"Portfolio management" is a huge topic, and I am not sure where to begin. Please tell us more about what type of portfolio you are talking about, and what your goals are. Perhaps we can point you in the right direction. Saving Changes...
Richard HowProgramme Management Consultant| How Associates LtdHarthill, South Yorkshire, United Kingdom
I am in the middle of selecting a project portfolio management tool and its a huge complex task that is not made any easier by salesmen that dont understand the market into which they are selling.
Why can companies not understand that to sell this sort of tool a background in project and programme management would give their sales staff a huge advantage. In fact with some that I have dealt with recently any knowledge of project nad programme management would have helped them.
Saving Changes...
Vladimir LiberzonR&D Director| Spider Project TeamMoscow, Russian Federation
Hi Richard,
if you select a project portfolio management tool then you probably have a list of requirements to this tool. It would be interesting to discuss the requirements to the software that have highest priorities. Saving Changes...
I am still somewhat at a loss as to know where to begin. There are whole books written on the topic of investment portfolio optimization, organization governance (including project portfolios), and other related topics.
You could begin with the PMI Standard for Portfolio Management, but I do not believe it is the best reference available. Gary Heerkens has some great information about portfolios in the "Business Savvy Project Manager". Many books on PMOs also address project portfolio management.
Then there is the whole area of investment portfolios. You can find texts on risk and investment optimization. Corporate Social Responsibility efforts have brought in new measures of the social impact and improvement for a portfolio of projects.
People create project portfolios for such varied reasons, it is hard to know where to start.
I like the other responses from other PM experts here, but it is not all about the tools. I always start with the governance questions:
* Who is in charge?
* What do they want to monitor and control?
* What resources do they have?
* Do they want to delegate or hold onto all responsibilities and decisions?
Those are the first questions I answer, and the first issues that I document in the governing policies and procedures for the project portfolio. Usually the model, processes, policies, and other issues grow out of these core questions.
I hope this reply helps your brainstorming and process development. I will gladly help more, as we learn more about what you are doing. Saving Changes...
Rich LeggeProject Manager| Haemonetics Software SolutionsWoodstock, Il, United States
You have your work cut out for you. ;-)
Have you considered bringing in subject matter experts?
Have you solicited RFP from software vendors?
As a starting point I would suggest googling Project and Portfolio Managment (aka PPM).
STEVE ROLLINSChief Project Strategist| ALLPMO Network Inc Fort Mill, Sc, United States
Hello Charles,
You have started in the right direction. Just remember that in any portfolio, you must manage to the most criticial element of risk. Many PMOs and their Management think that ithis s the project end dates but the real truth is that resource utilization is the most basic level risk you should be managing too with your portfolios. Many reasons for this. Too many to write about here. Not to sell books, but see my book titled "Advanced Project Portfolio Management and the PMO: Multiplyng ROI at Warp Speed" to gain true insight that will help you model successfully in detail.
Charles, why not try treat the creation of this model as a project in itself? Look at the requirements, appoint a team who will be involved in creating the model, build a PBS for the model which could indicate components such as a Project Office, Resource Database, Financial systems, a PM tool, and other items that your Sponsor will require or agree to. Then follow it through from there... Saving Changes...
