Introduction

The performers and components necessary for operating a large-scale financially focused project management (FFPM) system are presented in the next two chapters. This chapter presents an FFPM overview, and then focuses on the first phase of the process improvement activity: determining areas for improvement.

FFPM enters the scene when a decision needs to be made regarding investment of resources. Such investments may involve analyzing the opportunity for a new project or when some sort of failure occurs. Therefore, all processes, procedures, products, or product components that are targeted for improvement or corrective action are appropriate FFPM subjects. The following is a sampling of the types of situations to which FFPM has been successfully applied:

1. Process improvement for streamlining the process of obtaining quotes from vendors in the advertising field.

2. Projects to improve operation of hotel courtesy car service to airport.

3. Project to manufacture an innovative new product called Penguin-in-a-Helmet.

4. Training employees in the operation of a new MRP2 system.

5. Projects aimed at identifying ideal level of test console repair and maintenance support.

6. Job instructions for handling returned retail merchandise.

7. Improvements in after-market support for manufacturer warranty service.

8. Domestic applications have ranged from child rearing to improvements in landscaping and interior design.

The use of FFPM is particularly encouraged when considering such projects to implement process improvement programs as continuous quality improvement, process management, employee suggestion systems, cost reduction or avoidance programs, total quality management, total quality service, and value engineering.

Imagine the effect a structured FFPM approach could have...