By embracing fast and frequent project failure rates, organizations can become more efficient more quickly, according to a new report from research analyst Gartner. At the same time, portfolio managers should institute 'stop-loss' criteria to determine when to accept failure and bring a project to an end.
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Adoption of LEED standards is typically framed as a means of reducing operating costs; the greater expense in designing and building sustainable facilities is offset by reduced energy consumption in future years. This becomes a theoretically easy business case that should be readily accepted: an investment in current periods providing future savings in costs. The challenge, however, is two-fold: it requires foresight and a willingness to invest in the long term, and there needs to be confidence that the promised benefits are realistic and attainable.
A large petrochemical site is taking steps to create a lean project portfolio, including a lightweight approach to building a business case and "smart release" planning, which breaks larger initiatives into smaller "waves" that can be interrupted by more urgent projects. The early returns have been positive.
Like most projects, the value of ITIL needs to be quantified and communicated clearly to the rest of your organization. The combination of information on benchmarked cost saves--paired with baselined metric data or value drivers--will present them with the information needed to tell a convincing story and sell the business case.
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.