Projects need to be properly re-evaluated for appropriate reprioritization, but in many cases that isn’t happening in an optimal fashion. Return impacts need to be accounted for when new and existing projects are paired against each other during project selection.
Like the source of the Nile, the start of portfolio management can be hard to locate. There is not yet a generally accepted initiation point for portfolio management, so let’s try and figure out where PPM might start in a perfect world.
When used effectively, PPM can increase the perception of IT’s value to the organization. So what can PMOs do to ensure that PPM processes are increasing IT’s value to the business?
Presenting the status on an entire portfolio can be very different than the status on one project or program. The portfolio manager must learn to condense and tailor the message for the audience.
Most large global organizations will rely on “activist” enterprise program management office (EPMO) leaders by 2017, according to research analyst Gartner. The emerging role is a response to the need to significantly improve strategic execution, and increased pressure toward innovation and differentiation.
If you are trying to set up project portfolio management, you will run smack into a unique workforce problem. Use these tasks in your WBS to help manage three sensitive groups that participate in projects to establish PPM.
Many organizations fail to recognize that they are driving significant change to a PM’s job--and even fewer do anything to try and make the transition a constructive one. Here, we look at portfolio management in terms of the impact on PMs--and offer some guidance on how to help ensure that those PMs are champions of the evolution rather than resistors.
Managing a portfolio can involve processes that are very different than project management processes. Project managers need to be prepared--understanding these three areas will lead to a better performing organization.
The advocates for the implementation of portfolio management are dissatisfied with how decisions are currently being made. They wish to bring about a change to this decision process. They are not, therefore, likely to have much influence in how decisions are currently being made. What to do about this conundrum?
One expert's definition of a portfolio turns the bottom-up concept on its head, defining a portfolio as “the vehicle by which an organization achieves its goals and objectives.” In other words, the portfolio comes first, and the programs and projects are broken out from it. Let’s walk through it in a little more detail...