Rationale for Project Health Checks

A leading financial services company required an expert analysis of some key projects initiated by their distribution division, to ensure the conduct of these projects would lead to the expected business transformation.

The company’s Project Governance team suspected that the current state of projects already initiated in the area of distribution had a number of weak areas that needed to be addressed.

SMS was engaged to review a selected sample of key projects to assess the current state of health and to highlight any areas for improvement.

SMS employed a two-phase approach to process and evaluate all information pertaining to project performance.

Drawing on 20 years of project management experience, SMS conducted a range of surveys and interviews with nominated key stakeholders in the financial services company. An indicative sample of six out of fifteen projects were chosen for their strategic importance and significant revenue generating capabilities. This qualitative data was then processed and evaluated against review criteria as agreed with the client.

SMS consolidated all relevant findings into a concise ‘action plan’, outlining areas for improvement, strategies for better project deployment, and tactics for implementation.

Specifically, SMS highlighted:

• an existing, positive cultural mindset among the project team members and the regional staff involved in these projects that should be nurtured further to achieve greater success
• the need to establish effective benefit planning and tracking frameworks
• the need to adopt program management processes to address lack of co-ordinated project delivery
• areas lacking in capability, some of which could be addressed through outsourcing where internal capability was lacking
• the need for continued professional development of Managers
  

The financial services company implemented the recommendations put forward by SMS, instigating changes in senior management.

Shortly after SMS concluded the engagement, its recommendation to improve regional engagement in the development of initiatives led to a Change Management Manager position being created for the distribution division. In line with the specific tactics for success presented by SMS, the new hire and the existing Manager of the Program Office are implementing program frameworks for projects to adhere to, business process efficiencies and continuing project management development.