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Are PMOs maximizing their return on investment?

Posted on by Adam Kovitz
I have been contemplating how the Project Management practice, especially in a Project/Program Management Office (PMO), is progressing in the 21stCentury. I hear about organizations investing a good amount of capital and resources in building a PMO, then disbanding it to the product or program manager to project manage their work, only to then re-invest in a PMO at a later date.
I do not believe that project managers (PM) have a gap in knowledge in how to work in a PMO or a Professional Service Organization (PSO).  But I do believe that the management of projects has become more complex and that PMs need to be more involved in the initiation phase of the project when the scope is being discussed and agreed upon.  I don’t believe that PMs have lost the methodology that Waterfall or even Agile offers them. Rather, I believe that more PMs and PMOs are facing more challenges because of changing platforms, for example cloud, and the delivery of those platforms because of lack of insight regarding scope. There are additional challenges when resources whocan actually do the work on the project have become scarce andwhen budget constraints are no longer reasonable.  Even project scope has become more nebulous.
With these challenges, is it any wonder that PMOs continue to have a high failure rate across the board? I also see more burnout among PMs. Is it any wonder that senior management has increasinglybecome disenchanted with PMOs? I can tell you that I do not wonder about this anymore. What are the main challenges and what do I suggest? Let’s have that discussion.
The PMO has lost its vision
There has been a disturbing move to commoditize our practice. In this I mean that the PMO is not clear on what its role is in accepting a project and identifying scope. Also, it seems that more and more organizations are moving to do more with less. That means individuals who are managing projects are either first time PMs, or the PM on the project is given a project with no clear scope and little support when it comes to resources. PMOs must have in their charter that a PM is assigned to a project in the initiation phase. And, if they don’t, they must establish that immediately. Also, for seasoned PMs, I see another road bump: the prospect of working with little resource help and working with other less experienced PMs, especially in this ever-confusing new paradigm.
PMs have to become more vocal
PMs are not innocent bystanders in this dilemma. PMs must become more vocal after they receive a project and have a review of the scope as soon as they have their initial meeting with the project team. PMs must also communicate the risks in the project to senior management. Also, PMs have to add to their ever increasing workload the prospect of having to work on more complex projects and new platforms. This includes becoming familiar with new service level agreements (SLAs) and new partners who bring new platform experience that PMs have to come up to speed with. These are only some of the risks that must be communicated.
My answer
As a PM, I am as troubled by these challenges as other PMs and senior management are. I do believe there are several ways a PMO can help begin improving itself:
  1.  Conduct an audit in the SWOT (Strength, Weakness, Opportunities, and Threats) method. I believe that PMOs have strengths and opportunities they are not capitalizing on. I also believe that the weaknesses and threats are growing.
  2. Ensure that the methodologies in place are being followed by all PMs. That goes for all sizes of projects. Yes, some small projects may not need a change order or a full-blown communication plan, but that does not preclude PMs from delivering a project schedule, status report, and risk and issues log at the very least.
  3. Conduct a survey among senior management to receive their input and advice on how to improve the PMO. As stakeholders, they have a vested interest in improving the PMO.
  4. Conduct a survey among the PMs to find out what is right and wrong in the practice. Emphasize the right and make plans to eliminate the wrong.
  5. If lessons learned are not being conducted with clients, begin them and use that feedback to improve the PMO.
I understand that PMOs may be blind to possible solutions and may need an objective third party to identify them. I believe I can provide objective advice to PMOs to help guide them back to “green.”I want to continue to promote and advance the PMO entity because I believe in it. If you have taken the steps that I have described above and they have not worked or if you believe you need a guide on the steps above, please contact me at Benny A. Recine.

I believe that I can help improve the return on investment in PMOs by focusing on specific project deliverables that may not be evident to management or PMs. So, let’s have the discussion on how I can help you make your PMO life better. Contact me and we can begin our journey to advance your PMO so that it is the place for a PM and for senior management to go to for project implementation.

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Google Blogger: For Websites?

Posted on by Adam Kovitz

Blogger is Google’s free web tool for creating blog sites. That’s the traditional intent of the product. While it is a great tool for blogging, Blogger is also a terrific tool to create very cost effective and fairly robust professional websites. Such websites are a great cost effective solution for any business, organization and job seeker to promote their brand and develop their initial internet presence.
I built my own company website and blog site using Google Blogger, and by following these blog design tips. However, I did so not to save money. As a full service consultant with my own Princeton Technology Advisors, LLC information technology consulting practice, I could have built my website in one of many robust platforms. I offer many other website development platforms to my prospective clients, in addition to Blogger. In this case, I chose to build my website using Blogger to demonstrate to my prospective small-business and non-profit clients just what can be accomplished when their need to manage their investment budget is a top priority.
Developing a full and robust website in Blogger can be as satisfying as it is economical. The product has many themes and templates built in, and offers the ability to edit and customize the format and content via a simple dashboard and page editor. You can add additional functionality by integrating other Google tools (e.g. Google Drive, Calendar, etc.), as well as incorporating free and low cost 3rd-party plug-ins. In addition, Google has no required website charges for hosting and publishing on the Blogger platform.

