Have you ever felt frustrated with the speed and cost of your new product development projects? How many ever came in on time and on budget? Project durations of 200% of planned time are quite common and result in massive cost overruns as well. Some projects go on for years with no end in sight and the anticipated revenue is eroded by ongoing project cost before the project is even finished.
Part of the problem is unrealistic and poor project planning. The reality is that for new product development projects at the project planning stage 50 to 60% of all the project information that we need is not available to us as project managers. We do not even know where our knowledge gaps are. Because these knowledge gaps are not rigorously identified they go unseen and consequently workflow cannot be planned or managed well enough. This leads to frequent task delays, breakdowns and crises. Most importantly we cannot prevent future crises if we have to focus on the current and immediate crises that happen on a day to day basis as a result of poor project planning and poor situational visibility . A common result of the conventional project planning and management process is frequent project rework and cost overruns.
A heightened level of operational excellence in the execution of the project planning and managment process can substantially reduce rework and waste of time and resources.
Applying the OODA process in the lead up to project planning will allow you to identify project requirements better and with our next-generation project planning software tool ProjectDSM you can identify project issues and knowledge gaps that will typically result in project rework. You will be able to quantify the cost of that potential rework and you will be able to optimize your project plans for time to delivery, lowest project cost or a combination of both.
You will be able to easily identify inherent project risks and learn how to manage project assumptions at the right time during the course of the project.
You will be able to assess the impact of the availability of resources, part time workers and having too many projects running at the same time on the duration of your projects and the financial impact of delays.