An opportunity presented itself for me to reflect on a mental model that I had developed a long time back. I had relied on this model to proactively sow the success seeds for any initiative that I worked on and also reactively address challenges as they surfaced. The opportunity came when I had a good friend who discussed with me about supply chain related failures for a drug portfolio where decision-making delays created strategic and operational challenges for a mid-level healthcare organization.
While some early thoughts focused on teams lacking the capacity and capability, I didn't feel completely convinced. Over the years, as a VP leading a PMO with many project and program managers reporting under me, I noticed a recurring pattern: projects rarely failed because teams lacked effort or intelligence. They struggled because the realities of execution were not made explicit early enough. To address this, I often used a simple but powerful mental model called CARD—Constraints, Assumptions, Risks, and Dependencies. Like a card in your pocket, it is something every mid-level manager should carry into planning conversations, steering committees, and day-to-day decision-making.
My thinking around CARD further matured significantly as my role evolved into VP of a Global Strategic Business Office (GSBO), where the PMO increasingly became a shared services capability rather than a standalone function. One arm of the GSBO focused on client-driven delivery programs, while the other governed the internal product and R&D portfolio across the organization. In this dual mandate—external execution and internal innovation—CARD became a pivotal enabler, helping us navigate strategy over a three-year horizon while still executing tactically at the project level.
Constraints are the non-negotiables of an initiative and strong managers surface them early and often. They act like the skeletal system defining the shape, structure, and boundary limits. The organization fails without the skeletal system and too much rigidity compromises agility. Beyond traditional limits like budget and timelines, constraints on a strategic side included leadership capacity, market timing, regulatory environments, and investment guardrails across portfolios. For client-driven programs, constraints were often contractual and immovable; for product and R&D initiatives, constraints showed up as funding thresholds, architectural decisions, or talent availability.
In my GSBO initiatives, CARD helped ensure that constraints were explicitly acknowledged at the portfolio level, so teams didn’t overcommit locally and underdeliver globally. When surfaced early, constraints became tools for prioritization rather than excuses for delay. Every trade-off such as scope reduction, sequencing, and resourcing must explicitly reference which constraint is being protected. When constraints are invisible, teams make local optimizations that create global failure. Making constraints explicit creates realism, not pessimism.
Assumptions are where many plans quietly go wrong. These are statements we treat as true without proof. I view the assumptions as the nervous system and determines how the organization perceives the market and reacts to the signals. I found the assumptions were where the CARD created the most leverage especially in product and innovation work. Multi-year roadmaps are built on assumptions about customer adoption, technology maturity, data readiness, and organizational change. In the GSBO, we treated assumptions as testable hypotheses, particularly for R&D experiments embedded within the portfolio.
Product managers and business analysts or the project and program managers were expected to articulate what must be true for success and define signals (triggers) that would invalidate those assumptions. Unchecked assumptions turn into surprise risks and surfaced assumptions turn into managed conversations. This discipline allowed leadership to course-correct portfolios early rather than defending plans that no longer matched reality.
Risks spanned both execution and strategy and provided the highest value in the GSBO. In fact, risks were the main thread that connects projects, programs, and portfolios in any enterprise. Risks differ from constraints and assumptions in that they are probabilistic events with a positive or negative impact!
- At the project level, risks were treated within the project's threshold but escalated when their cumulative and overall impacts exceeded the project boundary.
- At the program level, risks included benefit slippage, vendor reliability, and integration complexity. The program level risks also were delegated to project level as needed.
- At the portfolio level, risks expanded to include concentration risk, innovation failure, market shifts, and opportunity cost.
Dependencies were the connective tissue of the GSBO and are frequently the most underestimated element of CARD. Client programs depended on internal product roadmaps; product initiatives depended on shared platforms, data, and specialized skills; R&D experiments depended on leadership patience and protected funding. In my opinion, projects do not fail in isolation but across the integration points between teams, vendors, stakeholders, and systems.
CARD forced visibility into these interdependencies and prevented siloed decision-making. For project and program managers, managing dependencies became less about tracking dates and more about orchestrating conversations, aligning incentives, and escalating decisively when assumptions broke down. It forced us to ask hard questions: Who do we rely on? Who relies on us? What happens if this slips?
| CARD Element | Body Metaphor | Leadership Connection |
|---|---|---|
| Constraints | Skeletal | Structure, System, Boundary, Leverage |
| Assumptions | Nervous | Interpretation, Signals, relexive decision-making |
| Risks | Circulatory | Awareness, Escalation, Flow |
| Dependencies | Connective | Alignment, Integration, Cohesion |
Finally, CARD works because it forces clarity. Just like bad strategy may result from rigid bones and faulty nerves, execution can fail because of weak connective tissue and blocked circulation. So, constraints shape choices, assumptions test logic, risks demand foresight, and dependencies expose interconnections. When the management and leadership consistently apply CARD, status conversations become sharper, surprises decrease, and leadership trust increases.
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