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Minimum Viable Product (MVP)

Mnimum Viable Product - MVP

Mnimum Viable Product - MVPYou’re an Entrepreneur. Or you’re a Product Manager charged with launching a new product. But how can you know if your new product or service idea is a good one? How can you minimise the risk of an expensive flop? The answer is to build a Minimum Viable Product – an MVP.

Like some of the best of our Big Ideas, a Minimum Viable Product is exactly what its name suggests. It is the minimum product you could create that is viable in terms of serving its primary purpose. So, let’s put some detail on that minimum viable explanation.

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Business Case: Investment Appraisal and More

Business Case

Business CaseA Business Case is a valuable tool. It’s the corporate world’s equivalent of the scales of justice. Like a mini adversarial system wrapped up as a document of record.

As a project manager, business cases are like mother’s milk to me. But they won’t be for everyone. So before I introduce yet another gratuitously clichéd metaphor, let’s explain what a business case is, and why you need it.
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Triple Constraint: Time, Cost, and Quality

Triple Constraint - Time Cost Quality

Triple Constraint - Time Cost QualityTime, cost, or quality. Choose one. They are the corners of the triple constraint. And this is the most basic, most important idea within Project Management.

Project Management itself is a Big Idea that we have already covered. But when you are leading a project, the triple constraint is your guiding compass. It gives you the bearing for every decision you need to make.

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The Cone of Uncertainty

The Cone of Uncertainty

The Cone of UncertaintyThe Cone of Uncertainty is a concept from the world of Project Management. But, as an idea, it is so compellingly simple and so widely applicable, that it deserves a place of its own in our Big Ideas series.

So, in this article, we’ll take a look at what the cone of uncertainty is, and how it makes a helpful mental model in many contexts.

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Agile Project Management

Agile Project Management

Agile Project ManagementHow do you adapt traditional project management into a rapidly changing environment? One that is characterised by shifting priorities and high uncertainty. Arguably, you don’t need to – project management has always had the tools for this. But, with the Agile Manifesto of 2001, software projects have a new paradigm. A modification of traditional approaches, called Agile Project Management.

And make no mistake… Agile has become a ‘Big Thing’. In fact, it bears some of the hallmarks of a fad, while also having a lot to offer an informed organisation with wise and pragmatic project leaders to call upon. But, as with all good ideas, it also attracts its converts and zealots.

Of course, here at Management Pocketbooks, we tend to eschew extreme and simplistic ‘right versus wrong’ arguments in management. We’re here to suck out the good stuff and brief you on what it is and how to benefit from it.

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Project Management

Project Management

Project ManagementWhen you want to create something big, new, and complex, how do you keep all your tasks, time, and resources under control? The answer is Project Management.

We’ll never have the documentary evidence to prove it, but my assertion is that the discipline of Project Management goes back thousands of years. But even today, practice is evolving. In a world that is changing faster than ever, Project Management is a profession and a toolset that is becoming ever more valuable.

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PRINCE2

PRINCE2
PRINCE2
PRINCE2

Project Management is an important skill, not just for professional project managers. Increasingly, managers of all sorts are called on to manage projects. And one big idea in project management is PRINCE2.

PRINCE2 was developed in the UK, for public sector projects. But there, some non-Governmental organisations have adopted it. Some have done so because they work with the public sector. Others because it offers a valuable framework for accountable projects.

The same reasons account for the uptake of PRINCE2 outside the UK. It is at its most popular in:

  • northern Europe (Germany, Netherlands, Belgium) and
  • the English-speaking world (Australia, South Africa and the United States)

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The Black Swan Effect

The Black Swan Effect
The Black Swan Effect
The Black Swan Effect

Black Swan is a movie that follows the story of a ballerina in a New York ballet company. Her life is consumed with dance.

Oops. Wrong Black Swan.

The Black Swan is a book that sets out the nature and impact of rare, improbable events. The author, Nassim Nicholas Taleb, coined the metaphor of Black Swan to describe them.

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Kanban

Kanban
Kanban
Kanban

Toyota is a powerhouse for developing ideas that you’ll find around the world. Take for example, Lean, Kaizen, Seven Wastes, Just in Time, Jidoka, Six Sigma and, indirectly, Scrum. And one more: I give you Kanban.

Pronounce Kanban as kaahnbaahn with long aah sounds. It started out as part of Toyota’s ‘Just in Time’ lean production system. The word refers to cards that visibly represented the flow of parts through the manufacturing process.

Now, we use Kanban tracking project work. It has risen in popularity over recent years with the rise of Agile project management. It is one of the more popular Agile methodologies. And it’s also often combined with the most popular approach: Scrum.