Anyone comfortable using computers and having a little technology experience can learn to create and manage their Blogger website with relatively little effort. However, given that most professionals are quite busy with developing their business and brand, it may make very good sense to contract with someone well versed in Blogger (or any web development tool) to help with those efforts for several reasons:

  • Most professionals are quite busy starting their business and growing their brand. They put much of their time in what they know best. If Blogger (or any website platform) is new to you, you may be able to more quickly publish your website when you engage someone with the needed skills to quickly complete the work on your behalf.
  • Soliciting the advice of others can give you objective opinions as to design and style. Also, you may find that others you consult will have an expertise you have not yet achieved.
  • The Blogger dashboard and page editor support many standard and intermediate formatting, including adding links, uploading images and font formatting. Among the shortcomings of the standard page editor are that the default number of font sizes, colors and types are limited, and some layout features such as tables are not supported. However, those can all be accomplished by coding HTML, the language that internet browsers interpret, directly within the page.
If you have not yet published a website, and have put off doing so because of a potentially large upfront cost, consider creating your new website with Google Blogger. You will be pleasantly surprised with the ability of this tool to help you gain and grow your social media and internet presence. Should you have any questions about how to get started, please feel free to contact us at Princeton Technology Advisors, LLC.

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Monthly Meeting

Posted on by Adrienne Roman

John_Hadley_9729

The Breakfast Club NJ Presents : “Common Traps That Trip Up Job Seekers”Presented by John Hadley

Saturday March 12th at 8:00am ET

Synopsis:

Saturday March 12th at 8:00am

Please share this with other groups you may be in. Join us on Meetup.com at: http://www.meetup.com/The-Breakfast-Club-NJ/ to RSVP for the meeting.

RSVP

Presentation: “Common Traps That Trip Up Job Seekers”

Are you frustrated by your job search, and not even sure what’s going wrong?

John Hadley (www.JHACareers.com) has coached 100’s of job seekers, and along the way has seen all sorts of traps that trip up candidates, often without them even being aware they’ve done anything wrong.

Join us on Saturday, March 12, as John Hadley shares strategies and techniques he teaches his 1-on-1 coaching clients to make sure they don’t get snared by these traps! After all, if you don’t even know you’ve done something wrong, how can you ever hope to fix the problem?

John Hadley teaches job seekers who are frustrated with their search strategies and skills to tap into the ‘hidden’ job market and land the job and pay they deserve. He also works with professionals struggling to gain new opportunities at work. His free Career Tips email newsletter is read each month by 9,500 subscribers; check it out at www.JHACareers.com/Newsletter.htm.

Bio

John Hadley helps job seekers who are frustrated with their search. He also works with professionals struggling to achieve the visibility that leads to new opportunities at work.

After graduating from Stanford University, John worked as an actuary in the insurance industry for 20 years, ultimately as Chief Actuary of his company. He then opened a successful systems consulting practice, which generated over $2.5 million in revenues. 13 years ago he started his Career Search Counseling business, and has helped hundreds of clients land the job and pay they deserve.

John is a sought-after writer and speaker, publishing a monthly Career Tips Email newsletter to 9,500 subscribers, each month bringing advice on marketing yourself for a career search, or for accelerating your career. He is currently finishing his first book, “Cruising Through Executive Interviews to Land the 6 Figure Job You Deserve.” You can find a variety of career resources on his website at www.JHACareers.com.

About the Meeting:

Networking begins at 7:30 am, meeting starts promptly at 8:00 am.

There is a $10 fee at the door to cover the cost of the room.

Be sure to tell your friends and bring them along. Be a part of our growing network of Job Seekers, Hiring Managers, Recruiters, Career Coaches, and people who want to be able to help themselves and each other.

Event Location:

Days Hotel Conference Center

195 Rt. 18 South, East Brunswick, NJ 08816

732-828-6900

Meeting Format:

7:30 to 8:00 – Registration & Open Networking

8:00 to 8:15 – Welcome and housekeeping

8:15 to 9:15 – Presentation by the guest speaker – Limited to 60 minutes

9:15 to 10:15 – Elevator Pitch – 30 Seconds about yourself, who you are, what you are looking for, target companies (3-4), how we can help you, how you can help others. Follow the rule of the Three B’s of Public Speaking: Be informative; Be brief; Be seated.

