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Implementing Project Portfolio Management

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Presented at the PMI Symposium 2009

Presented at the PMI Symposium 2009

Published in: Business, Economy & Finance

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  • 1. Implementing Project Portfolio Management “Why is this a good Idea” David Lipper, PMP, CSP Stan Lipper, PMP 1
  • 2. Implementing Project Portfolio Management What is Project Portfolio Management It provides a view into all projects within an organization which allows for better project decisions to help meet business objectives and is focused on value creation. 2
  • 3. Implementing Project Portfolio Management Advantages of Project Portfolio Management • Targets initiatives that support organizational objectives • Evaluation and adjustments of project priorities • Provide management with project summary and Detailed Status Information • Helps promote stronger relationships among projects • Better resource planning • Source of information for process improvement • Enhanced communications and cooperation among project and management • Serves as a capacity planning tool 3
  • 4. Implementing Project Portfolio Management Additional Benefits of Project Portfolio Management • Promotes use of better project management practices and disciplines • Greater visibility helps in issue resolution process • Cost savings due to better project performance and alignment to business objectives • Stronger recognition of project successes • Stronger estimation ability due to greater metric data collection 4
  • 5. Implementing Project Portfolio Management What is needed for a Successful Implementation • Management support and involvement • Project portfolio software tool • High-level project management framework • Project plan that minimizes the impact on current initiatives and contains a phased approach • Strong change management approaches • A culture that can embrace some level of best practices • Choosing a PPM approach that best fits the organization 5
  • 6. Implementing Project Portfolio Management Steps in Implementation Project Portfolio Management • Assess the organization for readiness - depending on the assessment results: – Define success criteria – Prepare an inventory of current and planned project initiatives – Prepare a resource inventory that includes skill sets and quantity – Build and implement a high-level project management – Framework that best fits the organization’s culture – Establish a roadmap toward implementation – Implement process to evaluate value – Plan for and implement IT governance 6
  • 7. Implementing Project Portfolio Management Steps in Implementation Project Portfolio Management • Asses the organization for readiness - depending on the assessment results: (Continued) – Implement or enhance process improvement throughout – Implement initial dashboading and PKIs – Launch a good training program – Install a project portfolio software tool – Define, implement or enhance time management – Define, implement or enhance work flows into tools – Implement or enhance resource planning and management 7
  • 8. Implementing Project Portfolio Management A Structure for Success Define Success Criteria Inventory Projects Inventory Resources Roadmap Value Plan for IT PM Framework Toward Measurement Governance Implementation Plan Implement Plan for Implement Enhance Ongoing Time Resource Enhance Process Initial Management Process Management Planning and work flows Improvement Dashboading Reporting Improvement Management 8
  • 9. Implementing Project Portfolio Management Involved Participants Business IT and IT customers Management and Management Project Human Portfolio Finance Resources Management Vendors Auditing 9
  • 10. Implementing Project Portfolio Management Lessons Learned • This is a significant project and will take time and investment • Expectation must be carefully managed • Strong communications is vital • If value is not evident throughout the project there will be pressure to down scope • Embrace organizational variations in processes and approaches • Small incremental changes can make adoption easier 10
  • 11. Implementing Project Portfolio Management Additional Resources: Books: Project Portfolio Management: A Practical Guide to Selecting Projects, Managing Portfolios, and Maximizing Benefits by Harvey A. Levine The Standard for Portfolio Management by Project Management Institute IT Services Portfolio Management Best Practice Handbook by Gerard Blokdijk, Ivanka Menken Optimizing Corporate Portfolio Management: Aligning Investment Proposals with Organizational Strategy by Anand Sanwal Articles: http://www.cio.com/article/31864/Portfolio_Management_Done_Right 11 http://www.pmsolutions.com/uploads/pdfs/ppm_maturity_summary.pdf