PMPGuru

Project Asset Management

Guruttam Creative Assets

Sample illustration.

Project Asset management

'Assets are tangible and intangible resources applied , defined, or improved during project life cycle.'-Guruttam. Project assets of tangible nature are system, procedures, methods that are created, shared and used across members. Project assets of intangible nature are lessons learned, experiences, knowledge.

Project success also depend much on the unsung management resources(non physical) project assets. Most of the time while tangible assets are visible, intangible assets may require a push. Recognition, assessment, feedback of its applicability to project aspects should be tried and is continuous. Three major classification of intangible asset are Knowledge, Skills, and Value asset.

Knowledge assets could be from -
+) Previous experience in project
+) Management skills and approaches
+) Leadership skills and styles
+) Understanding of project functional domain
+) Understanding standards of project management
+) Understanding subject area of project management
+) Understanding tools of project management

Most often project manager to project is a win-win scenario. A project success extremely depends upon manager and for a manager to be successful, the project should win. There are situations where stakeholders may be non support or hinder progress or outcome of the project. Good qualities such as leadership styles (transactional, transformational applied prudently) to ensure the team is aware of project objectives and help them to achieve agreed objectives.

Team may be additionally managed using
+) focus, agile, self-organized team, empathy, empower
+) observations and assessments
+) team motivation, performance
+) virtual teams
+) pluralistic culture
+) ground rules, feedback
+) conflict management
+) factual, timely, reporting
+) trust, relationship

Project member management examples
• Problem solving
• Training and development
• Recognition and rewards
• Direct or support when help is sought
• Forming,storming,norming, performing, adjourning
• Micro or macro management

Some of commonly used tools are
• Team/Group thinking and actions
• Appraisals
• Communications
• Team meetings
• Motivation
• Building Trust
• Professional ethics
• Human resource policy

Question and Answer

1. A new manager in an infrastructure company was asked to give a rough order of magnitude estimate on floating cranes. However, the manager noticed that company had no history of such floating cranes. Where do the manager get to know about the estimates
• Friends in office
• Friends in other offices
• Give an excuse to management
• Industry publications

2. Your colleague who argued in the meeting room did not respond to phone calls and messages for past two days. You are likely to
• Complain to management for not cooperating
• Create rumours about pink slip
• Send your team member and pass a message
• Try to meet him in person

Answer
1. Industry publications
2. Try to meet him in person