Does Your Project Portfolio Need a Strategy Alignment?

Does your project portfolio need a strategy alignment? According to Brian Kennemer, the answer is probably yes. He notes that a company’s strategy may be identical to that of its IT department, but IT spending practices still may not line up with these goals. Kennemer suggests comparing resource allocation to strategic goals by looking closely at spending practices. The first step in doing this is to take inventory: The first step in evaluating the strategic viability of your IT spending is getting a solid inventory of your projects. I don’t mean just the ones that you can name off the top of your head; I mean all the projects underway in your organization. I’ve worked with dozens of companies, and I can say with some confidence that if your organization has more than 20 people, you don’t know about all ongoing projects – unless of course you already have a strong PMO (Project Management Office) or project portfolio process in place. Kennemer recommends keeping track of even the smallest of projects. Too often small items “sneak under the radar of managers at the top.” Even though something may not seem urgent right away, it will become a problem when it gets piled up with other overlooked materials. This will often lead to issues in spending. Of course PPM will be different from company to company, but making sure your projects deliver is key. A project may seem to be in line with the goals of the company while also costing way too much. It is important to know what to take on and when if your goal is strategy alignment. Kennemer notes that you do not want to try to get your portfolio balanced all at once, but gradual changes will lead to success in the long run.

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