When developing an innovative product, it’s not uncommon to find that our original target or some features are no longer feasible or optimal.
Whether the need for a target change comes from:
- a new technology available,
- a new competitor,
- or a request from our investors,
we, as entrepreneurs and project leaders, need to be ready to adjust our project accordingly.
However, we must also keep in mind that these changes will impact our enterprise on multiple levels:
⏳ TIME
Depending on the nature and extent of the change, additional time may be needed to revise plans, create new deliverables, and test new features. In some cases, the change may also require additional resources or cause delays in other parts of the project.
💵 COSTS
Frequent design reworks can lead to extra costs. When we change the requirements for a component, we may need to manufacture new components (or prototypes) from scratch. This can be a costly exercise, especially if we have already invested in the production of the original component.
🤝 TEAM
The delays caused by frequent target changes can also have a demoralizing effect on the team. Imagine having to rework the same component over and over again, knowing that our previous work has gone to waste. It can be frustrating and lead to a decline in morale. A demoralized team is not productive, and this can further delay the project.
HOW DO WE APPROACH IT?
✅ Identify the impact:
Minimizing the impact of the target change requires a comprehensive analysis of the costs associated with it.
This analysis should include a thorough understanding of
- The time required to make the change,
- The resources needed,
- The associated financial costs.
✅ Evaluate Risk/Reward:
To be able to quantify the impact, it’s critical to have our project under complete control and understanding.
That’s why it’s so important, when approaching a new project, to have a strong project management and use tools as
- Risk Assessment,
- Issue Management
- Design Validation Plan
- Team allocation
which will give us a transparent view over the project status and highlight the impacts that a change in our original blueprint will bring to the overall timeline and budget.
➡️ CONCLUSION
Implementing the correct tools and practices of project management is essential to minimize the impact of a sudden and late target change on a project.
With the right tools in place, it’s possible to quickly assess the impact of the change and make informed decisions about how to adjust the project to accommodate it.
By having a well-managed project with defined goals, clear communication channels, and an understanding of the project’s current state, we can effectively adapt to changes without derailing the project or negatively impacting the team’s morale. While unexpected changes are a natural part of any project, being prepared to manage them can make all the difference in achieving success.
Remember: “nothing is impossible, it’s simply an uncharted path waiting for you to pave the way!”.