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Project Portfolio Management

Portfolio Governance: Ensuring Alignment to Strategy with Definitions

Out with the old and in with the new! In a continuation of a portfolio governance series, Jen Skrabak, writing for Voices on Project Management, elaborates on basic governance functions per PMI’s new Governance of Portfolios, Programs, and Projects: A Practice Guide. There are four fundamental elements to governance: Oversight Control Integration Decision-making Oversight, in reference to governance, refers to providing guidance in the creation of portfolios. Control is the monitoring and measuring of the …

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Initiating Projects: What to Do When Process Gets in the Way

When supporting project initiation decisions, effective process can consistently lead to extremely effective decisions. The problem for most of us is that we don’t work in an environment where there is effective process. In actual fact, the presence of solid, well-meaning and useful initiation processes is incredibly rare. While most organizations claim to have formal processes for project initiation, in a large number of instances these do not lead to better initiation decisions. The challenge …

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Top 10 Signs Your Company Needs Project Portfolio Management

The truth is that any business could benefit from project portfolio management (PPM). However, if you find your company running into the following signs, you could be in more dire need of PPM than most! Sign #1: Project and resource managers often fight over resources. Example: The head of the Finance department asks IT services to install a new accounts payable system. When approached by the project manager requesting to assign two financial analysts to …

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10 IT Basics That Business Managers Need to Know

From your computer at work to brushing your teeth, technology has managed to permeate almost every aspect of human life. It has become essential for everyone to understand some basics about technology, even those outside of IT. In an article for TechRepublic, Mary Shacklett shares 10 of the most pertinent concepts every manager should know about IT: Defining how new technology can help How to work with IT vendors Understanding what IT truly does How …

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Using the Program Blueprint for Program Management

Is there a hidden tool that will help you to add value to your program? In a post for the PM Perspectives Blog, Elizabeth Harrin discusses what she believes to be an essential element to programs: the blueprint. A Program Compass To begin with, what precisely is a blueprint? A blueprint helps to define the vision statement of the program, as well as the capabilities it will deliver. Basically, it defines what the program will …

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How to Use Metrics to Optimize Service Delivery

I want you to think about all the different types of organizations you worked for. Whether they were Finance, Communications, Energy, Agriculture, or Transport, there was likely one similarity among them: The reporting that was done from an IT perspective did not produce metrics that mattered. Why? It’s simple—we (as an IT organization) tend to loop endlessly on the metrics as they apply to IT. We must move away from thinking that “recovery from failure …

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Project Portfolio Management Is a Game Changer

If you do not want to fall behind your peers, or risk your very existence in your competitive market, then you need project portfolio management (PPM). In an article for CIO.com, Bas de Baat elaborates on why PPM is the key to unlocking an organization’s full potential. Flip the Board The forces that immediately impact an organization’s ability to perform are volatility, uncertainty, complexity, and ambiguity (VUCA). These forces can be managed with the help …

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A Five-Phase Approach to Launching a PMO

Having a project management office (PMO) is never a bad idea. PMOs offer the potential to positively transform a business, making them a hot area for improvement. In a post for Voices on Project Management, Mario Trentim explains the five-phase process to best implement a PMO: Assess Define Implement Improve Close out The Office Is Open The first step is to understand your organization and assess the current state of any project management practices. Before …

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4 Questions to Ask When You’re Asked to Help Set Up a New PMO

It is an adventure when your organization decides to make the full jump from project management infrastructure to a formal project management office (PMO). However, if you are tasked with leading this transformation, you may find yourself wondering where to begin. In an article for Project Smart, Brad Egeland discusses the four questions that need to be asked in order to establish the best PMO: What types of projects will the PMO be responsible for, …

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Keep Rank and Survive: Optimize Project Portfolio Management

In ancient warfare, the difference between winning and losing a battle was sometimes as simple as not breaking rank. A unit out of alignment could not protect itself or direct its energy in the right direction. The same survival principle applies to project portfolio management’s ability to align the organization. In an article for CFO.com, Mark A. Langley, President and CEO of the Project Management Institute, discusses how to better manage a project portfolio. Strategy …

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