Project Portfolio Management - 2873 Words

Abstract This paper seeks to explain the Project Portfolio Management (PPM), the reasoning behind it as a set of processes and methodologies and how these build a group of singular projects into a stack or tier that can be holistically graded, how these processes can drive IT to become closely modelled on and aligned with business strategy. It seeks to point out successful methodologies for PPM implementation and some of the issues that can arise. The basis of PPM Project management and by extension portfolio management are curious disciplines. They attempt to present simple methodologies for guiding an activity (or group thereof) through all its stages from inception to completion, within defined cost and time boundaries. Many of†¦show more content†¦There is no mechanism to address a re-alignment of business priorities that will render the project less effective, possibly caused by a strategic change by a competitor in the marketplace or new regulations. Moreover there is no management process to safeguard against and deal with difficulties such as project over-runs and delays, projects falling out of scope, shortages of resources or possibly even duplication of effort between projects. And finally there is no mechanism to ascertain if the project truly succeeded in delivering the value to the business that was promised at inception. A Project Portfolio A project portfolio at its most simple can be considered similarly to any other portfolio, be it financial investments, artwork or even a portfolio of documents. A project portfolio is no different – it allows us to view and compare each piece of work both individually and against its fellow projects on like-for-like merit. Generally (but not always) a portfolio will belong to a specific business unit or cost centre. This is the most logical construction for a portfolio. Resources (Time/Money/People) are assigned from a pool of resources (possibly a cost code or business unit) to individual projects. An extension of this is to view each project as an investment, the sum of the resources which it is consuming. By now viewing projects as a consumer (of resources) within a business unit budget (portfolio) it becomes possible toShow MoreRelatedPrioritizing It Project Management Portfolio1390 Words   |  6 PagesPrioritizing IT Project Management Portfolio Prioritizing IT Project Management Portfolio The realities of shrinking IT budgets and increasing dependence on IT in organizations in recent years has resulted in a situation in which there is an intense competition for resources needed to execute and complete IT projects. According to Ross (2007), the shrinking IT budget in the face of increasing demand has brought new pressures to the IT function. To gain approval and funding for projects, IT departmentsRead MoreProject Portfolio Management : Project Management1432 Words   |  6 PagesProject Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics. The objectives of PPM are to determine the optimal resource mix for delivery and to schedule activities to best achieve an organization’s operational and financial goals ― while honoring constraints imposed by customers, strategicRead MoreProject Portfolio Management1298 Words   |  6 PagesProject portfolio management:- A competitive advantage for organizations now is doing the right projects and making sure that there are resources to complete those projects. Project Portfolio Management (PPM) is a set of business practices and a process that allows organizations to manage projects as a strategic portfolio, ensuring the alignment of programs and projects with organizational objectives. Executives need to regularly review entire portfolios and programs, determine why projects areRead MoreThe Success Of Project Portfolio Management824 Words   |  4 PagesJeffrey Pinto defines project portfolio management as, â€Å"the systematic process of selecting, supporting, and managing a firm’s collection of projects.† (p. 92). Many large firms can have multiple projects going on at the same time. These projects might support each other or can be stand-alone projects. This essay will examine the keys to successful project portfolio management and analyze the key difficulties in successfully impl ementing them. The success of project portfolio management is determined byRead MoreProject Management Practices Portfolio Management1945 Words   |  8 PagesRunning head: PROJECT MANAGEMENT PRACTICES PORTFOLIO 1 PROJECT MANAGEMENT PRACTICES PORTFOLIO 6 Project Management Practices Portfolio Brandi Miller PJM 500 ? Project Management Colorado State University ? Global Campus Dr. Arnetra Arrington May 1, 2016 Abstract PM within organizations is gaining momentum and an indispensable component of the work flow procedure. Improving organization project management can effectively improve an organization use of resources. Nevertheless, if an an organizationRead MoreProposed Project Portfolio Management Process1469 Words   |  6 PagesProposed Project Portfolio Management Process Project management has grown beyond the confines of simplistic canned applications into a discipline that is in large part process, combined with common sense and inspiration. The process of Project and Portfolio Management (PPM) derives from the practices common to project management, as expressed in applications and tools developed to help project managers collaborate with project team’s cross-enterprise.   Project and Portfolio Management solutionsRead MoreOrganizational Portfolio Management Process Project Management1102 Words   |  5 PagesORGANIZATIONAL PORTFOLIO MANAGEMENT PROCESS Project Portfolio Management (PPM) is the management of one or more portfolios through evaluation, prioritization, selection, review, execution and monitoring of projects in the portfolio. The goal is to keep the portfolio(s) aligned with the vision, mission and strategic objectives of the organization while effectively and efficiently allocating internal resources to maximize the overall value to the organization. Because UPS has a very open and consensusRead MoreRecommending A Project Portfolio Management Method For Your Selected Project1960 Words   |  8 Pages1. Recommend a project portfolio management method for your selected project. Provide a rationale for your recommendation. Provide and outline of an executive summary. The project that I have selected is Medical Billing. I am recommending Quality Management Method. This is based on the information that the quality management projects have three major processes. The first process is in setting quality standards which are applicable to the project and identify how they reach their fulfillment. A keyRead MoreProject Portfolio Management at an Organization630 Words   |  3 Pagesat a current organization Project Portfolio Management (PPM) is defined as a set of business practices and a process that allows organizations to manage projects as a strategic portfolio, ensuring the alignment of programs and projects with organizational objectives (PPM, 2013, University of Wisconsin School of Business). PPM has several major advantages over generalized portfolio management. Just because a project seems enticing does not mean it is the right project for the organization at a givenRead MoreCommon Types of Resistance to Project Portfolio Management626 Words   |  2 PagesCommon types of resistance to project portfolio management Project portfolio management can enable an organization to prune redundant or overlapping projects, use resources more effectively and to keep closer watch on projects progress to ensure projects do not go over-budget or overtime (Solomon 2002:1). However, despite the techniques obvious advantages, it can meet with profound resistance when it is implemented in practice. Turf wars are common at many organizations, in which representatives