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IT Portfolio Management Goals & Benefits
Dr. Andrew Makar is an IT program manager and is the author of the Microsoft Project Made Easy series. For more project management advice, visit the website TacticalProjectManagement.com.
The IT portfolio management process is a method of rationalizing an organization’s suite of IT applications to meet business needs. IT portfolio managers analyze existing applications, current and future projects to identify gaps and improvement opportunities within an organization’s IT portfolio. On a cyclical basis, an IT organization is allocated funding to address these opportunities in addition to ongoing maintenance, operations and support.
According to a 2002 META Group report, IT organizations are often challenged to “operate as a business investment center” for their company. Adopting this viewpoint requires portfolio managers to focus on the mix of applications and deliver the best value to their business partners at a cost-effective price. Managing an IT portfolio increases the need to understand the overall portfolio health in terms of individual project status, financial impact, risks, rewards and the state of the IT architecture for all the projects in the portfolio. Understanding the health of the underlying IT architecture is just as important as understanding the status of the applications and projects supporting an organization’s business process.
In recent years, software vendors and IT consulting organizations have launched new engagement efforts to assist organizations with the IT portfolio management …
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