It can be said without much doubt that project managers are the front line when it comes to effective project management. Without their constant effort and monitoring, any project management best practices would quickly go out the window, resulting in projects that are over budget and out of scope. However, CIOs are likewise a critical component to the success of any project management effort. The CIO needs to know what information is most valuable to monitor, though, and that can sometimes present a tough situation. This article by Neil Stolovitsky lists a few of the top project information pieces that a CIO should know and be involved with, and the first is cost and budget, as one would expect:
Tracking costs and budget overruns is an essential part of ensuring success. If you have multiple project budgets to track, you need a comprehensive view that includes all the separate budgets. With the right information, you are able to make decisions that are best for the company (does the budget need to be reviewed, resources reassigned or should the project be tabled?). Optimizing costs is imperative to project success.
The list goes on, as Stolovitsky includes risks elements like risk assessment and resolution, collaboration initiatives with the business and external team members. While the list provided certainly doesn't cover all of the elements that a CIO should be concerned with in project management, it does give a head start and a good reminder to CIOs who find themselves at a loss on how they can help their project managers in the trenches.