The Importance of Business Objectives
Some projects are no-brainers, like the ones needed to satisfy government regulations. For example, American companies that want to stay in business have to
conform to the accounting requirements of the Sarbanes-Oxley Act. On the other
hand, you can cull projects from your list by picking only the ones that support the
organization’s mission and business objectives. If your company dabbles in widgetry, the goal might be getting your tools to market before the competition. But
in the healthcare industry, safety trumps speed, because recalling devices already
implanted in people is going to hurt the patients and the company’s pocketbook.
Any time you begin to describe a project by saying, “It would be nice…” you may
as well stop right there—unless you can link the project to quantifiable business
objectives. Here are some common objectives that trigger projects:
• Increase revenue
• Improve profitability
• Increase market share
• Reduce prices to stay competitive
• Reduce costs
• Reduce time to market
• Increase customer satisfaction
• Increase product quality and/or safety
• Reduce waste
• Satisfy regulations
• Increase productivity
Some projects are no-brainers, like the ones needed to satisfy government regulations. For example, American companies that want to stay in business have to
conform to the accounting requirements of the Sarbanes-Oxley Act. On the other
hand, you can cull projects from your list by picking only the ones that support the
organization’s mission and business objectives. If your company dabbles in widgetry, the goal might be getting your tools to market before the competition. But
in the healthcare industry, safety trumps speed, because recalling devices already
implanted in people is going to hurt the patients and the company’s pocketbook.
Any time you begin to describe a project by saying, “It would be nice…” you may
as well stop right there—unless you can link the project to quantifiable business
objectives. Here are some common objectives that trigger projects:
• Increase revenue
• Improve profitability
• Increase market share
• Reduce prices to stay competitive
• Reduce costs
• Reduce time to market
• Increase customer satisfaction
• Increase product quality and/or safety
• Reduce waste
• Satisfy regulations
• Increase productivity
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