10:15 until you choose to leave – Open Networking, follow up with people you are interested in meeting following their elevator pitch, exchange business cards, peruse the library, arrange follow up meetings, etc.

The Breakfast Club NJ – 10 Points for Good Member Citizenship

1) Attend meetings regularly to keep group strong and help pay back to others (meeting logistics on our website www.thebreakfastclubnj.com)

2) Keep anti-virus on your machine up to date and run scan regularly

3) Review messages and if request for assistance please help whenever possible

4) Once you have received your invitation and joined our linked in group, connect to other members directly(questions see Gerry Peyton -gpeyton@ptd.net)

5) Join groups Facebook group, Google +, and connect to other members directly (questions see Adrienne Roman – adrienne1204@optonline.net)

6) Join groups twitter account (questions see George Pace – keeppace@gmail.com)

7) If you run across someone in transition invite them to join our group and sponsor them through process (details on our website www.thebreakfastclubnj.com)

8) Sunday mornings listen to our radio show, “Your Career Is Calling”, at 8am ET either on radio at 107.7 or via internet 24/7 live or on demand at www.1077thebronc.com (as this is a call in show your calls help make it successful)

9) If you are in transition put your elevator pitch in writing to group, ask for help with job search issues or connecting to people at target companies, regularly post job opportunities (from email you joined the group – send email to thebreakfastclubnj@yahoogroups.com)

10) Help fellow members whenever possible

  1. Attend meetings regularly to keep group strong and help pay back to others (meeting logistics on our website www.thebreakfastclubnj.com)
  2. Keep anti-virus on your machine up to date and run scan regularly
  3. Review messages and if request for assistance please help whenever possible
  4. Once you have received your invitation and joined our linked in group, connect to other members directly(questions see Gerry Peyton -gpeyton@ptd.net)
  5. Join groups Facebook group and connect to other members directly (questions see Adrienne Roman – adrienne1204@optonline.net)
  6. Join groups twitter account (questions see George Pace – keeppace@gmail.com)
  7. If you run across someone in transition invite them to join our group and sponsor them through process (details on our website www.thebreakfastclubnj.com)
  8. Sunday mornings listen to our radio show, “Your Career Is Calling”, at 8am ET either on radio at 107.7 or via internet 24/7 live or on demand at www.1077thebronc.com (as this is a call in show your calls help make it successful)
  9. If you are in transition put your elevator pitch in writing to group, ask for help with job search issues or connecting to people at target companies, regularly post job opportunities (from email you joined the group – send email to thebreakfastclubnj@yahoogroups.com)
  10. Help fellow members whenever possible

RSVP

We look forward to seeing everyone let’s make this a great meeting for our members that are in transition and welcome those that have landed

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Bill LaChance Blog

Posted on by Adrienne Roman

Introduction

One of the most perplexing issues that arise when in transition is financial planning. If you have a Finance background, maybe this does not apply to you. But for most of us, financial considerations, run neck and neck stress-wise, with finding employment.

Wouldn’t it be great to have the opportunity to ask financial questions to a qualified financial planner to help you make those important financial decisions, especially in the midst of tax season?

Well, guess what!

At the next Breakfast Club NJ meeting, Saturday February 13, 2016 at 8 a.m., you will have that opportunity to ask those questions to Bill LaChance, an independent financial advisor based in Chatham NJ. Bill offers a unique flat fee program and focuses his practice those going through or contemplating a career transition. Prior to launching his financial planning practice, Bill spent twenty two years in corporate finance in the retail industry and before that was a CPA with a large accounting firm. Bill has a B.S. in Accounting from Bryant University, an MBA in Finance from Indiana University and completed the Financial Planning Certificate program at Fairleigh Dickinson University. Bill is also an Enrolled Agent authorized to represent taxpayers before the IRS and provides tax consulting and preparation services.

Following this note, is one of Bill’s blogs from last year to help you start thinking of questions you can ask him on Saturday.

See you Saturday!

Adrienne Roman

RSVP

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Pros and Cons of Rolling a 401K/403B to an IRA


By Bill LaChance

One question many folks have when leaving a job is what to do with their 401K/403B. It most instances rolling over your 401K to an IRA makes the most sense, but in some situations the better option is to keep the money in your current 401K or roll the money into a 401K at your new company.
Taxes work for a 401K/403B plan the same as for a traditional or rollover IRA. You put money in pre-tax, the earnings grow tax deferred, and you pay taxes on any amount withdrawn.

