Business leaders play a significant role in building an organization that supports both people and the system. Besides, executives must ensure the successful delivery of projects on-time and on-budget. This requires them to have a standardized work breakdown structure, resource management, and risk management processes in place. While improving the project oversight, there are two areas that executives must lay their focus on.
In this article at PMO360, Dr. Glen Jones explains that executives must focus on ensuring that organizations have the right talent to execute the project. Additionally, they must also emphasize the importance of key performance indicators (KPIs) to ensure that the project meets the approved plan.
Areas that Executives Must Focus On
Hiring Right Talent
Today’s pursuit of the right talent is as competitive as ever, led by advancing technologies, generational shifts, skills shortage, and evolving dynamics around the nature of work. This reality demands that executives take charge of attracting, developing, and retaining their organization’s talent. Besides, “executives are responsible for setting the project teams up for success for all projects they approve. Due to this obligation, executives need to provide their support to build a sufficient project organization, including systems, personnel, and resources,” says Dr. Glen.
Executives must build a project organization that they know is capable of delivering the projects they approve. However, they must not approve the projects if they cannot provide these things.
Every industry has a unique KPI that will provide some assurance that the project is following the plan. Your basic KPIs must include cost variance, a revision to the scope, and schedule variance. When you track KPIs, especially when you do so on a real-time KPI dashboard, you will ask what, why, when, and how to your employees. This makes learnings from successes and failures a daily activity, rather than weekly or monthly. Using proper KPIs, the executive can hold the appropriate control to oversee and govern projects throughout their lifecycle.
To read the original article, click on https://www.pmworld360.com/blog/2020/08/20/what-should-executives-focus-on-when-they-oversee-projects/.