Intro To Portfolio Management 1
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An introduction to Project Portfolio Management based on material from the PMI Standard for Portfolio Management.
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Intro To Portfolio Management 1
- 1. Introduction to Project Portfolio Management Andrew P. Valenti, Valenti Partners
- 5. Relationships Among Portfolio, Programs, & Projects Figure 1.1 Portfolio Portfolios Projects Programs Programs Projects Projects Programs Projects Other Work Projects Projects
- 9. What is Portfolio Management? โ Doing the right work, not doing the work right.โ
- 13. Portfolio Management and Governance Management by Projects Organizational Governance Strategic Planning Portfolio Management Program Management Project Management Process Tools Metrics Management of Operations Relationships among Organizational Governance, Operations, and Portfolio Management Figure 1.2
- 16. Relationship between Strategic and Operational Processes Vision Mission Organizational Strategy and Objectives High-Level Operations Planning and Management Project Portfolio Planning and Management Management of On-Going Operations (recurring activities) (producing value) Management of Authorized Programs and Projects (projectized activities) (increasing value production capacity ) Organizational Resources Sets Performance Targets Establishes Initiatives Executes Activities Figure 1.3
- 18. Figure 1.4
- 21. Building a Comprehensive Project Portfolio Organizational Strategy & Objectives (communicated through a strategic plan) Project Portfolio (consisting of prioritized strategic and operational programs and projects) Initiatives (defined to accomplish strategic and operational objectives) Operations Planning (continuing to run the business) Strategic Planning (responding to environmental changes) Organizational Resources
Editor's Notes
- Organizations that do not link portfolio management to governance increase the risk that misaligned or lower priority initiatives will consume critical resources
- In this figure, the controls that comprise organizational governance cascade to the domains of portfolio, program and project management. These controls maximize the likelihood of success of the organizationโs strategy.
- The goal of linking portfolio management to the strategy is to balance the use of resources to maximize value in executing strategic and operational activities
- The goal of linking portfolio management to the strategy is to balance the use of resources to maximize value in executing strategic and operational activities
- To guide the โManagement of Authorized Programs & Projectsโ, a project portfolio is created, linking the organizational strategy to a set of prioritized programs and projects.
- The ultimate goal of linking portfolio management with organizational strategy is to establish a balanced, executable plan that will help the organization achieve its goals.
- It is important that the portfolio management team manage relationships and interfaces with operations effectively, for the full value of each component to be realized.
- As the components move into initiation, their respective areas use their management processes to manage deliveries. During execution, portfolio management maintains relationships among the components to monitor progress and maintain alignment with strategic goals. At the highest level, strategic and ops portfolios are managed as a single comprehensive portfolio.
- Total Quality Management, Continuous Quality Improvement. Six Sigma, introduced by Motorola in 1981, seeks to improve the quality of process outputs by identifying and removing the causes of defects (errors) and minimizing variability in manufacturing and business processes
- Risks and opportunities are managed at the composite level, considering portfolio dynamics, fiscal constraints, windows of opportunity, component constraints, and stakeholder dynamics.
- Managers, as defined in the last bullet, are those individuals responsible for executing portfolio components.
- PMO is the Project Management Office. Alternative terms include Project Center of Excellence (COE), Program Office.
- Portfolio metrics are less concerned with lifecycles and more focused on monitoring progress toward achieving an organizationโs goals. Project management metrics illustrates the health at a given point in time and progress toward meeting deliverables. Program metrics consolidate and summarize performance of constituent projects, still maintaining a focus on the life cycle.