Project Portfolio Prioritization

Michael R. Wood is a Business Process Improvement & IT Strategist Independent Consultant. He is creator of the business process-improvement methodology called HELIX and founder of The Natural Intelligence Group, a strategy, process improvement and technology consulting company. He is also a CPA, has served as an Adjunct Professor in Pepperdine's Management MBA program, an Associate Professor at California Lutheran University, and on the boards of numerous professional organizations. Mr. Wood is a sought after presenter of HELIX workshops and seminars in both the U.S. and Europe.

Nothing taught me more about the risks associated taking an enterprise view with regard to prioritizing project portfolios than my experiences in opening new hotel/casino properties. In many ways, starting a new Project Portfolio Office (creating a basket of new initiatives, assessing their various risk components, establishing their relative sequence of implementation, etc.) is easier than inheriting a PPO that is already in process. However, the risk assessment process is essentially the same. Assessing risk of project delays and failures on the PPO basket of projects, at a minimum, should consider the following six areas:

  1. Project Interdependencies
  2. Financial & Human Capital Scarcity
  3. Project Complexities
  4. Ability of Organization to Absorb Change
  5. Environmental & Seasonal Considerations
  6. Cultural & Political Considerations

In general, when thinking of the above items in terms of risk analysis and management, I ask myself, “Where can each of these areas bite the organization in the butt?” (both at the project and the portfolio levels). Then, for each “butt biting” possibility, strategies need to be formulated in the following three areas:            

  • Risk Avoidance – designing safeguards and fail-safes into each project plan to …

Please login or register below to read the rest of the article.

Members login here:

If you were a member of gantthead.com, you are already registered here--just use the same username and password to login and enjoy the same valuable resources and connections you have come to rely on.

OR

OR

ADVERTISEMENT

Not a member yet? Sign up here:

You must have JavaScript and cookies enabled to use this website. Please enable javascript and refresh this page.
How do I enable JavaScript in my browser? | How do I enable cookies in my browser?
  • required fields
  • First Name
    Last Name
  • Pick a password
    Confirm your password
  • please enter the text below:


  • You must have JavaScript and cookies enabled to use this website. Please enable javascript and refresh this page.
    How do I enable JavaScript in my browser? | How do I enable cookies in my browser?

  • projectmanagement.com is accredited under Return Path's Sender Score Certified™ Program. The Sender Score Certified Program helps to increase successful email delivery by requiring senders to adhere to a set of specific email standards. For more information, please see www.senderscorecertified.com.
ADVERTISEMENTS

"When one door closes another door opens; but we often look so long and so regretfully upon the closed door that we do not see the ones which open for us."

- Alexander Graham Bell

ADVERTISEMENT

Sponsors