There is no future in the status quo . . . Just ask Sears, Blockbuster, Novatel, Blackberry, Nokia, and the list goes on and on!
There is no future in doing things the way we have always done them! Status quo always ends in irrelevance and obsolescence!
As business leaders we need to continuously challenge ourselves and our organizations to innovate and improve. We need to shake up our industries and stop doing things because we have always done them that way. Rather, we need to start doing the right things smarter, more cost effective, more rapid, and error free!
For example, in the project engineering world, projects have continuously escalated in cost over the years. We have all heard of projects that started at $X billion and ended up costing 2 or 3 times $X billion! Now there are many reasons for this (refer to my mega-project article) but one of the major reasons is that we are simply not challenging the status quo. Instead, we doing things the way we have always done them . . . it seems more comfortable that way because change is uncomfortable!
Although an engineering project today has basically the same objectives as an engineering project 20 years ago, how we get from start to finish needs to be fundamentally changed! Engineering companies need to step back and re-evaluate their businesses to remove legacy mindsets, legacy tools, and outdated processes while implementing new and relevant ones.
Take the automation engineering world as an example. It is undergoing dramatic change because of technologies like:
As I wrote in a post a few years ago, project management is not for the faint of heart! Projects can be very complex and stressful.
Besides managing scope, schedule, and budget, project managers need to manage relationships with staff, customers, contractors, vendors, community leaders, and many others. Much of this project management is now done virtually as the project team, contractors and customers can be spread in multiple locations over multiple time zones, cultures and languages.
This is a daunting task!
Even more daunting is the task of a person responsible for the oversight of multiple projects. How can one person possibly stay on top of all the details from multiple large projects?
The answer is that they cannot and they should not even try!
So, what can a leader who is responsible for oversight of multiple large projects do to ensure the projects are on track and delivered successfully?
Every now and then you come across tool or a process that provides a ton of value in a simple and effective package. This tool or process is easy to understand, easy to integrate into your existing systems, and it provides an extraordinary level of value to you and your business.
The EAC – ITD chart is one of these tools. You need to leverage this tool into your business! Download it from the Business Tools tab on my website.
I originally built this tool as a method to track project health when I was responsible for overseeing a large portfolio of projects. It is a simple little graph that tells you right away if your project managers really understand their projects and if their projects are going to meet the organization’s financial expectations.
So, what is it and how does it work?