All digital projects, especially web3 ones, are complicated. To manage projects efficiently and effectively, do the following:
Lets double click into each one …
Crypto/Web3 projects have multiple workstreams and each of those workstreams can have multiple projects inside. Here is a typical lifecycle of a web3 project.
Lots of moving parts. How to manage efficiently? A simple portfolio view. It is important to have a holistic view to organize, plan, control and align teams – towards strategic objectives. Portfolio view can be understood as a dashboard, where we can have an overview of the key areas and their status, hence, it becomes possible to utilize the resources where they are supposed to be.
It is important to have a Blockchain roadmap – bring all the pieces together. Every workstream has a start, a middle and clear finish line. The roadmap shows what’s next. There can be an internal version (see example below) and an external one (link to the blog post)
Storytelling is a key aspect of Blockchain project management – it helps facilitate complex decision making. It is important to develop insightful presentation and convey messages in a compelling way. Stories makes the vision personal and communicates “what’s in it” for all the stakeholders.
Structure ideas in a solution-oriented way and get the insights out. It enhances the planning phase by personalizing the process and eliminating vagueness.
Stories provides “why” of a decision and can make decisions more personal to stakeholders.
Clear roles and responsibilities enable project success. Project members understand what workstreams they will be working on. An organizational chart can help to manage project resources optimally. Overlapping and not identifying the right resources, especially in a crypto and blockchain space burns precious time, capital, and effort.
Crypto and blockchain projects must manage risks (potential issues) and issues (realized risks). In complicated projects risks and issues are bound to occur. The goal is to minimize them and when they occur, quickly recognize them and resolve them. Effective project risk management helps in the smooth running of a large project.
Clearly documenting the forecasted budget and then tracking actuals is important to ensure the financial health of a project. Variances happen – projects spend less (e.g. it takes more time to onboard resources) or overspends (e.g. need more front–end engineers). It is critical to monitor the variances monthly and update subsequent forecasts.
To run complicated crypto and blockchain projects, having strong project management discipline is key. All the angles need to be covered from Portfolio View to Planning/Roadmap to Status Communication to Storytelling to Resource Management to Risk Management to Financials Management.
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