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More About This Title Project Management ROI: A Step-by-Step Guide for Measuring the Impact and ROI for Projects
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An exclusive portal to the methods and tools the ROI Institute uses to determine return on investment in project management
To survive this modern age of financially skeptical "show me the ROI" investors, it is a crucial step for companies to develop an effective project management strategy in order to stay ahead of the curve and achieve success. Project Management ROI takes the guesswork out of determining how to monetarily value projects by teaching the time-tested Return on Investment (ROI) methodology. It presents these results-based concepts in a methodical, reproducible manner that project managers, executives, and analysts can use as a validated reference for future projects. This book focuses on an array of measures to forecast project value and collect data during and after implementation, including reaction, learning, application and implementation, impact, return on investment, and intangibles. Project Management ROI:
Is the first book from the renowned ROI Institute to focus on project management ROI
Provides both the tools and methodology for measuring the ROI of project management investments
Will help project managers discover the value of specific project management solutions to justify project expenditures
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Wayne Brantley, MSEd, PMP, CRP, CPLP, is the Senior Director of Professional Education for the University Alliance (www.universityalliance.com). He has taught and consulted on project management, quality management, leadership, curriculum development, Internet course development, and return on investment to Fortune 500 companies around the world.
Dr. Patricia Pulliam Phillips is an internationally recognized author, consultant, and President and CEO of the ROI Institute, Inc. Phillips provides consulting services to organizations worldwide. She helps organizations build capacity in the ROI methodology by facilitating the ROI certification process and teaching the ROI methodology through workshops and graduate-level courses.
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The Need for This Book xi
A Guide to Project ROI xii
Credibility Is Key xiii
Audience xiii
Target Areas for Projects xiv
The Difference xiv
Flow of the Book xv
Acknowledgments xvii
About the Authors xix
1 Project Management Issues and Challenges 1
What Is Project Management? 1
Why Projects Fail 4
Project Leadership: Getting Results 8
Project Management Issues 9
Final Thoughts 14
2 The Project Management Lifecycle 15
The Project Management Steps 15
Project Management Solutions 23
Project Management Maturity Model 26
Final Thoughts 29
3 ROI Methodology Basics 31
Types of Data 31
The Initial Analysis 34
The ROI Process Model 36
Operating Standards and Philosophy 47
Implementing and Sustaining the Process 48
Benefits of This Approach 49
Final Thoughts 51
4 Achieving Business Alignment with the Project 53
Importance of Business Alignment 53
Determining the Potential Payoff 54
Determining Business Needs 59
Determining Performance Needs 64
Determining Learning Needs 65
Determining Preference Needs 67
Case Study: Southeast Corridor Bank 68
Developing Objectives for Projects 72
Final Thoughts 76
5 Measuring Reaction and Learning 79
The Importance of Reaction 79
The Importance of Learning 81
Sources of Data 84
Topics for Reaction Measures 86
Topics for Learning Measures 87
Data Collection Timing 88
The Challenges and Benefits of Measuring Learning 88
Data Collection Methods 90
Data Use 93
Final Thoughts 94
6 Measuring Application and Implementation 95
The Importance of Application and Implementation 95
Challenges 97
Measurement Issues 99
Data Collection Methods 101
Barriers to Application 104
Application Data Use 105
Final Thoughts 106
7 Measuring Business Impact 107
Project versus Project Management 107
The Importance of Business Impact 108
Collecting Effective Impact Measures 110
Business Performance Data Monitoring 117
Data Collection Methods 118
Measuring the Hard to Measure 127
Final Thoughts 128
8 Isolation of Project Impact 131
The Importance of This Issue 131
Preliminary Issues 134
Isolation Methods 136
Final Thoughts 150
9 Converting Data to Money 153
The Importance of Converting Data to Money 153
Key Steps in Converting Data to Money 156
Standard Monetary Values 157
When Standard Values Are Not Available 164
Technique Selection and Finalizing Value 171
Final Thoughts 175
10 Measuring the Intangibles 177
The Importance of Intangibles 177
Measuring and Analyzing Intangibles 180
Confronting Intangibles 186
Final Thoughts 198
11 Monitoring Project Costs and Calculating ROI 201
The Importance of Costs and ROI 201
Fundamental Cost Issues 203
Specific Costs to Include 206
Cost Classifications 208
The ROI Calculation 209
Other ROI Measures 214
Final Thoughts 215
12 Forecasting Value, Including ROI 217
The Importance of Forecasting 217
The Timing of Forecasting 219
Pre-Project ROI Forecasting 221
Forecasting with a Pilot Program 231
Forecasting ROI with Reaction Data 232
Forecasting ROI with Learning Data 237
Forecasting ROI with Application Data 237
Forecasting Guidelines 238
Final Thoughts 241
13 Reporting Results 243
The Importance of Communicating Results 243
Principles of Communicating Results 245
The Process for Communicating Results 247
The Need for Communication 248
The Communication Plan 249
The Audience for Communications 250
Information Development: The Impact Study 252
Media Selection 254
Reactions to Communication 261
Final Thoughts 261
14 Implementing and Sustaining ROI 263
The Importance of Sustaining the Use of ROI 263
Implementing the Process: Overcoming Resistance 264
Assessing the Climate 266
Developing Roles and Responsibilities 266
Establishing Goals and Plans 269
Revising or Developing Policies and Guidelines 270
Preparing the Project Team 272
Initiating ROI Studies 273
Preparing the Clients and Executives 275
Removing Obstacles 275
Monitoring Progress 278
Final Thoughts 278
Endnotes 279
Index 283
