IT portfolio management processes have their origins in W. Edwards Deming’s quality management cycle. The 1950s process model had phases like plan, do, check, and act. For project portfolios, organizations preferred to have a plan-act-do-check sequence. In this article at Tactical Project Management, Andrew Makar introduces four types of IT portfolio management processes.
Delving Into the Layers
The core concept of the primary or first phase of portfolio management processes follows Deming’s model. Nonetheless, the actual IT portfolio management processes go through four types of stages. Let’s find out here:
This phase consists of processes that help to ‘analyze, plan and prioritize a portfolio of applications, projects and programs’. For effective IT portfolio management processes in the first layer, you must plan well for the projects and programs. Post that, prioritization is essential. Once that is out of the way, you can work on the portfolio and get much better outcomes. The final stage of IT portfolio management processes is to supervise the results and carry forward the lessons learned in the next portfolio sprint.
This process layer has what it takes to manage technology, projects, risks, and budget monitoring. You decide the standards and benchmarks that applications must cater to. Your portfolio architecture must align with the enterprise architectural framework for smooth implementation. Go through all the phases of project management in this layer. Assess risks at various points of the IT portfolio processing stages. Finally, you can monitor and control the financial aspects of the portfolio.
In this phase, you apply and set metrics and KPIs, methods, and common terms throughout the enterprise. Every team needs a basic jargon that saves them time and explanation. Also, establishing KPIs and metrics allow them to measure their progress to meet the expected deadline. All the portfolio managers must follow the standards and guidelines to achieve their common goals sooner.
This final layer of IT portfolio management processes deals with the software and applications you would use to implement the portfolio. If you are managing a simple portfolio, a spreadsheet and a desktop database can support you sufficiently. For larger enterprises, use data warehousing and business intelligence tools.
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