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Hirotaka Takeuchi & Ikujiro Nonaka: Scrum Development

Hirotaka Takeuchi and Ikujiro Nonaka have featured in an earlier Pocketblog, which was focused on Nonaka and the work  he led on how knowledge can transform organisations.

Arguably, it is how Nonaka and Takeuchi took some of their thinking forward that has led to a far bigger transformation. In 1985, they co-wrote an article for the January 1986 edition of Harvard Business Review. Called ‘The New New Product Development Game’, this article was instrumental in revolutionising the discipline of Project Management.

Takeuchi and Nonaka gave us a new way of thinking about how to develop products and deliver projects. And they coined an evocative sporting metaphor for their process, which has stuck: Scrum.

Hirotaka Takeuchi & Ikujiro Nonaka
Hirotaka Takeuchi & Ikujiro Nonaka

Ikujiro Nonaka

Born in 1935, Ikujiro Nonaka gained a BS in political science at Waseda University, then started work at Fuji Electric, where he created their management programme. Nonaka left Fuji in 1967, to study at the University of California, Berkeley. He was awarded his MBA in 1968, and his PhD in Business Administration, in 1972. He took posts at US universities, before returning to Japan, as a professor at the Graduate School of International Corporate Strategy, Hitotsubashi University.

Hirotaka Takeushi

Born in 1946, Hirotaka Takeuchi got his BA from the International Christian University, Tokyo. After a short spell working at McCann-Erickson, he went to the University of California, Berkeley, where he got his MBA in 1971, and his PhD in 1977. During his time at Berkeley, he also worked summers for McKinsey & Company in Tokyo and, more important, met Nonaka.

Takeushi took a lectureship at Harvard in 1976 until 1983, when he joined Hitotsubashi University School of Commerce, where he became a full professor and Dean of the Graduate School of International Corporate Strategy. He stayed until 2010, when he returned to Harvard, as Professor of Management Practice, where he is now.

The New New Product Development Game.

In January 1986, Harvard Business Review published ‘The New New Product Development Game‘ by Takeuchi and Nonaka. This was about a new way to do New Product Development, or NPD. They drew on the idea of ‘ba’ – a Japanese coinage of Nonaka’s, meaning a meeting place for minds and the energy that draws out knowledge and creates new ideas.

They also took a look at the Toyota idea of teams coming together to solve problems. They introduced a sporting metaphor from the game of Rugby; that of the scrum. They used scrum to denote the way teams work together intensively when the ball goes out of play. In a work environment that demands creativity and innovative problem solving, this is just what is needed.

They followed this article up with a 1995 book, ‘The Knowledge-Creating Company: How Japanese Companies Create the Dynamics of Innovation‘. This looks at the way Japan became a major economic power, especially in the automotive and electronics industries. they argue that Japanese firms are successful because they create new knowledge to produce successful products and technologies.

Scrum Teams

The model they created for Scrum Teams is of a cross functional group that can work autonomously to resolve its own problems. Their organisation is ’emergent’ meaning there is no assigned leadership or structure; it just emerges from the effective collaboration of its members.

To work best, a Scrum Team needs to be co-located, and work together full-time. This allows a high level of cross-fertilisation of ideas, and a dedication to working on their shared problems, tasks, and initiatives.

Scrum as an Agile Project Management Methodology

Agile project management seeks to avoid the all-or-nothing approach to projects that used to characterise traditional approaches – especially when done in a way that slavishly follows a set of ‘rules’. Although good project managers have always incorporated a lot of plan-do-review (the Deming Cycle), the growth of software development projects demanded an increase focus on agility and incrementalism.

This was the basis of the Agile movement and today the single most widely used Agile methodology takes its name and guiding principles from Takeuchi and Nonaka’s metaphor: Scrum.

In Scrum projects, a Product Owner is responsible for detailing the business requirements and ensuring that the business gets a good return on its product development investment (RoI). The Scrum Team, led by a Scrum Master, selects one subset of functionality from a product backlog of undeveloped functions, divides it into tasks, and works intensively on developing the outputs for a fixed time, known as a Sprint, which is usually 30 days.

Each day, the team gets together for a daily Scrum Meeting to share learning, report progress, discuss challenges, and solve problems. At the end of the sprint, the team should produce a working product that is stable and useful. After a reflection and learning process, the team then works with the product owner to define the subset of functionality it will work on in the next sprint.

The team continues like this until the Product Owner concludes that the next sprint would not create enough additional value to justify the incremental cost.

The Scrum Project Management Lifecycle
The Scrum Project Management Lifecycle

 

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