According to Harvard Business Review by 2027, some 88 million people around the world are likely to be working in project management, and the value of project-oriented economic activity will have reached $20 trillion.
But research shows that only 35% of the projects undertaken worldwide are successful—which means we’re wasting an extravagant amount of time, money, and opportunity.
To take advantage of this new project economy, organizations need to have comprehensive strategy in place for project selection and management.
Projects increasingly drive both short-term performance and long-term value creation—through more-frequent organizational transformations, faster development of new products, quicker adoption of new technologies, and so on.
Our Project Selection Advisory scrutinizes each project opportunity very carefully for you.
Identification and Selection of a Project
When it comes to project identification and selection, there are three stages involved:
1. Project Identification Stage
During this stage, we sit with you and your teams, project sponsors, and process owners to discuss the big idea.
We encourage brainstorming ideas and consider different aspects such as legal requirements, business needs, client complaints, and management capacity.
UniAspect Digital’s expert Project Selection Advisors draw a Value Stream Mapping while considering the wealth of ideas generated and industry best practices.
Our team of experts fully understands the importance of proper planning. So, this stage is all about being clear and precise about project fundamentals including growth, cost reduction, innovation, and maintenance. Few ideas are shortlisted to be pondered over more.
2. Selection Stage
We consider the shortlisted ideas carefully and then further rank each opportunity based on the three basic criteria:
| Scale of Benefit | Ease of Implementation | Other Considerations |
|---|---|---|
| Size of the opportunity | Estimated time scale | Alignment to strategy |
| Financial saving | Estimated Resources hours | Sustain Client Focus |
| Cost avoidance | Estimated level of resistance | Quality policy |
| Time saved | Number of cross functional teams impacted | Capital Required |
| Repeatable Benefit |
Depending upon the client’s need, we also perform client analysis through Priority Matrix where we grant a percentage to each criterion and then calculate weigh in each project opportunity.
3. Project management
With all the right strategies and tools in place, it’s time to put your plan into action. During this phase we help you to control and streamline processes and budgets for your selected project.
Cost estimates become budgets. Time estimate becomes schedules. Our Project Selection Advisory is clear and courageous in selecting and prioritizing strategic projects. We adopt a project-driven structure and create a collaborative and empowering culture that reaches across silos.
We also ensure that project management competencies are developed throughout the organization.
We stand with you every step of the way!
Why Do Most Projects Fail?
A project is likely to fail due to any of these reasons:
At UniAspect Digital we stand by your side to save you from any of these pitfalls. According to the Harvard Business Review:
“Executives often fail to recognize that projects give work meaning. Behavioral and social science show that projects can be particularly motivating and inspiring for team members. The moments they feel most proud of almost always happen on the projects they work on—the successful ones, of course, but often even those that fail.”
When executives ignore project management, products launch late, strategic initiatives don’t deliver, and company transformations fail. All of this puts the organization’s future seriously at risk.
UniAspect Digital we take care of all your project needs. Our Project Selection Advisory aims for agility, innovation, transformation, and value-creation.
We not only focus on inputs and outputs (planning, estimation, cost, time, scope, risk management) but also on outcomes and values (purpose, rationale, benefits, impact, and strategy).
Check out what else we offer
Digital Growth & Expansion
We include this offering in our business model because we believe that the clients require validation when it comes to creating and executing strategies to drive the digital revolution
Value Chain Analytics
The ultimate goal of performing a Value Chain Analysis is to drive efficiencies and to create more cost-effective solutions for each segment leading to the after-sales efforts.
Digital Restructuring & Turnaround
If your business is facing organizational challenges, operating solely by old ways of thinking is a recipe for disaster.