Defining Project Success – Part 2 of 2

In this second podcast of the series, Ricardo talks about the success in projects from the perspective of the sponsor or the executive. He explains that the project must be aligned with the company's strategic planning, generate strategic benefits, financial results and that these benefits should be defined at the initiation of the project.

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Episode transcript

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Hello everybody welcome to the five Minutes PM. Podcast Today. I like to return back to the Project Success podcast that I did last week and why I wanted to return back because I received a lot of comments coming from my Brazilian colleagues, a like for high end, like Renee, and I know asking me and complain in a little bit about, okay, so you said that only on budget on time, so speed up the Project a lot, a great criteria for Success and agree with that.

And they asked, but that we need to think above and beyond. We need to think about your strategic Alliance meant doing the right things. Not only doing things right. And what I like to discuss it's completely right. Does a statement we need for sure, to align our project two, our strategy and why I didn't mention to much of this last week, because for me to me, this is such an obvious you stink because this is the project doesn't have any kind of alignment, any kind of corporate benefit it's pointless to do it.

It's point that regardless of doing non time and on budget. So all the challenge for us is to prepare because of this, that I always tell people, worry, take care, concentrate your report, to prepare a good Project charter to earn, understand that. What do you want to accomplish with that project? It's not doing by doing so. We need to understand if it's tight strategically and because of that.

So looking to the face of PMBOK each on time and on budget, but what time I am, I did in the past BMI released at the new standards only to make sure that the project management profession goes up to a more strategic the level because of that, that we created a star, the four portfolio for our program. And now we are such warrior about Project selection, et cetera. And why does, because this will leverage our professional to an upper level to decide strategically.

If our project is a lion salt Success is do well. What we need to do, let me give you a brief example. If you go to the pmi.org webpage and check the 1997 BMI project of the year, most of you don't know, but who you receive a dis award was the Kodak Advantix film, a new completely release off the 35 millimeters film for cameras may be nine, 9% of you doesn't know what do you and tell him right now, didn't know what is Advantix.

This was a revolution. And on that, in that time, you will have a lot, a much more comfort to manipulate your film. It's a much more easy to handle well up to process in this project. What was done own time on budget correctly, such a good Project that they received the most prestigious award of BMI. And what happened? Why do we are not buying millions of Advantix film?

It's because of exactly this strategy. When we start using a digital camera, Dan, this year, and just completely the environment, I'm not discussing here, the strategy in this podcast, but look so we did it very well, but he did it wrongly in the wrong way. So we need for sure to make all this alignment. And if the project is not good enough to be executed, it's not as strategic.

The strong does that have a strong strategy alignment. It's mostly much better to choose another one. So it's much better to not start the Project. This is not a failure. This is a decision, but it starts something that you were short that we will not work. Our, we will not be that and the fit your company. It's not only failure. It's craziness, it's craziness because of it, we believe in a very competitive environment.

We need to start all with a project that we are short, that we can accomplish. Well, strategically. And after that, we need to do that. Wow. So we do the right things, right? Not only do things right, because of that, that I, I'm preparing the second Podcast because I spent the five minutes talking about do right things. Now I'm turning to do things right out So and all of this line from good strategic alignment to good execution.

This will be built us Success and this will be built us successful. Project I hope you enjoyed this podcast. Thank you very much. And see you next week with another five minutes BM Podcast.

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Defining Project Success – Part 2 of 2

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