| Has your company established Best Practice? | | | | After these projects have been prioritized by cost |
| Here are the major stages of determing Best | | | | estimates and return expected, a project |
| Practice and Implementation: | | | | management office is ideal to help you manage and |
| Determine and share a Corporate Mission Statement | | | | achieve these goals. |
| Every employee should know what the mission | | | | Use a Project Management Office |
| statement means and how their position helps to | | | | The Project Management Office (PMO) will be |
| accomplish the mission. | | | | responsible for starting, planning, controlling and |
| Establish and Communicate Corporate Level Goals | | | | completing all projects across the company. In |
| High level "SMART" goals, are aims that are Specific, | | | | addition to necessary procedures and software |
| Measurable, Accurate, Realistic and Time bound. | | | | relevant to manage these tasks, the PMO should list |
| These can include goals such as increase in revenue, | | | | project estimates, man-hours, skill sets and |
| improvement in employee retention, reduction of | | | | departments that need to be involved with each |
| outstanding receivables, improvement of business | | | | project. A dedicated project manager is an excellent |
| processes and the addition of new products or | | | | resource to manage the larger, long-term strategic |
| services. | | | | projects. |
| Aim to achieve a ‘balanced scorecard'. This | | | | Review Lessons Learned |
| approach ‘balances' the financial measures with | | | | After projects are closed, either successfully or not, |
| three other areas: employee learning and growth, | | | | a talk-back session must be scheduled within the |
| business process improvement and customer focus. | | | | company to allow all employees involved to share |
| These three areas will ensure that the future of the | | | | their experience and to discuss the pro's and con's of |
| company is sound, rather than concentrating on | | | | the process. These meetings are very valuable in |
| financial-related information based on the past, it | | | | establishing best practices. |
| ensures that the improved efficiency and satisfaction | | | | Establish Best Practice |
| of your employees, combined with customer | | | | Once data is collected regarding the management and |
| satisfaction, will contribute to a prosperous financial | | | | production process within the company, the PMO or |
| outcome for the company. | | | | the in-house project manager, will analyze and |
| Corporate goals should be shared and exchanged | | | | summarize these findings, creating a methodology by |
| between departments so that conflicts and | | | | which to perform tasks in the future. By establishing |
| cross-functional efforts are identified. | | | | a management methodology, past successes can be |
| Prioritize | | | | repeated and the pitfalls of efficiencies may be |
| These corporate goals should then be prioritized by | | | | avoided for upcoming projects. |
| senior management based on Return on Investment, | | | | Can you deliver what you promise? On time and with |
| Payback Period, Net Present Value, Internal Rate of | | | | consistent quality? |
| eturn, and Economic Value Added. In addition to | | | | A solid corporate mission, SMART goals with a |
| senior management, Senior IT department members | | | | balanced scorecard approach, and establishment of |
| houls be included in setting the priorities for projects | | | | management best practices and processes will ensure |
| and identifying possible technical synergies. | | | | that you can. |