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Untitled Prezi

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Joyce Suficiencia

on 24 April 2014

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survey among central banks
not to draw generalizations about the state of project management in central banks
to benchmark
"It takes an organization to deliver a project."
10
100+
no. of approved projects in a year
projects
62%
have a defined career path for project managers
CBs have a portfolio oversight committee
“Our Portfolio Review Committee‘s mandate is to provide transparency and visibility to the health, risks and financial performance of the project portfolio...
The Committee reinforces a collaborative culture of information sharing and collaboration among the stakeholder groups
.”
have project sizing criteria
budget
duration, risk, complexity, no. of depts involved
Planview
9 MS Project : 1 CA Clarity
HP-PPMC
CA Clarity
in-housed developed
Organizational PM Maturity Level
23%
monitor their
P3M3
Prado Model
internally developed model
conduct
benefits realization review
46%
"...only for Level 2 projects. All benefits are reviewed at the time of closure. They are
transferred to the benefits register, assigned to an owner and tracked by the PMO until realized
. All benefits are reported to the senior management group every 6 months."
- CB in Oceania
"Benefits realization process is
performed with the Finance department
. The results are discussed and rationalized but no performance discussions are held."
- CB in North America
Initiatives to improve PM
bi-monthly event for project managers
senior management to champion PM
internal audit of the PMO every 2 years
bankwide community of practice
on-the-job coaching
a comprehensive program to improve org'l PM maturity
Executive briefing sessions for project sponsors and committee members
redesigned training program with emphasis on soft skills for project managers
scholarships for PMP review and certification
enhance performance evaluation and incentive mechanisms for project teams
53%
Culture plays a big role in PM:
niceness vs. candidness
consensus-seeking vs. accepting personal accountability
Rethink project office set-up
(run the business // change the business)
Management must visibly advocate the importance of project discipline.
The organization must see the PMO as an initiative of the top management and not just of our division.
Projects need not just good project managers but also good sponsors.
some insights from our PM journey
38%
Project Management
as a response to the demands of the
good governance
principle of accountability
187 central banks in the world
13 survey respondents
40 survey form recipients
"Benefits Review is done only for IT projects on 3 dimensions:
system usage, user satisfaction and contribution to the Bank's strategic objectives
."

- CB in Southeast Asia
BSP Project Management Excellence Program
have a PM methodology
Flexible
Focus on project initiation & closing
"A high level plan exists for project practitioners to progress from
project assistants to controllers, to junior, intermediate and senior project managers
. Development opportunities are encouraged to move individuals to the next level."
43%
corporate portfolio
57%
IT portfolio
"Our IT portfolio oversight committee approves, defers or rejects potential IT-led initiatives but
it can only recommend deferral of business-led initiatives
as the final decision is left to the business owner."
One of the best performing economies in the ASEAN region in 2013 in terms of GDP growth, second only to China

1 of the 2 predominantly Catholic countries in Asia

12th most populated country in the world

"Social Networking Capital of the World"
Established in 1949 as the Central Bank of the Philippines; became Bangko Sentral ng Pilipinas under its new charter in 1993

Mandate is to maintain price stability conducive to a balanced and sustainable economic growth

The Monetary Board exercises the powers and functions of the BSP. The Governor sits as chairman, with 5 full-time members from the private sector and 1 member from the Cabinet.

3 Regional Offices and 18 branches
Ph 1: Paradigms
PM as not the exclusive realm of engineers & architects
PM as a discipline
PM as an indispensable tool for effective strategy execution
strong project initiation
portfolio management
project managers and sponsors
methodology
project oriented resources
support tools
benefit reviews
a
typical central bank reflex
:
to draw reference points & role models from other central banks, not from the business enterprises
N. America
(1)
S. America
(1)
Africa (2)
Europe (3)
Oceania (2)
Asia (4)
Survey Results
Central banks may look like they have
little impetus for change
, and along with that, good project management. Because...
But...
Central banks, in fact, do understand the
need to embrace change
, and along with it, the need to be
good in delivering projects
.
"Those central banks that are prepared to actively take up the challenge of internal change are the ones most likely to achieve
continued relevance, independence, and influence
in the 21st century."

- Brian Lang (Fmr. governor of the RBNZ)
30%
In one country in South America,
maturity level scores were as follows:


Central Bank - 3.8
Public sector (average) - 2.5
Private sector (average)- 2.8



Turf mentality should be managed
still no formal CB technical cooperation group or forum when it comes to PM


Survey of Project Management Practices
in Central banks

A. Project approval process
Documentation
Evaluation bodies
Approving authority
B. PM Methodology
inc. project sizing criteria
C. Portfolio Management
PMO
Portfolio Oversight Committee
D. Software-based tools
E. Benefits realization review
F. Career path for Project Managers
G. Assessment of Organizational
PM Maturity Level
H. PM Initiatives
Survey Questions
PROJECT APPROVAL DOCUMENTATION
77% required a Business Case
23% have no standard documentation
PROJECT EVALUATION GATEWAYS
77% CBs
have 2 or more evaluation gateways
PROJECT PORTFOLIO COMMITTEE
PMO
FINANCE DEPT
BUDGET COMMITTEE
PLANNING DEPARTMENT
CHIEF INFORMATION OFFICER
SENIOR MANAGEMENT COMMITTEE
PROJECT APPROVING BODY
BOARD LEVEL
PROJECT PORTFOLIO COMMITTEE
SENIOR MANAGEMENT COMMITTEE
GOVERNOR
HEAD OF DEPARTMENT
For most central banks, the real constraint is not the budget but its manpower
resource availability and organizational capacity to absorb change
.

Too many projects and too many changes introduced could lead to
organizational change fatigue
.

PROJECT APPROVAL PROCESS
PM METHODOLOGY
Project size determines the rigor of the PM approach, project approval process and governance arrangements.
PORTFOLIO MANAGEMENT
ROLES
Just a little over 4 years ago, project management was a little known concept in the organization:

PM was only for engineers and IT systems developers
PM was only about work breakdown structure
Project monitoring was only based on target completion date
Vague understanding of the roles of project manager and project sponsor
No project definition document; Request for Proposal was the core document

"
Strategy
(is) a coherent portfolio of projects and initiatives to drive long term performance."
-
McKinsey Consulting:


Project cannot be separated from strategy.
PM has never been a staple topic in central banking forums
Project approval process established
Project portal (PrIMS) launched
In 2009, proposed the adoption of the
BSP Project Management Excellence Program
Ph 2: Policies & Processes
PM Methodology adopted
PROJECT APPROVAL PROCESS HIGHLIGHTS
77% have a project lifecycle tool
30% have a portfolio management tool
SOFTWARE-BASED
TOOLS
40% of this have at least 2 types of PMO
Career path for PMs
1
11
FTE*
In one CB, all staff of the PMO are PMP certified.

In another CB, PMO are staffed by
certified change managers
. Expertise in change management was imperative because strategic projects always involve change.

they do not operate in competitive environment
most enjoy financial & management independence
driven by policy objectives, not profit
Project Management Excellence
BENEFITS REVIEW
MATURITY LEVEL
ASSESSMENT
32% response rate
To sum up:
Standard methodology 62%
Project Sizing Criteria 38%

Software-based tools:

Project lifecycle 77%

Portfolio management 30%

PMO 77%
Portfolio Oversight Body 53%

Benefits realization review 46%
Career path for PMs 30%
PM maturity level assessment 23%
Business case for project approval 77%
The respondents
* full time equivalent
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