Project Portfolio Management

4 Types of IT Portfolio Management Processes

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:

Primary

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.

Support

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.

Organization

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.

Architecture

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.

To view the original article in full, visit the following link: https://www.tacticalprojectmanagement.com/it-portfolio-management-framework/

Indrani Roy

Indrani Roy is currently working as a Content Specialist for CAI Info India. She has knowledge in writing blogs, product descriptions, brand information, and coming up with new marketing concepts. Indrani has also transcribed, subtitled, edited, and proofread various Hollywood movies, TV series, documentaries, etc., and performed audio fidelity checks. She started her career by articulating a knowledge base for an IT client, and, eventually, went on to create user manuals and generate content for a software dashboard. Writing being one of her passions, reading books is naturally her favorite pastime. When not lost in the world of letters, she is a foodie, movie buff, and a theater critic.

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