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Events Sponsoring, Workshops & Presentations & Upcoming Webinars

Events Sponsoring, Workshops & Presentations & Upcoming Webinars 2018 Schedule

Strategy Execution Principles in a Disrupted Environment

Originally posted on Strategic Management Blog by LBL Strategies

Strategy

Too often a gap occurs between formulating and executing strategy. In a disrupted environment this can be a fatal error driving unwanted costs, lost opportunities and, ultimately, failure to execute. And when failure at execution occurs, the losses are significant regardless of sector.

According to the 2017 PMI Pulse of the Profession report, which surveyed 3,234 professionals globally researchers, in 2016 “companies wasted $97 million for every $1 billion invested in projects and programs.”

This is unacceptable. To help you from making the same mistakes, here are four fundamental principles which underpin our point of view on mitigating the gap between formulating strategy and executing strategy in a disrupted environment.

Principle 1: Leaders and managers at all levels of the organization must treat the organization’s strategy as a hypothesis to be tested, rather than a plan to be followed

In exploration of an alternative future, a customer centric, innovative or empowering strategy must be tested and retested as execution takes place. If leaders and managers are prepared to explore a range of plausible realities, then deciding where and how they must focus their efforts in each alternative future (i.e. scenario) informed decision making is possible. The level of enhanced strategic thinking during a well-constructed scenario planning process is vital to test assumptions to overcome disruption and lay the groundwork for effective execution.

We include in our “test and retest” point of view two other fundamentals. First, to help manage risk, preparation of a portfolio of strategic options or “small bets” to advance, prioritize and execute is recommended. And second, focus on a small portfolio of strategic initiatives with dedicated resources from the beginning so the organization can move forward, learn and adapt quickly.

Principle 2: Leadership and management are two-sides of the same coin and must act as one

metaphor is a distinct figure of speech that describes an object or action in a way that isn’t factually true but helps explain an idea or make a comparison. In this case, I use the metaphor “two sides of the same coin” to describe the relationship between leadership and management when it comes to executing an organization’s strategy. Both sets of roles and responsibilities must be fulfilled before execution can occur.

Antonio Nieto-Rodriguez, Past Chair of PMI predicts that, “By 2025, CEOs, senior leaders and managers will spend at least 60% of their time selecting, prioritizing and leading the execution of projects; as opposed to the 10% they spend today on average.” Leaders must communicate the strategy and its initiative to the team, inspire and motivate them to act, continually monitor events in the operating environment, point the team forward and transparently support the execution as their top priority. Managers must take the lead, both in responsibility and accountability, for implementing initiatives and actions that flow from the strategy to ensure strategic learning is taking place throughout the organization to guide the execution journey.

For this symbiotic relationship to flourish, leaders must be open to learning and adopting proven execution practices. Unfortunately, too often leaders don’t understand and/or appreciate the vital role they play in the day-to-day to ensure execution can occur. The Project Management Institute points out that the “number one success factor” in strategy execution is an engaged executive sponsorship. On the other side of the coin, managers (at all levels) must learn and apply proven strategy management practices which grow their understanding of the strategy, including its rationale, assumptions, benefits, risks and intended outcomes.

 

Principle 3: Excellence in communication is embraced as the most important core value

It’s been said communication is the currency of success. Ain’t it the truth! How often have you heard?

  • “We have a lack of communication”
  • “We have longstanding communication problems”
  • “We don’t communicate very well when it comes to execution”

After 33 years in this business I can tell you it is the most frequently raised weakness we hear by an order of magnitude. However, when “active listening” occurs and strategic assumptions are understood by everyone on the team, mid-level managers become inspired. When mid-level managers are inspired, workforce engagement grows. In turn, people put aside biases and look beyond siloed concerns to maintain focus on the big picture. When silos fall, people do what leaders want done because they want to do it.

To make this point once is worthless and to make it one hundred times will be insufficient. Real multi-stakeholder communications require purpose, leadership and mid-level management commitment and, wait for it, repetition. Make transparent stakeholder communications a core value if you seek execution excellence.

Principle 4: “Collaboration IQ” is highly valued and reinforced as the most important execution capability

Intelligence Quotient (IQ) has long been considered a determinant of an individual’s mental ability. However, most innovations are by-products of incremental, collaborative progress built upon shared awareness rather than individual intelligence. That’s why collaboration in organizations is key.

We depend on one another at every stage of execution to be successful as we face disruption and change. Collaboration is required when it comes to aligning the organization’s strategy with talent management and human resource management functions. Collaboration is vital when leaders and managers seek to align the organization’s IT strategy with the business strategy to drive competitive advantage. And collaboration is a must when we seek better integration strategy, project management, risk management and research functions within the organization.

In closing, the principles of hypothesis testing, acting as one, active listening, transparent communications and scaled collaboration are solid fundamentals any organization can adopt and practice to ensure strategy does not fail at execution.

LBL Strategies recently partnered with RMC to offer the Strategic and Business Management: Best Practices eLearning Course  (also available in our eLearning Bundler).

