How well do we match our project portfolio ambitions with our ability to deliver? There are some considerations that a project organization should be assessing as it builds its annual budget and business plan.
One of the most complex functions large PMOs manage is the prioritization of the organization’s portfolio of projects. Thankfully, artificial intelligence capabilities offer ways to create scenarios that provide helpful options.
Question: We’re a company that was a startup, and we’ve had great success. One of the founders ask me to work with a team to decide if we needed to set up a portfolio management part of the business. I’m a project manager, but I have no experience in this—and to be completely honest, I’m not even sure exactly what it is. Is there value to our adding this layer to a relatively new organization?
4
Votes: 0
0
Keith NovakKeith Novak replied Dec 1, 2023
3
Votes: 0
0
Rami KaibniRami Kaibni replied Nov 29, 2023
1
Votes: 0
0
Kiron BondaleKiron Bondale replied Nov 29, 2023
9
Votes: 1
1
Stuart GrahamStuart Graham replied Nov 29, 2023
1
Votes: 0
0
Kimberly WhitbyKimberly Whitby replied Nov 20, 2023
1
Votes: 0
0
Markus Kopko, PMPMarkus Kopko, PMP replied Nov 16, 2023
7
Votes: 0
0
Kiron BondaleKiron Bondale replied Nov 16, 2023
3
Votes: 0
0
Daniel PiretDaniel Piret replied Nov 13, 2023
6
Votes: 0
0
Maryanne ColterMaryanne Colter replied Nov 9, 2023
3
Votes: 0
0
John ArchibaldJohn Archibald replied Oct 31, 2023
Network:1
See all Portfolio Management Influencers
Project portfolio management (PPM) has since the 1950s offered principles helping us to act in PPM-related situations. In this study, the author(s) consolidated the knowledge accumulated over seven decades of PPM research. By reviewing this extensive body of work, they have identified 17 PPM principles grouped into four distinct categories. These principles have significantly shaped how organizations understand PPM. To facilitate practical implementation, they developed a framework that allows organizations to evaluate their adherence to these 17 PPM principles. This framework serves as a valuable tool for organizations, enabling them to identify areas where improvements can be made, thereby enhancing their PPM practices.
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.
Organizations plan portfolios based on the available funds for discretionary investments. However, that can get complex quickly. As a result, organizations usually have less money available than they think. This worksheet helps identify the point at which the available funds run dry.
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.
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.
Here are nine strategies that can overcome PPM stagnation and enable the dynamic, agile operations your organization needs to be more competitive—and your project managers need to avoid losing their minds.
While plans constantly change, the act of planning is still a strategic use of time — for the many decisions and discussions that it helps to facilitate among stakeholders, and for establishing a baseline that can be improved upon along the way.
This paper aims to share a strategic perspective on capital allocation and how leveraging this capability, in collaboration with the corporate transformation office or project management office and corporate finance, portfolio managers can successfully steer organizations in pursuing value creation and maximizing shareholder value.
Not appreciating the differences between PPM and SPM—and falling victim to strategic portfolio management myths—will decrease your odds of success. Let’s clear up some of these common misconceptions (and address those pesky watermelons...).
We have to look at more than just the traditional project portfolio when it comes to advancing a business—and that means PMOs also have to look beyond projects. But what does that actually look like? Two specific portfolios are becoming more critical to organizational success.
As organizations strive to respond faster to ever-changing business conditions, their strategic decision-making windows get tighter. But they also need to remain open to a range of perspectives and input. How does that work?
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!
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?
|
"Humor is but another weapon against the universe." - Mel Brooks |
