Is benefits realization a significant challenge in your organization? Perhaps it’s time to question your approach, to acknowledge that the process might be fundamentally flawed and results in a false sense of understanding what’s happening.
A consolidation of trends, from digital transformation to enterprise agility and strategic portfolio managements, sets up 2022 as the year for organizations to truly reimagine how they operate, invest and grow in the Project Economy.
CMOs, PIOs and PMOs, oh my! Does an organization really need all three of these offices, or would a better approach be to merge them? Enter the Alignment Management Office!
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In today's digital landscape, organisations need to manage a large portfolio of programs, projects and operations. Given the ongoing market and economical changes, the traditional portfolio management function has to be agile and adaptive to shift direction when required. Some organisations are currently implementing Lean Portfolio Management of SAFe to inject flexibility and adaptability in how they connect execution to strategy. We will address the transition strategy to smoothly move from an existing set of portfolio management processes to LPM of SAFe.
Project portfolio management (PPM), when tailored to context, improves the effectiveness of senior management decision making on selecting, prioritizing, funding, monitoring, and adjusting projects. Such portfolio-level approaches can improve alignment with an organization’s strategy and enhance return-on-investment (ROI). Although the construction sector is strongly project-based and represents a major segment of the global economy (13% of GDP $ 10 trillion in 2018 projected to $14 Trillion by 2025), little is known about whether and how Project Portfolio Management (PPM) can provide benefits in this important sector. The research team from Australia and the United Kingdom investigated approaches to strategic alignment and PPM through inquiring into project-based practices of organizations in the construction sector. We found that PPM approaches are used in the case firms investigated, despite the fact that the terms ‘portfolio’ and ‘portfolio management’ were not always used. Our findings also show PPM approaches being tailored to suit the construction context.
The purpose of the Portfolio Management Proposal is to articulate an approach for effectively evaluating the impact of each project to the company’s portfolio(s). The process will support project governance, allowing the business to make informed decisions on which projects to execute to deliver the most value to the organization. Use this sample proposal as a starting point and adapt to fit your company and needs.
For efficient project governance, the PMO must ensure that the managers review all project parameters regularly. This template will help project/program/portfolio managers take a detailed look at all project constraints and variances. This will give a consolidated view and status of each project in a portfolio. This can also be leveraged and customized for weekly/monthly stakeholder reporting.
This program financial tracker has a set of dashboards for a program to provide customers/client, and use to manage the financials of their program. The entry tabs allow the program to enter planning and actual material costs, funding sources, and labor costs (even with multiple CLINs) to a granular percentage of an employee's time. The dashboards are calculated from the data entered. The dashboards included: Balance Sheet (and graph); Material Costs; Monthly Expenses; and Funding Sources.
How do your projects feed the company's strategic goals? How does a project enter in the portfolio? Use this presentation as a starting point to go over the basics of PPM, including feasibility studies, opportunity assessments, the project lifecycle and more!
In addition to regular management activities, the portfolio should also be subjected to a more formal quarterly review, and that’s what this checklist is designed to support. It provides the portfolio manager with a structure for the review process and allows the meeting(s) with leaders to focus on the critical elements of the portfolio.
Does modern project management technology allow for PMOs to be automated (and by "automated," we mean "eliminated")? And if so, should that be a viable option?
Most organizations have limited resources to invest in improvement initiatives. And a significant percentage of those resources don’t deliver results. That’s a huge problem. To begin to fix it, we have to understand where and why this waste is occurring.
Lean governance is a term that is being thrown around a lot, but what exactly does it mean? And is it important for the future of PMOs? Yes, but the challenge for PMOs might be in creating the environment where they can leverage lean governance.
Are algorithms driving the prioritization process in your product development efforts at the expense of strategic thinking and context? Because there is no magical spreadsheet or single metric that can replace strategy—the decision-making that considers organizational and market context, that addresses the bigger questions first.
As organizations continue to deal with the uncertainty caused by COVID-19, how can they balance the need to pursue strategic growth with the requirement to maintain flexibility? Here is guidance on creating a clear vision, planning smaller projects, and reprioritizing continuously.
As The Project Economy reimagines business around the concept of projects, the disruption to operations increases. The project delivery function needs to manage that if an organization is going to succeed.
Project leaders need to know where to focus their attention and teams at all times or they risk higher costs, missed deadlines and unhappy stakeholders. Ruthless prioritization keeps the things that would be nice to do from getting in the way of the work that matters most.
The COVID-19 pandemic is forcing organizations to rethink their strategy and refocus their investments. And just as our understanding of the crisis continues to evolve rapidly, our strategic response must, too, with continuous review and refinement to ensure it stays relevant. Here are four must-ask questions to support the process.
In uncertain times, you might not know how to approach your project portfolio. You might be tempted to continue with “business as usual”—even though our times are not at all usual. Instead, consider how you can rethink the value of each project and effort. The results might surprise you.
Successful product leaders need to delegate most hands-on product work, focusing instead on leader-level activities. That means understanding what each team member can handle, having an upskilling plan, and building trust.
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