May Webinar Recording Certification Updates: PMP®, CAPM® & PMI-ACP® What to Expect in our Updated Products and Classes

Webinar Recording Certification Updates: PMP®, CAPM® & PMI-ACP® What to Expect in our Updated Products and Classes The Project Management Institute® (PMI) has updated their book A Guide to the Project Management Body of Knowledge (PMBOK® Guide).  This webinar will address many common questions regarding the update and how it applies to the different exam changes and the preparation needed for these exams. We will Help Answer the Following Questions and More: -How will the changes effect the certification exams? -What changes have been made to RMC’s products and classes? -How can these resources help me prepare? -PMO departments or Human resources leaders considering certification within your organization, when is the best time for your team members to prepare for the exam? Access Recording: https://attendee.gotowebinar.com/recording/6207884822933953539

Coverage of Agile Process in Rita Mulcahy’s PMP® Exam Prep-Ninth Edition

Agile Process in Rita Mulcahy's PMP® Exam Prep BookSince the publication of “Rita Mulcahy’s PMP Exam Prep, Ninth Edition” back in January, we have been getting a number of questions asking why the book does not cover Agile Process.  These readers note that A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, discusses Agile through out and is shipped in a package set with the “Agile Practice Guide.”  Seeing what they consider an obvious disconnect they reasonably ask whether RMC is suggesting that there will be no Agile questions on the PMP exam.

April Webinar Recording Certification Updates: PMP®, CAPM® & PMI-ACP® What to Expect in our Updated Products and Classes

Webinar Recording Certification Updates: PMP®, CAPM® & PMI-ACP® What to Expect in our Updated Products and Classes The Project Management Institute® (PMI) has updated their book A Guide to the Project Management Body of Knowledge (PMBOK® Guide).  This webinar will address many common questions regarding the update and how it applies to the different exam changes and the preparation needed for these exams. We will Help Answer the Following Questions and More: -How will the changes effect the certification exams? -What changes have been made to RMC’s products and classes? -How can these resources help me prepare? -PMO departments or Human resources leaders considering certification within your organization, when is the best time for your team members to prepare for the exam? Access Recording: https://attendee.gotowebinar.com/recording/3369010670599858178

Tricks of the Trade® Why Only Wimpy Project Managers Hold Status Meetings

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Tricks of the Trade® Why Only Wimpy Project Managers Hold Status Meetings by Rita Mulcahy, PMP

It is another busy day. As a project manager, you are pulled in many different directions and your
day is spent in meetings. But does this need to be the case? Why Are Status Meetings Bad?
You have probably been to hundreds of these meetings, but have you ever thought about what
is really going on? Each person, in turn, reports what he or she has been working on. The first
person talks and talks, and no one really cares. The next person talks and talks, and no one really
cares. The last person is sitting there, fuming, “This is just great. I’m sitting here wasting my
valuable time for the next two hours until they get to me!”

Tricks of the Trade® for Handling Unrealistic Schedules

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Tricks of the Trade® for Handling Unrealistic Schedules by Rita Mulcahy, PMP So, you have been given a project completion date from management or the customer that you think is unrealistic. Did you know that this is the project manager’s fault? Yes, I mean that. This only happens if a project manager is not using the tools of project management properly. Here is how to handle this situation once and for all.

February Certification Updates: PMP®, CAPM® & PMI-ACP® What to Expect in our Updated Products and Classes

Webinar Recording Certification Updates: PMP®, CAPM® & PMI-ACP® What to Expect in our Updated Products and Classes The Project Management Institute® (PMI) has updated their book A Guide to the Project Management Body of Knowledge (PMBOK® Guide). This webinar will address many common questions regarding the update including, how it affects the different exams and what preparation is needed for these exams. We Will Help Answer the Following Questions and More:    -How will the changes effect the certification exams? -What changes have been made to RMC’s products and classes? -How can these resources help me prepare? -When is the best time for your team members to prepare for the exam (PMOs & HR Leaders)? Access Recording: https://attendee.gotowebinar.com/recording/3709375488971964162

Webinar Recording-Project Management Certification Timing: Your Questions Answered

WEBINAR RECORDING: Project Management Certification Timing: Your Questions Answered The PMP® exam is changing because The Project Management Institute® (PMI) has updated their book A Guide to the Project Management Body of Knowledge (PMBOK® Guide).  This webinar will address many common questions regarding the update, including: How will the changes effect certification exams, Should I register for the exam now or wait until the new exam is released, What if I am not prepared to take the exam right now, What resources are available and When is the best time for your team members to prepare for the exam? VIEW WEBINAR

What You Need to Know about Upcoming Changes to Rita Mulcahy’s™ PMP® Exam Prep Book

It’s that time again. The Project Management Institute® (PMI) has updated their book A Guide to the Project Management Body of Knowledge (PMBOK® Guide). This occurs every four years. It’s PMI’s way of keeping the book current with today’s project management practices. For RMC it means that all of our books, software, and classes have to be revised to stay in alignment with the PMBOK® Guide-Sixth Edition. It also provides us with the opportunity to make other changes to our products and courses so we can deliver the best possible learning experiences. And we are hard at it. RMC’s flagship product, Rita Mulcahy’s™ PMP® Exam Prep book, is currently undergoing extensive changes. Many are driven by updates found within the PMBOK® Guide-Sixth Edition, while others are made to improve the learning experience and incorporate feedback from our readers and students. We also utilize in-house knowledge gained after the publication of…

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