Portfolio fours out are the opposite. So for us, it means, look, I don't care about that. The criteria, this project will be done because I have my gut feeling that this project is what we should do and why the second step is very, very important because it will transfer the ownership, the decision to dose decided to keep the Pet project.
It's very important. And now, so to use this as the power for you to educate people, how about the Rio criteria's and this is the third one is that understand, we try to, you should pick. Why is that telling you? Because many people become very, very rare when they create a set of criteria is, and they want to is really spell everything that you know, and it does not fit all the criteria in a perfect world. This will be really the right thing to do, but the word is not perfect.
And there is a lot of politics, a lot of power, and there's a lot of things going on in, in me every single day organization. And you need to understand that sometimes if you start shutting people for not complying with your criteria, you will have a very, very strong opposition. And you need just to understand, just to let you know, most of the Pratt Projects, they were killed anyway in the future because when the delivery comes and this, of course, this is a very high price to pay, but this is part of their life.
Look, for example, Google brilliant organization. And they have Pet, Projects pretty much every quarter with ideas. So it's very important that you understand that sometimes do you, as a portfolio manager or use the project, we do not have the power to just stop this. And you need just one to understand and use all your knowledge to advocate people, to advocate people, to make proper decisions. Because of the cost of failure, he is very, very high and reduces your ability to compete in the marketplace.
This is the point you should always highlight in your project. I hope you understand this and enjoy your pet dog and enjoy your pet, your little bird or your little cat, but let's stop with the pet. Projects see you next week with another five minutes before Podcast.