Project Goals/Choosing the Right Project

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4.7 Executing a Project Right

So far in this chapter, we have talked about choosing the right project. This is only the first step in executing a successful project. Executing a project right is just as important. Most of the rest of the book will concentrate on this aspect. From now on, we should concentrate on doing the right project right. Companies and project managerial consultants, after examining thousands of projects, have identified the precursors to a successful project. These precursors to a successful project can be summarized as:

- Selection of the right project (covered in this chapter). - Project team quality, continuity, and coordination (Chapter 3).
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Control of changes (Chapter 15). Use of competitive technology. Continuing use of Value Improvement Practices (VIPs). Sufficient Front End Loading (FEL).

Before beginning this journey through the tools for helping the Pro-jectManager do a project right, we need to say a few words about several of the precursors mentioned above: Use of competitive technology. It is obvious to managers throughout the manufacturing world that new technology is the biggest driver to increasing profits. Project teams should always be ready to consider using new technology to help their companies be competitive. However, a word of caution is appropriate now. Do not try to bring in unproven technology at the time of a project. The risks of doing this are huge. New technology should be developed and tested before the project is begun. There is always the temptation to use the venue of the project to bring in new technology while the funding is available under the project. Resist this temptation. There are plenty of other challenges to meeting the project objectives without adding an additional complication.
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Value Improvement Practices (VIPs). These well-proven practices should be applied on an as-needed basis as the project evolves. Table 4.2 shows the various areas of potential improvements, their likely time of application and the potential impact on the project value.2 Sufficient Front End Loading. The amount of Front End Loading done at the time of project authorization has been shown to directly affect the ability of a project to meet its goals. We have mentioned Front End