In this week's simulation, an orthopedic company with a small Biologics division partnered with an external expert on growth factors to develop a product that would boost the Biologics division revenue. This is a strategy I often see employed by large companies to break into markets that they don't have expertise in. From a project management perspective this adds an extra layer of complexity however as you are not only tied to your organization's sponsors, but external sponsors and stakeholders as well. Key milestones are agreed upon by both companies and the start of the partnership, but as projects progress and priorities change, how does the PM balance both the internal and external expectations, especially when it comes to making critical decisions that can cause a delay in the timeline? Who gets priority/final say?
Project managers (PMs) face the challenge of reconciling conflicting demands from both internal and external parties, especially during crucial decision-making that can affect project timelines. To navigate this, PMs should establish transparent communication channels with all stakeholders throughout the project's duration. This entails regular updates on project status, schedule, and any potential setbacks. By keeping stakeholders abreast of developments, PMs can effectively manage their expectations and foster support for key decisions that determine project success.In critical decision-making, project managers (PMs) should focus on aligning decisions with the overall project goals. Decisions that support the project's vision and outcomes should be prioritized, even if they may lead to temporary delays. PMs should assess risks carefully to understand their potential impact on timelines and results. When making decisions, PMs need to evaluate the risks and benefits of various options. They should prioritize mitigating risks that could greatly affect the project's success.
Managing internal and external expectations can get really complex. In addition to having clear communication with everyone, critical decisions need to be made with key stakeholders from both the internal and external sponsors being in the same meeting so that decisions may be made while taking their different perspectives into account. Having important meetings such as this run smoothly is key in maintaining project timelines and making sure that everyone is satisfied. To do this, it is critical that the goals of all the stakeholders are aligned with each other. Framing everyone's goals as being in line with each other makes it easier to make decisions that affect the project greatly and ensure they are aware that you, as the PM, are making decisions with their best interests in mind. This also helps with conflict resolution. If internal and external sponsors are in conflict, having goals aligned may establish a basis to compromise.
Collaboration is often essential in any company, such as the biomedical company, to obtain the best and most optimized results and innovative medical solutions. For instance, a biomedical company may partner with a research institution, with each entity bringing its unique expertise.
However, this collaboration also presents challenges. How does the biomedical company manage the intricacies of collaborating with external partners, especially when partnering with a research institution where both entities have different project expectations? Of course, the main goal for both should be the same, but what if the planning and methods that each uses are different?
In project management, it's about fulfilling the internal milestones of the team and project managers and aligning with the external partner's objectives. How can the company create a balance and ensure that the collaboration remains productive and stays within the initial vision?
Balancing internal and external expectations requires a combination of communication, collaboration, and having a clear framework for decision-making. This can be achieved by ensuring that the changes in the project align with the strategic objectives of both companies and ensuring that the stakeholders are sufficiently engaged throughout the project process. Lastly, there should be a clear protocol established for a timely resolution of any issues that occur as well as clarifying decision-making authorities.
