About this Presentation
Once you have a project goal (deliverable) and a basic network, you don’t estimate from the resources until the work is to commence. The executive management gut feel and buffer estimate will be good enough. Provocative point: Do NOT need a resource to provide an estimate. Counter point: Need the skilled resources (legal, risk and credit) to give estimates to meet aggressive time frames. A leading Australian Investment Bank (BT) wanted to gain competitive advantage by launching a new product. This was a Separately Managed Account (SMA) active equity open ended fund. To gain early market launch it needed to develop this product in 4 months. The current practice was 15 to 18 months. A project team estimated, planned and developed this product. It utilised network building and the facilitation to determine suitable prerequisites. The project introduced the Project Flow based on the number of tasks and phased task definition. The phased task definition used in this flow schematic were Not Defined (N), Defined (D) and Complete (c). This team at commencement advised the BT executive that with this type of project task number would typically double. This estimated task number and the predicted effect was welcomed by the executive management. The executive management were actively engaged to support the team and adjudicate with resources when required. It was developed and approved by the regulator in 14 weeks in time for the annual sales launch. Video length: . PDF: slides.
What Will You Learn
To help you get the most value from this session, we’ve highlighted a few key points. These takeaways capture the main ideas and practical insights from the presentation, making it easier for you to review, reflect, and apply what you’ve learned.
The speaker shared a case study about fast-tracking a new product in the finance industry, specifically in a banking environment.
The speaker emphasized the importance of predicting potential task expansion and engaging key stakeholders from the beginning of the project.
The speaker also highlighted the importance of understanding the language and culture of the business sector you are working in.
Instructor(s)
Robert Bolton
Robert Bolton is an international leader and trail blazer in solving complex problems, innovation, project management and Theory of Constraints (ToC). He has over 35 years of business, executive, board and project management experience. His project experience includes the full project life cycle (PLC) from ignition to business case development, to funding approval, to execution on to and post implementation review. He has had a positive performance impact in the IT, software, financial services, infrastructure, oil and gas, mining, construction, and consulting sectors. He is well known as project thought leader and project execution expert. His experience includes leading roles with Leighton Contractors, Land Rover, FMC (Chevron - Wheatstone), Argyle Diamonds, Iluka Resources, Normandy Gold, Worsley Alumina, Water Corporation (WA), Westpac, Bankers Trust, Lucent Technologies, Price Waterhouse (pre PwC) and more recently WiseTech Global. The value of these projects range from $50 million to $1.8 billion AUD. He is currently engaged in developing Critical Chain based solutions and commercial innovation projects for WiseTech Global (ASX: WTC). WiseTech Global is an innovative, multi-award winning global developer of cloud-based software solutions for the international and domestic logistics industries. WiseTech is an innovative software company which listed on the ASX: in April 2016 for over $1 billion initial market valuation. The current market valuation of WiseTech is $26.485 billion AUD (30 June 2023). He worked closely with James Powell and other leading WTC executives. He is a pioneer in the Critical Chain Project Management (CCPM) business system approach. He worked with Dr Eli Goldratt and the Theory of Constraints (ToC) community, in the development and successful deployment of CCPM. He introduced this method into the banking, software and mining sectors. Other business system that he has deployed include Management Operating System (MOS), ThroughPut Focused Mining (TFM) Activity Based Costing (ABC), Fast Track construction, Drum Buffer Rope (DBR), 7MTF temperament and business systems simulations. He has co-authored with Ian Heptinstall, “The Executives Guide BreakThrough Project Management”. Breakthrough Project Management is a prescription for managing major capex and construction projects. It overcomes the difficulties in delivering projects by using improved and proven methods to planning, execution management and project procurement. Published in August 2016, we wrote the book to because we found that the proven innovations that underpin our approach, were virtually unknown among those working in capex and construction projects. These methods are Project Alliancing (PA) [management of price uncertainty] and Critical Chain Project Management (CCPM) [management of schedule uncertainty]. He holds a Civil Engineering degree from Sydney University and a MBA from Ashridge / City University London. He is a Demand Driven Planner (CDDP), member of Engineers Australia and is a Graduate Member of the Australian Company Directors (GAICD). He is founding member of the Singapore Mining Club and the Australia Turnaround and Transformation (AusTTa). June 2023
Ms Alka Wadhwa
Alka Wadhwa is an experienced consultant and process improvement expert with over 24 years of expertise in the Theory of Constraints (TOC), Lean Six Sigma, and organizational performance optimization. She has successfully led projects in healthcare, financial services, and manufacturing, driving significant improvements such as a 67% boost in hospital operations and a 140% increase in outpatient visits.
Previously, Alka Wadhwa spent 17+ years at GE Global Research Center, where she led initiatives to enhance various GE businesses through advanced technologies, process redesign, and system optimization. Founder of Better Solutions Consulting, LLC, she specializes in using TOC, Six Sigma, and data analytics to streamline operations and build high-performance teams.
Her work has earned her multiple accolades, including the Empire State Award of Excellence in healthcare.
Dr Gary Wadhwa
Dr. Gary Wadhwa is a Board Certified Oral & Maxillofacial Surgeon with extensive experience in the field. He completed his Oral & Maxillofacial Surgery training at Montefiore Hospital, Albert Einstein College of Medicine in Bronx, NY, and has served as an Attending at prestigious institutions like St. Peters Hospitals, Ellis Hospital, and Beth Israel Hospital in NY. With a career spanning over two decades, he was the former CEO and President of a group specialty practice in NY from 1994 to 2015. Dr. Wadhwa holds an MBA from UT at Knoxville, TN, and has undergone additional training in System Dynamics at MIT, Health System Management at Harvard Business School, and Entrepreneurship and healthcare innovations at Columbia Business School. Committed to expanding access to Oral & Maxillofacial Surgery care, he is currently engaged in a meaningful project to provide healthcare services to underserved populations in inner city and rural areas through non-profit Community Health Centers.