Millennials are changing the pace of PPM as you have known for years. The office of project portfolio management governs, prioritizes, and invests in a cluster of similar projects. Millennials form the majority of the American workforce now and they are coming up with new approaches. In this article at Forbes, Larry Alton discusses 4 ways millennials are redefining PPM.
Why PPM Needed Reevaluation?
PPM helps to identify and fund projects that bring maximum ROIs and position the company as a market leader. So, why did millennials think about changing its techniques and processes? Following are the challenges the traditional PPM faced:
- Favoritism and Lack of Project Information: The project portfolio management body must have complete information on a project before funding. However, business case proposals hardly followed the standard presentation format. As projects that align the most with company objectives get preferences, managers would manipulate project details for a favorable response.
- Inconsistency in Prioritization Method: Project portfolio management has several parameters to prioritize business cases. Expected ROI, clients involved, project completion speed, company reputation, etc. come into play. However, the body often fails to prioritize the factors.
- Limited Resources: With limited resources, the body cannot speed up any project without creating a chain reaction of multiple project failures.
- Obsolete Processes and Resistance to Change: The majority of the PPM bodies rely on old methods of project management and governance. There is a belief that it should not change its processes to keep consistency and select the most profitable projects. So, the body cannot adapt to new methodologies that today’s projects want.
The Millennial Effect
Following are the ways millennials are bringing in changes to the PPM processes:
- Technology: Since millennials are at home with technology so they gravitate towards industries and jobs that need technological skills. They have introduced new technologies to the project portfolio management space. The lean PPM concentrates only on the necessary—’Strategize, Collect, Decide, and Execute,’ as per Meisterplan.
- Pacing Up Decision-Making: The traditional PPM used to take a longer route to come to a conclusion. Millennials have increased the speed of decision-making, so what took a year is taking merely a week. The ready availability of data for analysis is also helping in the process.
- Bringing in Diversity: While millennials are learning the discipline of the traditional PPM, they are open to new ideas as well.
- Agile Prioritization: Millennials do not want to lose projects because of old processes or selection standards. They are ready to experiment and come up with strategies that modernize the processes.
To view the original article, visit the following link: https://www.forbes.com/sites/larryalton/2017/06/29/4-ways-millennials-are-influencing-change-in-project-portfolio-management/#18b8fe3b64d2