Project execution means that you’re rolling up your sleeves and taking action on everything you outlined in your project plan. Put simply, you’re executing those strategies (how’s that for being literal?) to get the project across the finish line.
You might also hear project execution referred to as project implementation. That’s another fancy name that means the same thing.
Execution is the third step of the typical project lifecycle, which has four total stages: initiation, planning, execution, and closure.
You might think that the execution stage would be the easy gimme of the whole bunch, especially if you’ve already done the hard stuff and established the groundwork for a successful project. But, it’s actually in the execution stage where a lot of teams struggle.
Think about it in the context of your personal life: establishing a budget is the easy part. It’s actually following it that presents the challenge (especially when you really just want to cave in and order pizza regardless of what your wallet says).
EXECUTION GAP: An execution gap sounds scary, doesn’t it? Well, it sort of is.
Whether you’re thinking about your failed personal budget (hey, we’ve all been there) or a team project that isn’t going to plan, an execution gap (often called a strategy gap) represents a disconnect between vision and reality.
You know how you mapped out all of these strategies and best-laid plans for your project? When you’re unable to actually follow through on them and meet your goals, that’s an execution gap com in’ to get you.
Unfortunately, these disconnects are common. According to Project Management Institute’s 2017 Pulse of the Profession survey, executive leaders said that only 60% of their strategic initiatives met their goals.
There are numerous potential causes of execution gaps, such as goals and timelines that are too ambitious, little to no clarity about the vision or goals for the project, and even lack of buy-in from key players.
One of the biggest causes relates to your project’s resources. Resources are the materials you need to finish the project. They can include specific departments or team members, time, and actual materials (think things like software programs, meeting rooms, and more).
When we’re planning projects, we fall into the trap of thinking of them in a vacuum, as if that project will be everybody’s sole focus for as long as it’s on their plates.
It never works that way in reality. That project is squeezed in between other daily responsibilities and fires. Resources become way more strapped than we thought they’d be when we were planning the project with that “pie in the sky” attitude.
You end up having to compete or prioritize the resources you need, and sometimes you end up just plain waiting for them. These bottlenecks undermine the plan and timeline you originally mapped out.
Or worse, they destroy your project entirely. Project Management Institute’s 2018 survey found that 21% of projects fail due to limited o
7. STEPS IN STRATRGY EXECUTION
VISUALIZE THE STRATEGY
MEASURE THE STRAREGY
REPORT PROGRESS
MAKE DECISIONS
COMMUNICATE STRATEGY
ALIGN INDIVIDUAL ROLES
REWARD PERFORMANCE
8. WHY STRATEGY EXECUTION IS
IMPORTANT?
• PROVIDES DIRECTION AND ACTION PLANS
• TELLES PRIORITIES
• DEFINE ACCOUNTABILITIES
• ENCHANCES COMMUNICATION
9. COMPONENTS OF STRATEGY EXECUTION
COMMUNICATION
ALIGEMENT
ACCOUNTABILITY
CULTURE
MANAGEMENT
LEADERSHIP
PROGRESS
REVEIWS
SIMULTANEOUSLY
TIME
BALANCE
RESOURCE
WASTE
10. IMPROVEMENTS WE CAN DO ?
1. RECOGNIZE STRATEGY EXECUTION STARTS WITH A PLAN
2. ENSURE PLANS ARE COORDINATED ACROSS THE ORGANISATION
3. CLARIFY ROLES ,RESPONSIBILITIES AND EXPECTATIONS
4. ESTABLISH CLEAR GOALS
5. DON’T MICROMANAGE EMPLOOYESS,BUT DO MONITOR THEM
6. BALANCE ANALYSIS OF A PROBLEM
7. MAKE DECISIONS AS FAST AS POSSIBLE
