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 of Project Portfolio Management. The mindset of PPM is an organization-wide solution that ultimately results in meaningful projects.
When PPM has a direct reporting relationship with the CEO it has a great grasp on magnitude and can operate independently. When it must work under something else instead, portfolio management cannot as well facilitate business-wide initiatives.
PPM is a business process itself, and it is the facilitator for prioritizing demand, managing the portfolio, executing the project or program, and constant sustainability and improvement. PPM encourages the essential stakeholders to be active participants, and it allows for a variety of people to work collaboratively toward a shared set of goals. Once Project Portfolio Management is recognized as an essential business function and process, the organization is well on its way to reaping the rewards of success, while effectively responding to change.
PPM is the integration of process, application, analytics, and governance. A simply-designed PPM adds value because it deploys solutions without unnecessary complications. This process is not a place to leave failed projects, but rather plan, execute, and control successful ones. In actuality, the main reasons for project failure tend to be outside the realm of PPM.
Ultimately, de Baat finds that PPM is the game changer that adds value and creates a sustainable competitive advantage. The simple plan for building a successful PPM can be broken into four steps:
- Build a cross-functional group of stakeholders.
- Visualize the future.
- Align and commit.
- Make it all happen.
You can read the original article here: http://www.cio.com/article/3040183/process-improvement/project-portfolio-management-ppm-is-a-game-changer.html