How to set and manage objectives and key results in Project and Portfolio management
Highlights:
00:00 – Introduction to Projectum
09:03 – Introduction to Objectives and Key Results in a Power PPM context
23:08 – Live demo of Power PPM
Summary
With a growing tendency of implementing Objectives and Key Results (OKRs) in organizations all around the globe, we have worked on building a set of features in Power PPM, that allows organizations to set up and manage their OKRs inside the same system for portfolios, programs, and projects. This enables the organization to stay aligned on common goals and thus optimize the efficiency of work. Power PPM is a Model-Driven Power App built for modern project and portfolio management. This platform primarily targets enterprise organizations that need to manage a large number of portfolios and projects.
What are OKR’s and why are they important in a PPM context?
OKR is an abbreviation for Objects and Key Results and can be defined as a collaborative goal-setting tool used by teams and individuals to set challenging, ambitious goals with measurable results. In practice, OKRs represent how you track progress, create alignment, and encourage engagement around measurable goals (If you want to dive even further into OKR’s we recommend reading “Measure what matters” by John Doerr).
The objective represents a clearly defined goal (concrete, action-oriented, and inspirational), while key results represent a set of specific measures (typically 3-5 key results) to track the achievement of the objective. To support your ability to reach and execute your OKRs, we typically break it further down into initiatives or projects.
If leveraged optimally, OKRs essentially help organizations structure and manage their strategic ambitions and cut project failures and sloppy use of resources. OKRs may be shared across the organization with the intention of providing teams with visibility of goals with the intention to align and focus effort.
And how does this then, translate into a PPM context?
Here at Projectum we with a framework that helps organizations fast-track establishing a modern and integrated capabilities roadmap for hybrid and PMO scenarios. We call that framework Controlled Agility. By using that framework, we can connect all levels, from Portfolio Management to governance, further down to the Business Case, and finally to the specific project, to the OKRs. So the argument here is that the portfolio can be created top-down, by setting up your Objectives and key results before adding your initiatives to each portfolio.
When teams work together towards shared goals or objectives, they typically require the same capabilities to collaborate and report upwards inside the organization and these capabilities are most often similar across industries. E.g. they all need a platform to do Financial forecasting, to track initiatives, to collaborate across and within teams and so on.
Our suite of products, Power PPM, Team Planner, Time for Teams, Power Hub and Present It all deliver these sets of capabilities within the same platform out-of-the-box, but with the possibility of customizing to each organization’s specific needs. If you’re curious to see how OKR’s can be set up and managed in practice watch this webinar or request a free trial right here and learn more about the possibilities.
