How to Call It “Done”
Being able to balance the need to invest further when a project merits it, with the need to curtail investment in a project when it’s time, is a critical management skill. Let’s review signs when your project investment thinking needs some fresh perspective:
- You have projects requesting further investment and you’re not sure whether to provide it or not.
- You are chartering a project group and you need to let them know how much investment resource they can expect.
- You have to make a tough call on perhaps ending a project investment, and you want some perspective.
- You are seeking the optimal mix for projects between getting it right and getting it out the door.
When you feel like this, know you are not alone! Most every manager struggles with these challenges. The balancing of how much to invest, for how long, in new projects is not easy. Here are our Top 5 Times to Sharpen Your Project Management Thinking:
- You are setting expectations for the level of viability required by a new project to be considered ready for implementation
- Your project has met the minimal viability standards with minimal investment and you are debating whether to send it into the marketplace
- Your project has not met the minimal viability standards with minimal investment and you are debating whether to invest more or not
- Your project has required maximal investment, but still attained minimum viability, and you are debating what to do next
- Your project has not achieved minimum viability even with maximum investment, and you are debating whether or not to pull the plug
Being smart with these decisions pays big dividends. Here are some:
- You get more projects, over time, out the door, with less investment.
- You cut losses sooner and invest more funds, over time, in productive ways.
- You build a culture of rapid prototyping and fast stakeholder feedback, over time.
- You are able to set clear expectations for success for your project teams.
Learn a simple yet powerful tool for determining how to make investment decisions in projects here.