Connecting the Dots: Aligning Projects with Objectives in Unpredictable Times (Hardcover)

~ (Author), F. Warren McFarlan (Author) "Research shows that cyclists expend significantly less energy when properly positioned to draft off one another..." (more)
Key Phrases: trait meters, automotive frontier, information frontier, What-if Planning, Fighting Trim, Sales Force Automation (more...)

Editorial Reviews

From Publishers Weekly

For consultant Benko and Harvard business professor McFarlan, the problem with many corporations today is their alignment. Different projects within the same company often compete, overlap or contradict, squandering valuable resources in a time when companies can't afford to waste a nickel. Instead, say Benko and McFarlan, a firm's project portfolio should be like geese flying in formation-that is, in perfect alignment. The book's guiding metaphor is that of "frontier living," in which a group of pioneers comes together to focus on a specific goal. Today's information frontier demands the same kind of discipline, write the authors. The traits workers will need for this journey include being agile (in order to respond to the unforeseen) and having an "outside-in" perspective (taking a hard look at your own business practices). More so than most other management tomes, the authors try to inject this book with a little thematic verve. The result is an unusually readable and skillfully packaged take on corporate retooling. But it's a tad too fond of trendy buzzwords (e.g., "project chunking") and struggles a bit to make the case that alignment, above all else, is what ails American business.
Copyright 2003 Reed Business Information, Inc.

Product Description

As companies look for ways to unlock shareholder value, restore investor confidence, and adapt to uncertainty, the project portfolio is a smart place to look. Why? Because companies' project initiatives have grown faster than their ability to manage them-affecting the return on trillions of investment dollars while failing to prepare companies for today's unpredictable environment.

Connecting the Dots argues that the portfolio is a company's future currency-the truest measure of organizational intent. And the best way to leverage this currency is through greater alignment.

Simply put, alignment is about better matching the company's portfolio to its objectives and the uncertain environment. Connecting the Dots employs a practical, "play the hand you are holding" approach, providing a balance of concepts and roll-up-your-sleeves guidance on how to:

* Determine how well aligned-or misaligned-an organization is today

* Apply tools that reveal opportunities to reduce portfolio risk while increasing the economics of a company's portfolio

* Instill more adaptive mind-sets to better respond to whatever future presents itself

Executives already know their portfolios are not delivering as expected. This guidebook helps "connect the dots" between an organization's objectives and its project investments, capturing hidden value today while better preparing for tomorrow.

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Product Details

• Hardcover: 246 pages
• Publisher: Harvard Business Press (March 1, 2003)
• Language: English
• ISBN-10: 1578518776
• ISBN-13: 978-1578518777
• Product Dimensions: 9.2 x 6.2 x 1.2 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (12 customer reviews)
• Amazon.com Sales Rank: #381,562 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

8 of 8 people found the following review helpful:

5.0 out of 5 stars Quite an eye opener, September 8, 2003

By	"trech20" (Denver, CO) - See all my reviews

I used this book for our annual management off-site and pulled the alignment exercise from the first chapter listing our top twenty projects from last year. Using the book to instigate a look back at these investments was very valuable. We always knew there was a lot of opportunity, but just not how to isolate it. The book offers some simple yet innovative tools to improve this gap, and the group enjoyed splitting up and experimenting with them.

7 of 7 people found the following review helpful:

4.0 out of 5 stars Strong, simple decision making for your services portfolio, October 1, 2003

By	Scott Burns (Littleton, Colorado) - See all my reviews (REAL NAME)

The strength of this book is it's simplicity and graphical representation of decision frameworks. For most companies this is a strong tool for internal development planning and compliment to Six Sigma initiatives. For consultants, this can be used to plan your services portfolio. Well written and an enjoyable read.

