Prabhas SinhaDirector - Product Management| CAHyderabad, India
We have talked about Project Portfolio Management, ITIL talks about Services Portfolio Management, I wanted the BPM gurus/practitioners out here to give their mindshare on the applicability of Business Process Portfolio Management. Does this makes sense? Valuable? Pros/Cons? Saving Changes...
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Michael WoodProject Manager / Business Analyst / Business Process Improvement Guru| Independent ContractorGig Harbor, Wa, United States
Interesting concept... In the mid 1990s I actually implemented a Business Process repository for my company that correlated every job description, regulation, procedure, project, etc to the Business Processes of the organization. It was a great tool for pinpointing overly costly processes, performing what-if impact analysis and more. Saving Changes...
Mir AlikhanProject Manager| ChangementKaty, Tx, United States
This is only improtant if the organization as whole is willing to accept both the pros and cons. It is a huge undertaking. Saving Changes...
supriya chopraOwner| AnalystSchoolPalatine, Il, United States
We as IT industry have been very focused on making sure that our projects succeed and we are doing them right. But what doing right project?????? Have you ever thought about that ? That is what Portfolio Management team thinks and make sure that the projects fit in the longer company strategic direction.
Noe think of your Financial Portfolio. Is it smart to keep the same stocks in your portfolio ? No, right? We want to maximize the benefit and take into consideration the risks involved with doing the same kind of projects over and over again.
Portfolio Management is what focus on doing the right projects so that as a company we have a wide selection of project that belong to different categories and we keep reviewing our project time to time to make sure that they still make sense and should be continued .
Now , let me explain you how this starts. The management team of the company can get 1000's of business case requests. Now as a leader , it will be wise to go through a Portfolio selection process and approve only the projects that fit the selection criterias.( I will talk about Portfolio selection process sometime ). That team of people are called as Portfolio Managers and if the business case gets approved a formal Project Charter is signed off and a Project Manager is assigned.
Hence Portfolio Management is a study that involves a decision process or a selection method y which the active list of Product projects is being continuously reviewed , updated and revised.
Work can be described as follows
1. FOR NEW PROJECTS: the business cases are evaluated , selected and then prioritized. The resources, time, cost, scope factors get decided.
2. FOR EXISTING PROJECTS: The projects may be reevaluated, reassigned, killed or deferred for another time.
The portfolio Management team must periodically review the portfolio and the projects. There must be a mechanism to evaluate the performance of the projects. Proper Earned value management techniques must be used and applied on the projects. Based on this analysis, a go no go decision must be added to the project plan . The go no go process must be conducted few times within the project life-cycle after major milestones have been met .
Contact us at [email protected] to know more about the Portfolio Management or Portfolio selection process. We can work to create a Process for your company and help maximize the revenues.
I'd like to know a little bit more what you mean by "Business Process Portfolio Management"
Business Process Management by definition is an operational discipline and portfolio management is essentially an initiative based discipline. It seems like an interesting conversation so please share some more!
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