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Future States
Project portfolio management is fundamental to coordinating the change, innovation and collaboration necessary to achieve an organization’s strategic vision — its desired "future state." It starts with taking individual projects out of their “isolation” and going beyond traditional measures of success.
This is the first article in a series on how the discipline of project portfolio management can help organizations better manage innovation and change in pursuit of their strategic vision.
Projects within organizations have traditionally been conceived as isolated efforts. They appear and disappear almost at random and operate both within and beyond the visibility of senior management. They are created as a result of conversations, meetings, customer requests, management demands, and many other means. How projects are approved often varies depending on the individuals who are in the room at the time of approval. Projects are spawned by other projects, and they often deteriorate and die a slow death because they are ignored, or lose sponsorship and relevance. The management approach from project to project is idiosyncratic and labor intensive. Once started, projects are rarely terminated, and low value projects often continue to churn away, consuming critical resources.
Projects encompass an enormous array of activities within an organization. They …
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