Establishing a “program approach” allows leadership to control performance across multiple projects to achieve maximum efficiency and ensure alignment to strategic goals. The “Intelligent Project Management” model (iPM) provides a fully integrated approach utilizing smart controls, greater visibility of performance data and ensuring people have the right capabilities to support delivery.
As portfolio management becomes an increasingly important organizational approach to project delivery, new risk management skills are required. Here we look specifically at the role risk plays in project selection and portfolio definition.
The increasing acceptance of portfolio management indicates that the application of knowledge, processes, skills, tools and techniques to select the right work at the right time may have significant impacts on program, project and business success. Focusing on IT portfolio management, the author shares a practical method and metric system for implementing portfolio management. All proposed methods can be easily extended for business portfolio management.
The lack of consciously managed alignment between PMOs can create inefficiencies and friction. It is now time for organizations to implement a comprehensive PMO strategy that manages an integrated ecosystem of PMOs rather than tolerates multiple independent PMO structures.
Don’t try and do too much with the risk management plan. It is just a summary document that provides an overview of the portfolio risks and allows access to more detail. Consider building this template within your PPM tool or within a corporate collaboration tool. This template has been built for the portfolio level, but it can easily be adapted for programs/projects with some simple rewording of columns.
For many organizations, strategic planning and the associated project selection is an exercise in frustration. How can we improve things without reinventing the process?