Project portfolio management (PPM) is undergoing drastic changes, and millennials are responsible for this transformation.
In this article at Clear Vision, Mehrnaz Karimi explains that this significant transformation of PPM is happening as the millennials form a substantial fraction of the IT workforce.
The millennials are a result-oriented category of professionals who succeed because of their agile mindset and firm belief in the evolving conventional methodologies. Enlisted are some recurring issues with the traditional PPM to understand the need for transformation:
- Biased or Inefficient Data: To effectively finish their tasks, the project managers need accurate information or data. The data used by project managers may differ from the account reps, which may cause inconsistent formats.
- No Single Select Approach: Project managers must consider a range of factors like profitability, client’s requirement, speed of project completion, and the brand reputation while deciding on project priority. It will in making a firm decision for substantial outcomes.
- Resource Blockage: Lack of planning to ward off bottleneck may interrupt the project’s progress and hamper the deadline. It will impact the availability and company turnover.
- Adaptability: Transformation is foreseeable, but most PPM infrastructures are outdated. So, to remain ahead of the curve, make PPM transformation consistency and profitability.
Benefits of Transformed PPM
The new and improved PPM methodology fuels the profitability and progress of project management. However, some vital aspects of the traditional PPM must remain untouched. Here are some significant changes to the conventional PPM brought by millennials:
- Tools Improvement: Technology is the bread and butter of millennials. Advanced software promotes and supports lean PPM, which is beneficial for project managers. Lean PPM works to discard unnecessary elements by keeping the focus intact on these essential areas—strategy, collection, decision, and execution.
- Reduced Decision-Making Cycles: Fast delivery of information is yet another significant attribute of millennials, and this fundamental element is useful in project management. The exchange of information that used to take almost a month to process now takes just a week. However, the result-oriented millennials are waiting for faster ways to process the data in a fraction of seconds!
- Diversity: The new generation is open to learn from conventional practices, but they are more interested in finding or inventing new approaches. Thus, diversity increases the scope for exposure and improvement that is possible through high levels of experimentation and superior strategies.
- Adaptive to Agility: The millennials consider stagnation as a challenge. New information can process seamlessly within the organization, but it requires brainstorming to change the plan completely. So, adaptive strategies are vital to focus on PPM transformation as it allows agile developments.
Click on the following link to read the original article: https://www.clearvision-cm.com/blog/heres-how-millennials-are-influencing-project-portfolio-management/