While the taxation rules are the same, some of the features of the various plans differ. This blog focuses on those features that would influence your decision to roll over your 401K/403B. Since none of the differences between 401Ks and 403Bs are relevant to this discussion, going forward I will only refer to 401Ks. Keep in mind that the features I describe apply to 403Bs as well.

When you leave a job you have four options with what to do with the money in your 401K.

1. Do nothing and leave the money in your former company’s 401K.
2. Rollover the money to your new company’s 401K.
3. Rollover the money to an IRA.
4. Withdraw the money.

The fourth option should be avoided if at all possible. Besides paying taxes on the money you withdraw, you will no longer have that money available for your retirement and you may have to pay a 10% penalty. This option will be a topic for a future blog.

Here I focus on the pros and cons of the first three options.

Do nothing and leave the money in your former company’s 401K

There is one situation where I believe it makes sense to keep the money in your old company’s 401K. That is if you leave the company any time during the year you turn age 55 or later. The reason has to do with the 10% early withdrawal penalty. The IRS imposes a 10% penalty (on top of having to pay income taxes) for retirement plan withdrawals made prior to age 59 ½, (with certain exceptions). One of those exceptions is that you can make a withdrawal from a 401K before age 59 ½ without paying a 10% penalty as long as you left the service of your employer during the year you turn 55 or later. This exception does not apply to IRAs. I did speak to someone recently whose advisor recommended rolling over her 401K to an IRA. Later, when she needed to withdraw some cash, this person found out that she was responsible for the 10% penalty, a penalty she could have avoided had she left the money in the 401K.

Rollover the money to your new company’s 401K

401K plans allow loans and IRAs do not, so if you think you may need to borrow against your 401K in the future, you may want to roll over your existing 401K balance to your new company’s 401K. Since most companies do not allow you to borrow against your 401K if you are no longer employed with that company, leaving it with your old employer may be less desirable.

Rollover the money to an IRA

If neither of these two situations applies to you, it is usually better to roll over your 401K to an IRA. IRAs have several advantage over 401Ks. The first is that you have much broader investment options, including the full complement of low cost index funds from providers like Vanguard, Fidelity, or Schwab. Second is the availability of conversions to a Roth IRA. With a Roth IRA you pay your income taxes up front. With a traditional IRA, you pay your income taxes upon withdrawal. If you find yourself in a low tax bracket for a period of time, converting some (or all) of a traditional IRA to a Roth IRA and paying the taxes at that point may be a viable option.

Finally, IRAs have exceptions to the 10% early withdrawal penalty that 401Ks do not. The first is that you are allowed to withdraw up to $10,000 penalty free if used for a first-time home purchase. The second exception is that IRA funds can be withdrawn penalty free if used for qualified higher education expenses for you or someone in your family. The third exception is using IRA funds to pay for health insurance premiums, as long as you collected unemployment insurance for at least twelve consecutive weeks. In each of these instances you will not pay a penalty, but will still have to pay income taxes on the withdrawals from the traditional IRA.

If you are not sure which approach is better, you can hedge your bets and roll over part of the 401K to an IRA and leave the remainder in a 401K. Unless you are in a situation where you must make a withdrawal, it is advisable to wait until you secure a new job until making any decision on rolling over your 401K money.

Please feel free to reach out if you have any questions.

This blog has been republished with the permission of Bill LaChance.

RSVP

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Bad Hires Are Expensive

Posted on by Adam Kovitz

Bad hires are expensive based on an interesting survey performed by CareerBuilder revealed that 41 percent of companies estimate that a bad hire costs more than $25,000; 25 percent of companies said a bad hire costs more than $50,000. And the higher the position, the higher those numbers become. Besides such costs, which are extraordinarily […]

The post Bad Hires Are Expensive appeared first on Landing Expert Career Coaching.

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Manage Your Professional Network

Posted on by Adam Kovitz

You’ve heard this before: “It’s not what you know, it’s who you know.” Of course it helps to know things. But, it’s more important to know people who can get you in the position to demonstrate what you know. Those people are your professional network. Building yours doesn’t have to be hard.

Here’s how manage your professional network…
Having a strong network is critical to your professional success. The trick is to make sure you are building a diverse network. Do so by adding people from different industries, backgrounds, age groups, ethnic groups, etc. Building a deep network by only including people from your current profession, industry, business or team leaves too many stones unturned, limiting potential opportunities.

