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Programs are strange beasts. We know they exist. We recognize they are complex. We acknowledge they take a different approach to manage successfully. And yet, what that different approach looks like is very often misunderstood.
An efficient frame of governance helps to ensure the strategic alignment of the organization with corporate initiatives and their realization. This article analyzes governance around projects with an organizational approach at the strategic level, at the tactical and portfolio level, and at the program and project level.
The most important question that should be asked before a project is approved is rarely considered. That’s an issue we need to address—that we tend to think of projects as solutions to specific problems.
Whether or not you acknowledge it, the more importance you give to strategy, the less financial value you are able to extract from your portfolio; the converse is also true. What algorithm can we apply to portfolio selection in order to get the best out of strategy and the best out of economics?
Government initiatives can benefit from many portfolio management principles. But portfolio management is not gaining the same traction in government as it is in private corporations. Why is that, and what are the implications?
Portfolio managers that develop a detailed understanding of four fundamental aspects will be better positioned to manage their portfolios—and be able to answer the specific questions that executive managers are fond of asking.
Portfolio management in today’s world has little to do with project management and everything to do with business management. Is that how your organization operates?
While portfolio tools may be nice and shiny and promise great things, you should not be taken in by their enticing appearance. Instead, look at the root levels of what they can do. Can it help with existing or undeveloped functions? Do you really need one at all?
If the primary reasons for portfolio management start with resource constraints, you’re probably wondering how we got to strategic alignment. And that, dear reader, would be an excellent question...
Selection of programs and projects in a portfolio (and their start times) should include an analysis of available resources. Otherwise, they can be set up for failure. Resource analysis at this level doesn't have to be complex—if it is targeted to the most likely area of constraint.
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"To stimulate creativity, one must develop the childlike inclination for play and the childlike desire for recognition." - Albert Einstein |
