A PROJECT MANAGEMENT APPROACH TO OPERATIONS. Central Banks Operations Conference Port of Spain, Trinidad & Tobago April 2018

Transcription

1 A PROJECT MANAGEMENT APPROACH TO OPERATIONS Central Banks Operations Conference Port of Spain, Trinidad & Tobago April 2018

2 PROJECT MANAGEMENT IN THE CENTRAL BANK OF BELIZE Case Study Previous Project Trends Inception Resistance Reinforcement Acceptance Success Expansion of Functions Conclusion

3 ORGANISATIONAL CHANGE WHY? If we are to achieve results never before accomplished, we must expect to employ methods never before attempted. (Francis Bacon)

4 CASE STUDY- SECURITY MANAGEMENT SYSTEM PROJECT The Security Management Systems (SMS) Project is an upgrade to the Bank s security system proposed in It would include: Access control Intrusion Detection Perimeter security Visitor Management The project stalled for 3 years without a clear direction.

5 PREVIOUS PROJECT TRENDS AT THE CENTRAL BANK OF BELIZE Projects before standardized Project Management: Insufficiently planned; incomplete analysis No defined requirements Limited technical knowledge and project management skills Not proactive or strategy-oriented Scope creep; cost overrun; missed schedule deadlines Poorly executed results; failed expectations

6 INCEPTION While the Project Management Office (PMO) was established in 2010, the tools and methodology had to be implemented gradually. The PMO established: A set of guiding principles based on global standards A Project Management Charter A Mission and Vision A Project Governance policy A Project Management Manual Implementation of project management software (Project Server and Microsoft Project) Tools and Templates

7 RESISTANCE

8 RESISTANCE This is more WORK! I see no point in changing how we do things. This was how we did it from the time I started working here. This is a waste of time. I won t change. I will continue with the old method. How will this really help the project? This won t work.

9 REINFORCEMENT Gaining buy-in from Senior Management for project management philosophy. Decision to standardize on PMBOK (Project Management Book of Knowledge) Scheduled project management training for every staff in methodology and basic concepts Implement DRIN Module Assigned Project Management designate to each project to assist with assimilation of project management methodology, tools and templates Spotlight and celebrate Project Management Day

10 ACCEPTANCE Utilization of standardized project management methodologies, tools and techniques Monthly Status Reports and Project Audits Organisation Project Management Maturity Module (OPM3) Assessment Utilization of a defined Project Procedure Flow Chart

11 PROJECT MANAGEMENT MATURITY ASSESSMENT Highest Rated Components Key Areas Ratings Project Quality Project Time Management Project Methodology Lowest Rated Components Key Areas Ratings Project Knowledge Management Project Communication Management Project Integration Management Overall Rating for The Central Bank of Belize in 2013 was

12 Project Procedure Flow Chart

13 INITIATING Develop Business Case/Project Charter Feasibility Study Project Plan (high-level milestones) Financial Plan/Accounting treatment Communications plan Risk management plan Monitoring & Controlling

14 PLANNING Request for Information Terms of Reference (Consultant) Request For Proposal RACI Matrix Project Management Plan Resource / Procurement Plan Communications Management Plan Change Management Plan Risk/Impact Analysis and Management Plan Stakeholder Management Plan Work Breakdown Structure Detailed Project Plan PLANNING

15 EXECUTING Performing necessary work for project completion Updates to Project Plans Update Project Documents Change Request Form EXECUTING

16 CLOSING User Acceptance Contract Closure Team Members assessment Disassemble Project Team Lessons Learnt Documentation Closure Report CLOSING EXECUTING

17 MONITORING AND CONTROLLING Monthly Status Reports Project Progress Updates Project Audits - Management Review Team Meetings Revision of project documents Project Forecasting Project Management Information System (PWA) Change Management Log Variance Reports

18 SUCCESS Introduction of program management Links project with interdependencies Projects planned based on resource availability Reduces schedule delays Projects executed within schedule time frame Anticipates risk in Project so that these could be mitigated Reduces budgetary revisions and approvals Allows for the execution of its mission: To promote financial and monetary systems stability for the wellbeing of Belize

19 SUCCESS Strategic Program projects completed IT Infrastructure Upgrade NPS Phase 1- Automated Payment Securities Settlement System FAME Database Management Systems Operational Program projects completed Website Development HVAC System Rewiring of Ethernet and Internet Network Upgrade of kitchen facilities

20 SUCCESS Strategic Program projects in progress NPS Phase 2 - Mandate Management/Direct Debit Systems Credit Reporting System National Financial Literacy and Inclusion Programme Securities Exchange Law Operational Program projects in progress Security Management Systems Domestic Fire Pumping Water Booster Resealing and Painting of the Building Installation of Security Local Area Network

21 EXPANSION OF FUNCTIONS The Central Bank of Belize has recognized the value of Project Management Office and its function has now expanded to include Strategy and Risk Management. The PMO has evolved to become the Office of Strategy Management and reports directly to the Governor.

22 ROLE OF THE OSM Architect Process Owner Integrator

23 FUNCTIONS OF THE OSM Strategic Processes OSM Integrative Processes

24 CONCLUSION A project-oriented Central Bank, increases the success of its implemented strategic initiatives. Overall improvement in quality of project outcomes. Projects are achieved within the triple constraints:time, COST, SCOPE Increase in Project Management Maturity Level

25 Questions? DISCUSSION 25

26 THANK YOU 26