If you are just getting started in building your network, begin by creating a list of fifty people you know. Everyone is a potential connection. Include classmates, friends, past and current colleagues, family members and members of associations to which you belong. Include contact information for each person on your list. You will be surprised at how well connected you already are regardless of your career level. Create and develop a professional business profile online. The most popular website for business networking is LinkedIn. Facebook and others will also serve you well. In addition, there might be a sites suited to your profession, industry or specialty. Once you identify you know, connect to your contacts and begin to cultivate your relationships.

We achieve our greatest success through our relationships with others. That’s why it is critical to build and maintain your network. However, approach is everything. If you build your network with the goal of supporting others, you will be far more successful than if your goal is to solely satisfy your own objectives. Your network is a valuable component of your professional brand and success.

As you cultivate your relationships, the contacts you have will refer you to people in their own network. Build relationships with those new contacts and grow those relationships. Stay organized, ask each person you connect with the best way to stay in touch, and express thanks with a hand-written note or a thoughtful email. Then, you are well on your way to building a strong network.

To be truly successful at networking, you need to be continuously making new connections while at the same time nurturing the relationships you have. Remember, if you take the attitude that it is about you, you will be less successful in retaining your network. But if you treat your network as a group of people you serve and support, your experience will be much more positive and you will attract what you need to be successful.

I encourage you to leave a comment by clicking on “…comments” below…

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Stakeholder Analysis

Posted on by Adam Kovitz
Co-authored by Benny Recine and Harvey Greenstein

I have asked a colleague and friend of mine, Harvey Greenstein, to co-author this topic.
Stakeholder analysis is infrequently done by Project Managers (PMs) because it can be time consuming, especially if the PM is new to the organization. However, we contend that stakeholder analysis is critically important, and even more so when the PM is new to the organization. Either way, we believe that stakeholder analysis should be done on every new project a PM receives because even if the internal stakeholders may be the same individuals, the external stakeholders may not be.

Who are stakeholders?

Simply put, a stakeholder is any party with an interest in the positive or negative outcome of a project. Yes, even a negative outcome, because someone in the organization may benefit by a project being canceled. A stakeholder can have a positive or negative influence on a project.
Stakeholders are diverse, but examples include:
  • A project sponsor who is funding the project.In some of my (Benny’s) earlier columns for the PMI NJ Chapter, I discussed the importance of a project sponsor.
  • An end user of the deliverable from the project

Why are stakeholders important?

The importance of stakeholders may not always be self-evident. But if a PM does not understand the importance of stakeholders, a project can get off to bad start. Stakeholders carry a lot of weight in influencing the budget, resources, and schedule of the project. They understand the need for the project and, most importantly, can direct positive input to the project. If a stakeholder, for example the project sponsor, is on the “same page” as the PM, the project can run smoother for the PM. Why is attracting positive stakeholders important?
  • They can positively influence the negative stakeholders. 
  • They can help the PM get the right resources for the project.
  • They can influence the budgeting process for the project.
  • They provide executive communications and champion the project.

What is stakeholder analysis?

Stakeholder analysis refers to identifying stakeholders and understanding their attitudes towards the successful outcome of the project. Stakeholder analysis typically takes place during the initiation phase of a project. ​However, it is best if it is done at regular intervals to track changes in stakeholder attitudes over time and to identify new stakeholders​. Results of the stakeholder analysis may also be documented.
There are different types of stakeholders, and each needs to be engaged differently to clarify who they are and what benefits they bring to the project.
​

I am open to discussion at any time on these blogs or anything else related to project management you would like to explore. If you would like to comment about this blog, please do so by posting on this blog or by responding in an email at Benny A. Recine. You may inspire a blog article. I look forward to your comments.

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Applying for Jobs Is Ineffective

Posted on by Adam Kovitz

Many people are looking desperately for suitable jobs, but ask yourself whether you’re just working hard at it or smart at it. Many get so disappointed by the entire process that they give up entirely. Please don’t! Via this article, I want to revive your interest by attempting to logically explain the job search process […]

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We Judge with Our Eyes

Posted on by Adam Kovitz

I am on vacation and not even on American soil. It is a vastly different milieu in almost every respect. I find myself continuously comparing, contrasting, judging, and labeling people. Of course, this continuous chatter is only in my head. I don’t share it with anyone, God forbid. But isn’t that what we do in […]

The post We Judge with Our Eyes appeared first on Landing Expert Career Coaching.

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Want to Change Career? What Does It Take?

Posted on by Adam Kovitz

Want to Change Career? No surprise that in this economy more and more people are toying around with the idea of changing careers. For some, such a change represents an opportunity; for others, it may be a necessity because their industries are shifting, shrinking, or becoming extinct. The question my clients ask with more and […]

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