Project management and OKR (Objectives & Key Results) synergy

Published On: September 20, 2022|Categories: Objective and Key Results|

Project management and OKR (Objectives & Key Results) synergy

Published On: September 20, 2022|
Project management and synergy

What are OKRs (Objectives & Key Results)? 

Objectives and Key Results, or OKRs, are straightforward technique that aids an organization in achieving goals by creating concrete, quantifiable objectives.  

OKRs are succinct and motivating. Organizations create three to five high-level objectives that are ambitious in nature. Even though selecting the appropriate aim is one of the trickiest parts of this activity if you do it properly you will be able to determine if you have succeeded. 

Objectives define the destination, and the Key result defines how you achieve the objective. 

What is project management? 

Project Management is a meticulous process of planning and executing projects. Project managers achieve project completion by using a set of methodologies tools and guides. 

Today most of the project management happens online through project management applications that help teams to create synergy 

Project management tools help you to manage resources costs and teams together. With the given data a project management manager can plan his resources and the time required to complete the project  

The most frequently asked question is the synergy between OKR and project management. OKR is a great goal-setting framework that helps the organization in achieving results and measure the outcome. OKRs and project management go together as OKRs help in measuring the organizational level outcome whereas Project management measures the task of a project that will help measure short-term objectives. Aligning OKRs to project management helps you to see a sharp vision of organizational expectations. Once that expectation is clear, it becomes easy to execute projects accordingly. 

Differences between OKRs and project management? 

Both project management and OKRs are not very much different, they complement each other. while setting OKRs assigning Key Results to project task help you to organize the day-to-day operation and measure project task. 

OKRs help you to understand the long-term objectives and vision. A project is a short-term objective that measures mostly a day to day activities. Though both look different they work well when they are aligned together.  

How do OKR and project management work together? 

Having understood both project management and OKRs can work together let us understand how we do that.  

Creating OKRs that will help you achieve the organizational objective and then create key results by breaking down the objective which becomes actionable Key Results,  

While creating objectives keep them simple and inspirational. The objective should push for innovation and creativity and provide clear guidance on how to travel. Being a transparent framework helps to create accountability and increase ownership.  

It is also important that we review and reflect on a regular basis. project scrum meetings can be used to review the okay hours of the organization. This will help us to summarise on the project level every quarter unlearn what action to be taken and understand the gap  

while transparency creates a sense of trust it encourages one to learn from failures and course correct constantly. freedom to fail will help you in creating an audacious goal. 

Also, if you are always scoring 100% then we need to review the Key Results as they are not ambitious enough. 

How to set up OKRs in project management teams? 

Project management and the OKR framework complement each other beautifully despite their differences. The wider picture that all project managers discuss is defined by OKRs. 

It is easy to use OKRs for project management. Defining your goals is the first step. The next step is to focus on the main outcomes. Once things are completed, it is time to look more closely at your ongoing initiatives and determine the goals they are connected to. You can streamline all your operations and ensure that your team is consistently advancing the company by coordinating your projects and goals. To develop OKRs, you can also use project management templates. 

Projects, on the other hand, are short-term tasks and a set of tasks that help in achieving a particular Project. 

To put it simply OKRs measure and focuses on the future and the Projects focus on the short-term goal. Projects can help you achieve your long-term vision and goal. The most common mistake while combining both is mistaking the tasks as Key Results. Whereas tasks are the actionable items to achieve Key Results. 

To understand better, let us see an example 

Objective: Successfully launch Version 4 of the CRM (Customer Relationship Management) module by the 

Key Results 1: 1,000 new members 

Key Results 2: increase 25% Trial Sign-Ups 

Key Results 3: Obtain a trial conversion rate of more than 40%. 

Setting up OKRs for a project team 

The project has many actions and tasks to complete. It becomes meaningful when linked with the OKRs. 

While the Objective measures the Outcome, the Project deliverables can be Key results that help achieve the objective. 

The cooperation between OKR and Projects is natural as it goes well with each other. OKR indicates what is to be achieved and project management ensures how it has been done. 

OKRs have an organizational view and have a set timeline attached to them. OKRs specify outcomes within a period. Results are not always required for a project to be completed. Understanding our goals and how we plan to reach them aids in identifying our milestones, which are often our project activities or assignments. Setting OKRs that track our development is necessary for this reason and many others. 

Setting OKRs without a plan of action will not get us extremely far. We can start, but we will never be able to get to where we want to go. Projects deal with short-term goals and are connected to a sequence of tasks, whereas OKR has a future focus. Most businesses use projects, activities, and initiatives to accomplish a certain goal, and it is at this point that OKR adaption naturally occurs. 

The values of combining OKRs with project management 

One of the most frequent difficulties leaders have is strategy execution, according to various statistics. In fact, according to recent Gartner research, over 40% of top leaders are not in agreement on how to execute their plans. And that is not a novel concept. Even if there have been advances, a lot of articles have disclosed data over the years that support this issue. 

Ineffective project management and alignment are among the most prevalent causes. Therefore, it is evident that developing a weak strategy is less of an issue than effectively conveying the key business priorities and developing the necessary delivery systems. 

Examples of OKRs for Project Management? 

It is difficult to monitor PMO performance and to monitor on-time and within the estimated budget. There are many more factors that affect whether a project is successfully delivered. An organization may only start to build best practices by learning from mistakes and altering the perspective when there is space for improvement.

Here are a few OKRs examples for project management 

Objective: Manage project timeline effectively 

KR 1: Increase Project completion from x to y % 

KR 2: Decrease the resource cost by x% 

Objective: Project budget management 

KR 1: Decrease budget iterations from x to y times 

KR 2: Maintain x % of profit 

Conclusion: 

By combining OKRs with project management, you can ensure that you carry out the most crucial business priorities and that your strategic goals are met.

Talk to our OKR coaches today to get started with OKRs and find value in linking with Project Management 

Frequently asked questions: 

1. What are personal OKRs? 

Private OKRs are the aspirations you wish to develop in the direction of lifetime accomplishments and satisfaction. If you are not satisfied with your work life, you could, for instance, start a new career that offers you a sense of purpose. For instance, look for new employment around the year’s end. 

2. What are the important goals that project management focuses on? 

Project managers learn something new every day, which makes project management intriguing. By setting goals, you can stay on top of these shifting trends and finally create something that will impact stakeholders 

3. What are project objectives examples? 

Objective: Implement a new product planning process. 

Key Results: 

  • Document and define clear role division between teams 
  • Integrate user testing into all activities in the product planning and design phase 
  • Integrate user testing into the pre-launch testing phase 

4. How do your OKRs connect to the success of our team? 

OKRs contribute to the team’s success as it increases collaboration and accountability. The sense of collaboration connects the team to deliver ambitious goals 

 

 

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