IT Best PracticesProject Portfolio Management

Project Portfolio Management: Back to Basics

Everybody wants to grow Project Portfolio Management from a basic effort within IT into a blooming, resilient system to help align IT and business, strengthen best practices, and prioritize projects effectively. However, this post from  PM Solutions Australia highlights what can be considered as a “lack of mastery” in PPM efforts, citing that:  “Globally, 70.5 percent of survey respondents agree that the gap between available funds and project deliverables is increasing.”  “60 percent of global survey respondents report that the funding approval process has become more complicated and time consuming.”  “70 percent of commercial survey respondents say that resourcing projects is increasingly difficult and less predictable.”  This adds up to a serious problem in how project portfolio management is being utilized and understood. The first step to resolving these problems is a focus on communication with project stakeholders. Next comes governance: projects are vetted, prioritized and monitored for changes in priority or risk. Finally, a clear value proposition with attention paid to competitive positioning, sustainability, and, as poignantly expressed in the article, “anything else the organization deems important”. It's easy to start with a strong PPM process that slips away in small parts until it no longer can be recognized as anything other than failing, but it doesn't have to be so – creating a safety net of monitoring processes can help keep the PPM process robust in your team and continuing to provide value to the organization. The article finishes by reminding us that PPM “isn't rocket science”. It's a process that has set benefits and rules to follow, resulting in a clear and open pipeline for projects to begin, be worked on, and completed.

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