BUS377 WEEK 4, Part 1: Learning in Projects Slide 1 Introduction Welcome to Managing Project Risk. In this lesson, we will discuss learning in projects. Next slide. Slide 2 Topics The following topics will be covered in this lesson: Learning at Escend Technologies; and Types of project learning. Next slide. Slide 3 Learning There are many different definitions for learning. However, for the purposes of this class, learning in projects is the flexible adjustment of the project approach to the changing environment as it occurs; these adjustments are based on new information obtained during the project and on developing new solutions during the course of the project. Each new activity will provide new insights and information, which can be used to revise the project plan, the resources required, and the stakeholders to be dealt with. While each of the changes may be minor, the project itself may look quite different at the end from the original plan and intention. Next slide. Slide 4 Learning at Escend Technologies To demonstrate the project learning approach to unk unks, we will use a company called Escend Technologies as our example. When Escend Technologies was founded in 1999, it had a business plan as is common in new venture funding. The business plan contains a description of the market, description of the core product, and a development plan consisting of key milestones to be met by startup at key points in time. Monthly board meetings track progress according to the key milestones. Escend was built on the idea to help semiconductor and electronic component manufacturers connecting and collaborating with their extended sales force. The founders originally conceptualized the opportunity as one of collaboration among industry players who would want to be part of Escends B2B, business to business, community. By the middle of two thousand and three, Escend was on the brink of bankruptcy. The planning approach used was not suitable for a startup in an unknown territory. Escend faced too many unk unks: in its technology, in the industry, and in the customer needs. The milestones laid out in the business plan were unrealistic. Faced with time pressure and market dynamics that they did not understand, the team was forced to improvise around the plan and they found themselves frustrated by the simultaneous pressure to act and the inability to understand what was going on around them. Changes in the value proposition were not the result of systematic investigations into the industry or the needs of its customers. They were simply reactions to events that occurred around them. They lost sight of the original objective of making money in a market opportunity and instead focused on trying to implement the business plan. The business plan became the objective, and the message was changed from time to time to help get the business plan back on track. When Escend reque ...