9 of 10 people found the following review helpful:

4.0 out of 5 stars Good book on balancing the project portfolio thru process, March 10, 2004

By	Robert B. Towry "Bob" (CO United States) - See all my reviews

Many organizations approve any project that sounds like "a good idea". This "soda straw" perspective is a sure way to over-task people, make project cost and delivery unpredictable, and ensure a poor reputation for the organization executing projects. While business leaders do not set out to cripple and distract their organizations, the lack of an institutionalized process frequently yields poor results. While this book addresses the narrow space of project alignment with organizational objectives, the authors propose a framework and tools that organizations with the commitment to follow it through can use to get optimum results from their project portfolio. Specifically, the approach offered by the authors helps organizations align their project portfolio with corporate objectives, align individual projects with one another, and enable organizational flexibility.
The process provides a certain rigor, but those seeking to implement this process in their organization should consider 1) first implementing a functional basic project portfolio management process, 2) ensuring that the process proposed in this book is a good match to their organizational culture, and 3) that in implementing this process they do not over-engineer their project portfolio management process.
Those proposing this process for adoption, or who are conducting a project portfolio alignment workshop, may wish to visit the book Website (HBSP), which has Microsoft PowerPoint slide presentations and graphics available for download. This Website is a useful adjunct to the book.
This is a useful book for project portfolio managers in organizations who want more rigor in their project portfolio management process.

Utility of the Information
The value of the book, in my view, lies in the following attributes:
* The authors present complex ideas in an easy-going, not scholarly style, making the book easy to read. They use graphics to communicate concepts like frameworks and tools, and they employ a case-study approach to illustrate application.
* The framework consisting short- and long-term objectives along with organizational trait objectives provides for a balanced perspective.
* The alignment tools provide an approach to view projects in a portfolio view. This allows the portfolio management team to align projects and the portfolio with organizational direction, improve project efficiency, manage risks, and achieve flexibility.
* The framework and tools consciously align the project portfolio with organizational goals, bringing focus to the portfolio.
* Workshop attendees can use the tools to gain fresh a perspective of projects instead of a traditional, organizational alignment point of view where, say, projects are always associated with the division who sponsors the projects.
* Incorporates a change management perspective by asking how much change an organization can digest in a given time period.
* Supports and promotes program management by forcing analysis of the interdependencies of projects and project deliverables.
* Supports and promotes spiral (iterative development) through the "project chunking" perspective.
* Aids the risk management process by balancing project benefits versus risks in the project proposal and review process.
* Portfolio managers or teams can apply the framework and tools in a step-by-step fashion, reducing anxiety about "how to eat the elephant". This stepwise approach supports workshop breakout sessions.

Application of the Framework and Tools
Several questions arise when one considers if one can apply an authors approach to solving business problems; is the approach practicable.

Position of the Framework in the Larger Project Portfolio Management Context
If the project portfolio management process includes 1) understanding supply and demand (people, money and projects), alignment of decision boards with authority, project assessment, and continuous process improvement (IPS Associates and Stanford APM), this framework fits toward the end of that process spectrum. This book does not describe the overall project portfolio management process, or how to implement project portfolio management in an organization. This book really answers the question "Now that I have a project portfolio management process in place, how do I mature my portfolio alignment and balance process?"

Feasibility, Suitability and Acceptability
For organizations which have implemented project portfolio management and wish for more rigor in the project-business alignment sub-process, this book is a credible offering. One would expect that if a portfolio management team applied all the tools in this book to their portfolio that the result would be 1) a considerable time investment and 2) a better aligned portfolio. The portfolio management team must therefore be willing to take the time to 1) learn several tools and 2) apply the tools in a step-wise and iterative fashion over time.
The framework, tools and examples emphasize application in a business (for profit) context. Practitioners in governmental or other not for profit organizations will need to critically review, tailor and possibly adapt the framework and tools to their purposes.
Organizations with a small number of projects and who have portfolio management team members who are more inclined to make decisions quickly, who are not possessed with an engineering or analytical mindset may think that they do not need or have the patience for such a process. Team members may respond to this approach saying "I'll just use my business experience and common sense to achieve balance in my portfolio". While this statement may or may not be true, I would expect this response in some cultures. One approach to this may be for the portfolio management support office to compile the data, apply the tools, and make a staff recommendation to the portfolio management team for decision.
While the authors bring both academic (McFarlan is a professor) and business experience (Benko is a consultant) to this book, they cite no studies to support the effectiveness of their approach. Therefore, organizations which require empirical evidence of process effectiveness before accepting or implementing a new business process may be resistant to implementing this process.

References, Footnoting and Bibliography
This book is well referenced, footnoted and indexed. This increases the utility of the book for one who has first read and understood the book.
One can often tell when an academic was on the team of authors; the footnoting is excellent, and the Notes section (Benko and McFarlan 221-30) is a useful resource for exploring other sources of information for further research. Specifically, the notes section is ample at nine pages, the lexicon is helpful with three pages of content, and the index is well populated with nine pages of indexed words.