How does a company get the best return from the money it spends on projects? It’s a question that very many executives would like to know the answer to. Helping to find an answer to that question is one of the more important goals of Project Portfolio Management.
Like the source of the Nile, the start of portfolio management can be hard to locate. There is not yet a generally accepted initiation point for portfolio management, so let’s try and figure out where PPM might start in a perfect world.
Portfolio management needs to begin with idea creation. But if the portfolio starts with the idea creation process, how does the PMO engage people beyond the reach of traditional project execution so that their ideas are captured?
Do you ever wonder how far to go with formal documentation on a given project? PMBOK gives us an extensive set for project management standards from which to draw, but we don’t always choose to apply the full extent of these standards to every project--nor would it be appropriate to do so. Meet Project Sizing...
There is no silver bullet that will allow us to remove all uncertainty, but we can apply some business intelligence practices to the concept of annual planning to at least increase our confidence levels and reduce the risks around the decisions that we make.
Although Moneyball: The Art of Winning an Unfair Game is ostensibly a story about how a General Manager created a winning baseball team with the lowest budget in the Major Leagues, it also offers up a lesson in constrained problem solving by thinking “outside the box”. What can project managers learn and apply from this? A lot, as it turns out...play ball!
You've read a PM book. You've taken an introductory course. Your PMP is firmly in hand. What's next? The challenge for project managers at this point is that there isn't a really good answer. In fact, there isn't really any one answer. The most honest and truthful answer is probably, "It depends." But what, exactly, does it depend on?
CIOs are finding their budgets more and more tied to global economics. With fears of inflation on the horizon as quantitative easing appears to be coming to an end, CIOs may find their outlook for 2014 filled with challenges and uncertainty. Are there better times ahead, or will 2014 be a bumpy ride?
PMOs will have different contributions to the business based upon their unique mandate, goals and objectives. It is important to remember that PMO contribution is a matter of planned management execution, not an automatic or guaranteed success.
Do C-level executives make arbitrary decisions to kill PMOs? Alarming as this idea may seem, many organizations nowadays are building up a track record in terminating the services of their PMOs right after kicking the tires.
The purpose of the project proposal template is the first step to gain approval of a project moving forward. Similar to a project charter, it provides the initiator of the project with an avenue to document the purpose of the project, the objectives, and the basic information need to see the project approved through to the planning stage.
The purpose of this document is to quantitatively justify the project. For smaller projects, the business case may be no more than 1-2 pages in length. For larger, more complex projects, the business case may be much larger and contain far more detail.
You just spent the past month building a fantastic business case. You spoke to the right people, got the right numbers and have put it all together in a nice, tidy package. Now, the only hurdle is to get management's approval. This file requires the WebEx Player. It is 4.8Mb.
Our inaugural Project HEADWAY webinar addresses Creating the Project Business Case, one of the most important steps to a solid foundation for a successful project. This file requires the WebEx Player. It is 4.6Mb.
Last year, PMI CEO Mark Langley recommended that the PM triangle should be updated with points being Business Acumen, Leadership and Project Management (a small triangle that included scope, budget and schedule). In Part 1 of his series examining the triangle, Harlan Bridges explores Business Acumen.
Want your PMO to survive the current 50% rate of failure? Want the value your PMO delivers to be self-evident? Then align it with the organization’s strategies, goals and objectives--and become an integral part of the planning process.
If your project involves external resources in any capacity, then you are dealing with one or more outsourcing arrangements. This article gives some strategies for mitigating common obstacles for managing outsourced projects.
COBIT 5 is finally here and promises much. What makes it different from Version 4.1, and how is the new version being received? Find out why it's a major step forward in providing companies with an organizational-wide approach to IT governance--and perhaps even organizational governance.
Adoption of a Program Management Office is not a decision that should be made quickly or taken lightly. Careful preparation, clear alignment with organization objectives and stakeholder feedback are critical to a PMO’s success.
Many PMOs do not fully understand their role within the larger enterprise. What can PMOs do to improve lackluster performance and increase the return on investment? Let’s look at a few of the emerging trends for PMOs to help answer that question...
Many times, organizations focus on the “what” (i.e., specific tasks) and the “how” (do our actions reflect corporate culture and core values?), but forget about the “why”. That can be dangerous...just ask George Costanza.
Determining the nature and scope of a project is essential to refining how the resulting effort will accomplish business needs. A crucial component of this is having the knowledge of the business environment and the demands it must meet.
“Governance” is one of those words that consultants and managers like to throw around to make it sound like they know what they're talking about. It is also one of the most widely misused words--if not concepts--currently employed in organizations. Why this is, what it means (and doesn’t) and what it should represent are what this article explores.
Major project failure can happen to anyone. What’s important is to make sure that the organization can recover from such a situation, and that requires both advance planning (it’s too late to start planning the recovery when the disaster has already happened) and strong execution. Is your PMO prepared?
"Diplomacy is the art of saying 'Nice doggie' until you can find a rock."