Alignment and allocation … prioritization and politics … visibility and value … strategy and synergy.
Many companies struggle with justifying the need to maintain a project management office after it is established. But the onus is on the PMO itself. Here are five key performance indicators that PMOs should use to measure effectiveness and ensure alignment with the needs of the organization.
How many projects is your organization going to deliver next year? “As many as we can” is not a helpful or meaningful answer. In lieu of an established portfolio planning process, there are some techniques that can help a company calculate the number of projects and programs it can realistically handle in the coming year.
Would you describe the culture at your organization as casual, chaotic or compliant. How about committed? High-performance companies like Google and Southwest Airlines leverage workforce commitment to drive goal alignment and engagement. The key is fostering an environment of positive accountability.
Project portfolio planning efforts often stumble on seven common pitfalls, including outdated evaluation criteria and prioritization based on emotion. To avoid these missteps and produce better business outcomes, here is a best-practice framework that can be tailored to meet the specific needs of your organization.
There is no secret formula to project success, but the infamous flop of The Coca-Cola Company’s 1985 introduction of the “new Coke” offers a timeless case study in misunderstanding the end-user. It’s a lesson that project managers, product development teams and portfolio directors should all keep in mind as they balance expectations, risks and strategic goals. [4:40]
Some organizations have the latest and greatest software for prioritizing projects; some don’t. A project management veteran who helped start her credit card company’s PMO from scratch shares her experiences in meeting the challenges. [8 min.]
When you're close to a project, it can be difficult to objectively gauge the strategic impact and risks involved. Miller Brewing Co.'s director of strategic projects shares her insights on setting project priorities and building the business case justification. The challenge is to clearly define the quantifiable benefits while also recognizing the qualitative or soft benefits. [7 min., 30 sec.]
Two seasoned project management professionals share their real-world insights on 1) how to create a project management office to develop and instill a consistent project management approach, and 2) the role of project portfolio management in maintaining a successful PMO. [17 min.]
Who is responsible for tracking and capturing the business benefits of projects within a portfolio? Is it the portfolio management office, which can take a long-term view, or the project sponsors who create the business case in the first place? Here’s a comparison of these two models.
A portfolio manager’s role can vary depending on the organization. Should portfolio managers be responsible for the success of individual projects — a point person for problems and resolutions? Or should they focus on hiring good people and installing good process, leaving execution and benefit realization to the project managers and sponsors?
In establishing portfolio management processes, your organization must first answer a fundamental question about the scope of the portfolio. Do you want to manage your work at the enterprise level or a departmental level?
Portfolio management processes help ensure that organizations allocate scarce resources to the work that produces the most value. But what constitutes “work”? Projects are the most important work for many organizations, but they may represent only a fraction of the money and resources that are allocated. Should you include other work in your portfolio management process, or focus only on projects?
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Tom MochalPresident, TenStep Inc
Tom Mochal, PgMP, PMP, TSPM is the president of TenStep, Inc. (www.TenSt…
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Glen AllemanVP Program Controls, Lewis & Fowler
As VP, Program Controls, Glen brings his 30 years experience in program …
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Andy JordanPresident, Roffensian Consulting Inc.
Andy Jordan is a well known author and speaker on project management and…
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Abid MustafaDirector of Corporate Programme Management Office
Abid Mustafa is a seasoned professional with 18 years’ experience …
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Janis RizzutoContributing Editor, ProjectsAtWork
Janis has been writing for ProjectsAtWork for more than a decade, starti…
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Aaron SmithEditor, ProjectsAtWork.com
Aaron has been the editor of ProjectsAtWork since 2001, leading its evol…
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I picked up a recent copy of National Fisherman magazine. I hadn’t seen a copy in years and I picked it up for a couple of reasons; (1) as a sportfisherman, catch and release, I like to...
Posted in: People, Planet, Profits & Projects
When I am teaching CSM classes one of the commonly asked questions usually doesn’t show up until almost the very end. When it does, it comes disguised in various explanations and wrapped in d...
Posted in: The Reluctant Agilist
We’ve always said that, while the altruistic reasons for greening up your projects is a good thing, keeping in the spirit of people, planet, profits and projects, money is also good.&nbs...
Posted in: People, Planet, Profits & Projects
Half a trillion dollars.
That's a lot of money -a lot of projects - and clearly a lot of opportunity for project managers.
And that is the amount of money (about 3 trillion yuan) t...
Posted in: People, Planet, Profits & Projects
Changepoint helps businesses gain competitive advantage and increase profitability through complete portfolio visibility, planning insight, process automation, and improved resource utilization throughout a customer’s lifecycle.
EPM Live provides easy to use Microsoft SharePoint Project and Work Management applications for everyone in an organization, from teams that want to work within individual workgroups, to organizations that want to utilize enterprise tools.
With Genius Project, leading project and portfolio management software, an organization can easily manage project in a collaborative way. Turn around time is quick, and as a result, project visibility and execution are enhanced.
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Kenneth K: "This article tracks very closely with a recent large and successful project that…" on Agile 101: Larger Teams
February 22, 2012
Samad A: "Jeff, Gareth, Gary, This is a great topic that is desperately in need for mor…" on Supply Side Projects
February 22, 2012
Stephen H: "Good starter article on managing operational supplier relationships within a pro…" on Supply Side Projects
February 21, 2012
Jeannette C: "Jim, thanks so much for sharing your experience with our book!" on Inside Look at High-Performing PMOs
February 21, 2012