Project Portfolio Management

2016 Project Portfolio Management Trends

With the end of 2015 and the beginning of 2016, the time has come to analyze what worked well in the past and what predictions can be made for the future. In an article for TechZone360, Colleen Baumbach, the Vice President of PPM Product Strategy for Oracle, elaborates on some of her predictions for project portfolio management in the coming year.

The Same, but Different

Before we can look at the anticipated trends, it is important to understand where businesses stand presently and what is affecting them most. One of the most clear happenings is the push for data anytime, anywhere. Furthermore, role automation and more careful assigning of resources is making for a more skilled workforce. And something to watch in the long run–Millennials will encompass half the workforce in 2020.

There are four trends expected to play out in 2016:

  1. The project is the business
  2. Collaboration in context
  3. Virtualization of project management
  4. Redefinition of the modern project manager

Companies are looking to reinvent the way in which they run and how their processes are completed. As a result, the projects companies take on need to succeed or the business itself will fail. The demand for digital is altering how projects are delivered and making project management transform into an entirely new entity.

When it comes to project management, collaborations and communication are the cornerstones to project success. This will always hold true; what is changing is that collaborations will now be in context. People will communicate specifically in regards to certain aspects of the projects and only those involved will have access to the conversation.

The increase in independent workers and the challenge of finding those who possess the proper skills will result in many hybrid teams, held together by virtualization:

Modern project managers will be – and are – being asked to build, guide and manage these teams. The successful hybrid team must have business acumen, technical skills, political sensitivity, a commitment to solving problems/achieving objectives, and exhibit a strong self-esteem. The modern project manager will also require superior human resource and management skills, and be able to identify team member capabilities to work in a hybrid team environment. The biggest challenge for the project manager will be one of team selection.

The modern project manager is the vital link to connecting the company to digital transformation. These new managers are under immense pressure to lead complex business initiatives under a great deal of pressure. The best weapon in their arsenal is their analytic tools that can help them predict outcomes.

You can read the original article here:

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