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Develop a Project Portfolio Management Strategy

  • ID: 4457593
  • Report
  • 124 pages
  • Info-Tech Research Group
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Time is Money; Spend It Wisely
PMI and ISACA frameworks is used for areas of this research. In addition to industry-leading frameworks, our best-practice approach is enhanced by the insights and guidance from our analysts, industry experts, and our clients. Our peer network of over 33,000 happy clients proves the effectiveness of our research. Our team conducts 1,000+ hours of primary and secondary research to ensure that our approach is enhanced by best practices.

The PPM strategy is applicable whether you use Agile, waterfall, or anything in between for PM.

Use this blueprint to develop, or refine, a PPM strategy that works for your organization.

Get buy-in for PPM strategy from decision makers.

Buy-in from the owners of project portfolio (Steering Committee, C-suite management, etc.) is a critical prerequisite for any PPM strategy. This blueprint will give you the tools and templates to help you make your case and win the buy-in of portfolio owners.

Connect strategic expectations to PPM process goals.

This blueprint offers a methodology to translate the broad aim of PPM to practical, tactical goals of the five core PPM processes, as well as how to measure the results. Our methodology is supported with industry-leading frameworks, best practices, and our insider research.

Develop your PPM processes.

This blueprint takes you through a series of steps to translate the process goals into a high-level process description, as well as a business case and a roadmap for implementing the new PPM processes.

Refine your PPM processes.

Our methodology is also equally as applicable for making your existing PPM processes better, and help you draft a roadmap for improvement with well-defined goals, roles, and responsibilities.

Our methodology is designed to tackle your hardest challenge first to deliver the highest-value part of the deliverable. For developing a PPM strategy, the biggest challenge is to get the buy-in of the executive layer.

Without senior management participation, PPM doesn’t work, and the organization is likely to end up with, or return to, a squeaky-wheel-gets-the-grease mindset for all those involved.
  • Mark Price Perry, Business Driven Project Portfolio Management
In the first step of the blueprint, you will be guided through the following steps:

1. Choose the right PPM strategy: driven by the executives, supported by management.

2. Objectively assess your current project portfolio with minimal effort to build a case for the PPM strategy.

3. Engage the executive layer to get the critical prerequisite of a PPM strategy: their buy-in.

A PPM strategic plan is the end deliverable of this blueprint. In the first step, download the pre-filled template with content that represents the most common case. Then, throughout the blueprint, customize with your data.

This research is designed for:
  • CIOs who want to maximize IT’s fulfillment of both business strategic goals and operational needs.
  • CIOs who want to better manage the business and project sponsors’ expectations and satisfaction.
  • CIOs, PMO directors, and portfolio managers who want a strategy to set the best projects for the highest chance of success.
This research will help you:
  • Get C-level buy-in on a strategy for managing the project portfolio and clarify their expectations on how it should be managed.
  • Draft strategy-aligned, high-level project portfolio management process description.
  • Put together a strategic plan for improving PPM processes to reclaim wasted project capacity and increase business satisfaction of IT.
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Efforts to deliver on projects are largely hampered by causes of project failure outside a project manager's control.

The most recent data from the Project Management Institute (PMI) shows that more projects are meeting their original goals and business intent and less projects are being deemed failures. However, at the same time, more projects are experiencing scope creep. Scope creeps result in schedule and cost overrun, which result in dissatisfied project sponsors, stakeholders, and project workers.

Meanwhile, the primary causes of project failures remain largely unchanged. Interestingly, most of these primary causes can be traced to sources outside of a project manager’s control, either entirely or in part. As a result, project management tactics and processes are limited in adequately addressing them.

Organizations typically come to project portfolio management (PPM) with at least one of two misconceptions: (1) that PPM is synonymous with project management and (2) that a collection of PPM processes constitute a PPM strategy.

Both foundations are faulty: project management and PPM are separate disciplines with distinct goals and processes, and a set of processes do not comprise a strategy - they should flow from a strategy, not precede one. When built upon these foundations, the benefits of PPM go unrealized, as the means (i.e. project and portfolio processes) commonly eclipse the ends of a PPM strategy - e.g. a portfolio better aligned with business goals, improved project throughput, increased stakeholder satisfaction, and so on.

Start with the end in mind: articulate a PPM strategy that is truly project portfolio in nature, i.e. focused on the whole portfolio and not just the individual parts. Then, let your PPM strategy guide your process goals and help to drive successful outcomes, project after project.

Situation:
  • As CIO, there are too many projects and not enough resource capacity to deliver projects on time, on budget, and in scope with high quality.
  • Prioritizing projects against one another is difficult in the face of conflicting priorities and agenda; therefore, projects with dubious value/benefits consume resource capacity.
Complication:
  • Not all IT projects carry a direct value to business; IT is accountable for keeping the lights on and it consumes a significant amount of resources.
  • Business and project sponsors approve projects without considering the scarcity of resource capacity and are frustrated when the projects fail to deliver or linger in the backlog.
Resolution:
  • Create a coherent strategy to maximize the total value that projects deliver as a whole portfolio, rather than a collection of individual projects.
  • Ensure that the steering committee or senior executive layer buys into the strategy by helping them understand why the said strategy is necessary, and more importantly, why the strategy is valuable to them.
  • Translate the strategic expectations to specific, tangible goals, which are realized through a suite of project portfolio management processes tailored to your organization and its culture.
  • Putting into place people, processes, and tools that are sustainable and manageable, plus a communication strategy to maintain the stakeholder buy-in.
Business satisfaction is driven by delivering projects that align to and maximize business value. Use method for developing a PPM strategy and synchronize its definition of “best projects” with yours.
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