Proposed Project Portfolio Management Process - 1469 Words

Proposed 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 solutions trump pure project planning applications by providing broad visibility into a corporation’s investments in human and material resources. Using PPM, project managers can determine how best to invest an organization’s capital in projects that†¦show more content†¦There are, however, best practices and key logical steps that can be gleaned from organizations such as Brigham Young University (BYU), DHL Americas and Eli Lilly, which have integrated portfolio management into the fabric of IT management. The key steps in creating and managing your IT investment portfolio: Gather: Do a Project Inventory Portfolio management begins with gathering a detailed inventory of all the projects in your company, ideally in a single database, including name, length, estimated cost, business objective, ROI and business benefits. In addition to project plan information, add weekly updates on how much time they spend working on projects. Creating a project portfolio inventory can be painstaking but is well worth the effort. For many companies, it may be their first holistic view of the entire IT portfolio and any redundancies. A good inventory is the foundation for developing the projects that best meet strategic objectives. Evaluate: Identify Projects That Match Strategic Objectives The next steps involve establishing a portfolio process. The heads of business units, in conjunction with the senior IT leaders in each of those units, compile a list of projects during the annual planning cycle and support them with good business cases that show estimated costs, ROI, business benefit and risk assessment. The leadership team vets those projects and sifts out the ones with questionable business value. Next, aShow MoreRelatedProposed Portfolio Management Process For Managing This Tampa1555 Words   |  7 PagesExecutive Summary This summary addresses the project selections criteria and high-level process for managing this Tampa, Florida--based company’s proposed Strategic Business Units (SBUs). The most current report indicates this company’s current revenue to be $350 million annually, but the Operations SBU recognizes that more must be done to expand while controlling costs if this company is going to continue to grow. Currently, the company has several projects in the works, but the Operations SBU has recognizedRead 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 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 MoreProject Proposal Essay1152 Words   |  5 Pagesseven to eight (7-8) page paper in which you: 1. Recommend a project portfolio management method for your selected project. Provide a rationale for your recommendation. Note: Be sure to align your project with the strategic efforst of the organization. 2. Create an outline of an executive summary that includes the type of problem, requirements, and proposed business problems solutions. 3. State the vision and the goal of the project. Note: Be sure that the goals are specific, Measurable, AttainableRead MoreEssay about proj 5871717 Words   |  7 Pagesassignment. Part 1 First, develop project selection criteria and a high level process for applying the criteria and managing the portfolio. The criteria should be consistent with the business environment for the industry, consistent with your companys overall mission/strategies, and consistent with the mission and strategies of your strategic business unit. You are proposing a process, not individual projects. The deliverable for Part 1 is a written proposal for the project selection criteria and a highRead MoreChallenges Faced By Senior Management1559 Words   |  7 Pagesessential with a clearer focus of the future. This poses a major problem to senior management because organizations consist of a changing mix of large and small projects which brings new challenges in prioritization of projects, resource planning and monitoring (Elonen and Artto, 2003). According to Engwall and Jerbant (2003) cited in Kaizer et al., 2015, the number of available project alternatives far outnumber the projects an organization can handle at a given time with its limited resources, and makingRead MoreSearch Engine And Navigation Protocols1520 Words   |  7 Pagesguidelines and incorporate different registration methods, search engine and navigation protocols. The coordination of the project causes massive frustration, aggravated employees and waste money. SUN president COO Ed Zander announce that a new u nit e-SUN will oversee all project and by doing so the company are able to quickly rationalized its internet efforts, killing a number of project outright, resigning and combining more. (Tjan, 2001) Many companies are in the same position as SUN and are eager toRead MorePortfolio Management : Strategic Management1662 Words   |  7 PagesPortfolio Strategic Management Introduction Modern organisations devise a plan prior to the beginning of the project, in order to achieve desired objectives. The collection of programs, projects, or objectives managed to achieve the desired results is known as a portfolio, and the co-ordinated management of one or more portfolios in an effort towards achieving the organization’s objectives, is known as portfolio management (Project Management Institute, 2013). Portfolio management plays a criticalRead MoreA Brief Note On Risk Management And Procurement Management976 Words   |  4 Pages This area of project management was completely overlooked. Tom did not engage the faculty before starting his project, and there was no consideration for the man hours involved in the projects execution. Having failed to get the proper approval and support for the project, he tied up the IT departments schools human resources for five months. Communication Management This case study is a great example of what not to do. If there is a potential project it must be vetted out completelyRead MoreProject Management At Al ( 2012 )1745 Words   |  7 Pages(2012) describes project management as balancing the â€Å"iron triangle†, where changes to any one of the planned costs, quality or scope will change the others elements. Risk management allows contingency to be put into project plans. (APM, 2012) Minimising negative effects and maximising the benefits of uncertainty. This, in theory, is how project risk management aids in ensuring successful project delivery. The Association of Project Management (APM) defines a project risk management in the following