Project Canvas Part 2: Purpose

Summary

This video discusses key aspects of project management, focusing on the foundation of purpose, investment, and benefits. The purpose section highlights the importance of understanding the project’s objectives, whether solving a problem or seizing an opportunity. Investment refers to the funding required, which may come from various departments or stakeholders, and benefits emphasize the return on investment, particularly from a business perspective. The speaker also stresses the importance of clear goal-setting techniques like the SMART framework and asking 'why' to clarify objectives. The content aims to guide teams in executing impactful projects aligned with business strategies.

Takeaways

• 😀 Define the purpose of a project clearly to understand why it's being done and the problem it aims to solve.
• 😀 Always ask 'why' when starting a project to ensure that the project aligns with business goals and strategies.
• 😀 Investment in a project refers to the total cost allocated for it, which can come from various departments or sponsors.
• 😀 Focus on the benefits a project brings to the company, such as increasing customer retention or improving processes.
• 😀 When proposing IT investments, emphasize the tangible benefits (e.g., increased customer satisfaction) rather than just technical improvements.
• 😀 Make sure a project has a clear problem to solve or an opportunity to capture, avoiding unnecessary projects just to spend allocated funds.
• 😀 Use tools like 'keep asking why' and SMART objectives to set clear, measurable, achievable, and time-bound goals for the project.
• 😀 A SMART goal should be specific, measurable, action-oriented, relevant, and time-based to ensure project success.
• 😀 Example: A clear SMART objective could be reducing recruitment process time from 30 to 20 days, with a measurable improvement in candidate quality.
• 😀 The success of a project should be quantifiable—use metrics like satisfaction indices or cost reductions to measure the outcome.
• 😀 Reflect on what makes a project unique and emotionally engaging to inspire participation and long-term impact.

Q & A

What are the three foundational aspects of a project discussed in the script?

The three foundational aspects of a project discussed are purpose, investment, and benefit. These are essential to ensure the project is well-planned and its goals are clear.

Why is understanding the purpose of a project important?

Understanding the purpose is crucial because it clarifies the problem being solved and the opportunities being pursued. It helps the team stay motivated and ensures the project aligns with business goals.

What does the term 'investment' refer to in the context of the project?

Investment refers to the total funding allocated to a project. This can come from different departments depending on the nature of the project and its objectives.

Why is it important to explain the benefit of a project to higher-ups or managers?

Explaining the benefit is important because it justifies the investment. Without clear benefits, especially in technical projects, it becomes difficult to gain approval, as the value isn't always immediately visible.

What is the role of the 'Keep asking why' technique in defining the purpose of a project?

The 'Keep asking why' technique helps dig deeper into the real purpose behind a project. By continuously questioning the reasons for undertaking a project, the team can uncover the core objectives and ensure alignment with business needs.

What is the SMART objective framework, and how does it apply to project goal-setting?

The SMART objective framework is a method for setting specific, measurable, achievable, relevant, and time-bound goals. It helps clarify what the project aims to achieve and provides clear metrics for success.

Can you give an example of a SMART goal based on the script?

An example of a SMART goal from the script is to reduce recruitment process time from 30 days to 20 days by building an AI-based recruitment platform. The goal is specific, measurable, achievable, relevant, and time-bound.

How does investment in technology differ from other types of investments in a project?

Technology investments are often more difficult to approve because their benefits are less tangible. Unlike investments that can immediately show returns, the benefits of technology investments may be less visible until specific improvements or efficiencies are realized.

What should be considered when determining whether a project is aligned with the business strategy?

When determining alignment with the business strategy, consider whether the project supports long-term company goals. Projects should contribute to the business's strategic direction and not deviate from it.

What are some critical questions to ask when developing a project's purpose?

Some critical questions include: What makes the project unique or great? Does the project have an emotional element? What will be remembered about the project in 5 to 10 years? And what problems or opportunities will the project address?