WIIFM - What's In It For Me

I remember sitting through some of my directors' presentations listening to them talk about, What's In It For Me, or WIIFM for short (not to be confused with the Nintendo Wii - which I play but suck at.) The basic idea was while you worked hard on projects you were also learning, developing new skills and getting new experiences. WIIFM for everyone!

In a few of my blog posts I've written about how important it is to adjust your presentation and communication to your audience. In effect, you were telling them, What's In It For Them. It's all about creating a relevant experience to sell an idea, product or concept.

Now let's step back and examine this WIIFM concept applied to another situation. Have you ever worked on a project where you have an idea on how more success can be achieved if the project team were to work more collaboratively with other project teams and personnel? In my experience the typical project manager response is, "It's not my problem," or, "It's outside of my scope," or, "It's someone else's problem." Then you step back and watch the car crash in slow motion; the problem manifests itself and severely impact the project and company as a whole.

I liken this to Adam Smith's (the Father of Economics) "invisible hand."

As every individual, therefore, endeavors as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labors to render the annual value of society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By referring the support of domestic to that of foreign industry, he intends only his
own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it. (Adam Smith, The Wealth of Nations)

Basically, this means each individual acting in his (or her) own self-interest will lead to a better outcome for the society as a whole; or WIIFM but on a project-scale. The problem with this is simple. No one ever builds roads and the infrastructure to connect things because it's in no specific person's best self-interest; but that's not my problem. Is it?

I'm not saying expand a project's scope, merely understand how a project fits in with the big picture.

Project prioritization goals

Continuing on from my post, Why prioritize projects?, prioritization is important because,

1. It provides focus to the more important initiatives. Companys can concentrate on what really matters to them and not be distracted by the latest fad.
   
2. Money, time and people are scarce resources. Proper management and effective use of these resources can only benefit a company.
   
3. In order to prioritize projects you much be able to compare them against each other objectively. This apples to apples comparison removes bias from decision-making.
   
4. Clear direction and visibility to everyone in the company, not just the main decision-makers. Everyone is on the same page. We all know what can happen when things are not clear.
   

Why prioritize projects?

Projects are initiated to capitalize on opportunities (the Chinese character for crisis is the same as opportunity I've been told) that a company faces. However, not all projects are created equal.

To quote George Orwell's Animal Farm, "All animals are created equal, but some are more equal than others." Some projects are more beneficial than others.

Prioritizing projects is very much like managing investments. In fact, it is the same. How likely are you to perform due diligence before making an investment decision such as buying a bond?

You need to understand:

• The anticipated returns
• The potential risk
• The timing of the returns
  

With this information you can perform a net-present value calculation to determine the value of one investment versus another. Combined with other factors such as your risk-tolerance and investment goals you'll choose the most appropriate ones for you. The purpose of all of this is to introduce objectivity into your decision-making.

Extending this principle to project prioritization means you should:

1. Understand how important a project is to you. How well does it align with your objectives?
   
2. Prioritize your projects early to allow for lead time for effective decision-making.
   
3. Introduce objectivity into your prioritization process. Just because someone yells loudly does not mean his project is the most important.

Do not take the position that:

• Prioritized projects must be executed sequentially. Some minor projects are dependencies for others. Some projects are easy to slot into non-peak times.
  
• You only prioritize when you need to make a decision. The earlier you prioritize, the more potential problems you can avoid before they become critical.
  

It's a bigger world

We've all encountered situations where difficult decisions had to be made concerning a project.

• Should we continue?
• What features do we need to pare back?
• Do we need more money?
• Are we missing needed skill sets?
  

These decisions are normal things that occur within any project. However, the ramifications for handling them may impact things outside of the project in question. What if an increased budget means another initiative has to go unfunded? Or perhaps the added resources need to be taken from another project's resource pool?

Instead of managing a specific project, decisions have implications across a collection of inter-dependent projects. The management of the collection is termed program management. The purpose of program management is to use the scarce resources and funds available to orchestrate projects to deliver maximum benefit. If you've taken basic economic theory you may remember the definition of scarcity.

The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently.(Investopedia.com)

It's true, you just can't do everything!

One thing I was told very early about projects is that, "Projects end. If it doesn't, then it's not a project." If that's true, then programs, being a collection of projects, end as well.

But we also know that businesses constantly evolve. Their products and services are impacted by innovation and change caused by internal or external sources. If you will, the portfolio of service offerings evolves continuously. To me, I view this evolution as portfolio management. Clearly, this terminology evolved from finance however, it is also applicable to the management of a company's set of offerings and how they are transformed over the passage of time.

The art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk vs. performance.

Expanding further upon the concept of program-wide decision-making is the notion that decisions across a portfolio can have implications in many of the different programs within it. A portfolio is governed by the higher level strategic goals of a company whereas program decisions are governed by lower level objectives.

For example, suppose one of your strategies is to become a low-cost provider for a given product. Your product development team may look at projects that reduce the cost of the materials used while your service team may reduce the number of agents who handle customer inquiries and beef up the self-help sections of your website. Together, these two programs work towards meeting your strategy.