Project Management

PPM 101: Are You Ready to Start?

Tom Mochal

Tom Mochal, PgMP, PMP, TSPM is the president of TenStep, Inc., a methodology development, consulting and training company. Tom won the Distinguished Contribution Award from the Project Management Institute for his work spreading knowledge of project management around the world. He is a speaker, lecturer, instructor and consultant to companies and organizations around the world.

linkedin twitter facebook print Request to reuse this   Portfolio Management   ProjectsAtWork  

Done right, project portfolio management can do a lot of good for any organization. But it’s not easy, as many companies, large and small, have discovered. In this new series, we focus on the fundamentals, starting with why you should consider PPM in the first place, and how to set the stage for a successful implementation.

There is plenty to say about portfolio management, a process that helps organizations spend scarce resources on the projects (and other work, for that matter) that provide the most value. For that very good reason, it is one of today’s most popular business practices. On the other hand, effective portfolio management requires a major culture change in how most organizations operate. In other words successfully implementing portfolio management is tough — not because of the mechanics involved, but in getting people to adopt the processes. 
 
First, let’s discuss the value of portfolio management. Portfolio management, done right, facilitates many good behaviors throughout an organization.
 
Improved resource allocation. Too often, low value or troubled projects squeeze scarce resources and do not allow more valuable projects to be executed. True portfolio management on an organizationwide basis requires prioritization of work across all of departments and strategic allocation of labor and non-labor resources.…

Please log in or sign up below to read the rest of the article.

ADVERTISEMENT

Continue reading...

Log In
OR
Sign Up
ADVERTISEMENTS

"We should be careful to get out of an experience only the wisdom that is in it - and stop there; lest we be like the cat that sits down on a hot stove-lid. She will never sit down on a hot stove-lid again, and that is well; but also she will never sit down on a cold one anymore."

- Mark Twain

ADVERTISEMENT

Sponsors