Learning from Success
Learning from mistakes is overrated. Success is what begets more success…
Setting up a PMO – Phase 4 – Continuous Improvement
Congratulations! you have set-up your PMO successfully. You ran your pilot projects, set-up processes and dashboards. Figured out the risks/issues, metrics and set-up the systems to manage the processes, templates and project plans. You then managed to expand the PMO services across the org through all projects and programs being ran. As you move forward and …
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Setting up a PMO – Phase 3 – Rolling out the Plan
So you have the high level roadmap, a justified business case and a detailed plan to start executing the plan for setting up the PMO. So what are you waiting for? Lets start implementing the PMO Set-up. Quick Wins However, as discussed in the previous article, the things to take care during the roll out …
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Setting up a PMO – Phase 2 – The Planning Phase
In my previous article, we talked briefly about the first phase of setting up the PMO where we understand the current state and have a high level discussion with the stake holders and senior leadership to understand what we want to achieve in the PMO and where do we want to reach. In this article, …
Setting up a PMO – Phase 1 – Current State
Alright!! So you are all looking forward to setting up the PMO in your org. So, how do you really go about it. As you would have read in my previous article on Setting up the PMO, the right way, there are steps and phases that can help guide you to successfully set-up and run …
Setting up a PMO: The Right Way
Every team, department or an organization grows over a period of time due to its well defined plan and path, execution and continuous improvement through regular and timely feedbacks. Same is the case with PMO. So, a PMO can be set-up by following the below mentioned phases: Phase 1 – Evaluate the …
Different goals of a PMO
When an organization sets up a PMO for managing projects, it consciously or subconsciously has the expectation of the following goals or benefits from a PMO. Functional goals Structural goals Disciplinary goals Functional goals are mostly related to the functions the PMO is going to focus on. Is the PMO needed to set up just standards, …
Project Budgeting Tips
Here are a few project budgeting tips to keep in mind when working on the project plan and the budget. Level of details of the budget depends on the culture of the company. (In fact, in many companies, the budgeting is taken care by financial specialists who take the planning details from the project or …
Project Budgeting – Estimations
In this session of Project Budgeting, let us explore on estimations. While progressing the planning of projects, there are 3 steps or phases in estimating. 1) Rough Order of Magnitude – This is the estimations that are usually done in the initial phase of the project when the team does not have enough knowledge on the …
Project Budgeting – Typical Costing Standards & Factors
In my previous blog, we discussed about some key steps that can help in project budgeting. In this session lets look at the typical costing standards that one needs to keep it in mind during budgeting process. TYPICAL COSTING STANDARDS Number 1 and most important which many overlook is to check with the accounting department …
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Project Budgeting – Simple Steps
In this article, let us go through the steps to come up with the project budget. Create an initial budget using the WBS Once you have the WBS created during the planning phase, assign resources to the tasks. Add the capital/machinery/equipment and overhead expenses as well. Associate and link it to the accounting system and …
Project Budgeting – Introductory Steps
Way back when I started my blog, I had started with a detailed explanation and steps on how MS Project can be used to track Project budget and track the project budget vs actuals by using the earned value management concept. Here,we will focus more on the tips on how to manage the overall project …
Why does an organization need a PMO
Program Management Office (PMO) has been an important aspect of any organization delivering products, projects or providing services. PMO is usualy needed for a number of reasons. The benefits of PMO are but not limited to: Bring in consistency in delivering products, projects or services. Provide transparent reporting. Ensure effective investment in all the projects. …
Role of a Portfolio Manager
Let us understand the role of the portfolio manager and how it differs from the role of project and program managers. Unlike project and program managers, portfolio managers do not actually manage work or teams, although they may have a portfolio management team. They manage the intake and performance of the portfolio, as well as …
Portfolio Implementation and Continuous Improvement
In this blog, let’s further discuss on how to integrate and continuously improve portfolio management methods and review key deliverables needed to support portfolio management practices. Portfolio Management Methods and Key Deliverables: 1) Assess the current state by talking with stakeholders This is the first step, and normally includes determining which portfolio management processes exist,which …
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Key Artifacts for Portfolio mgmt
The key artifacts necessary for carrying out portfolio management are: Strategic Plan Charter Plan Roadmap Portfolio itself Strategic plan: A strategic plan outlines the vision and strategy of the organization and identifies the high-level initiatives and themes in the portfolio where investments will be made to accomplish the business objectives. Charter: The charter, not unlike a project-to-program …
Synchronizing Portfolio Management Methods and Implementing a Portfolio Management Information System
With the adoption of portfolio management, it is important that organizations synchronize their portfolio management methods with their organizational planning. For example, defining and authorizing the right components at the right time should be aligned with the organization’s goal.It is a good idea to integrate the portfolio management processes into the established processes of the …
Weighted Scoring Model in Portfolio Management
Project portfolio management presents a complex set of challenges: Primarily multiple projects need to be configured and managed in a way to enhance the long-term strategic value of the portfolio while considering multiple criteria and interdependencies. Value maximization has been stated as one of the key goals in project portfolio management. The starting point for …
Aligning a portfolio with Org Strategy
Lets look into the relevance of the portfolio alignment with the Organisational Strategy. For that, let us first understand what is organizational strategy, and then look at how portfolios align with that strategy. Organizational Strategy: Michael Porter says that strategy is about competitive position and about differentiating yourself in the eyes of the customer, and …
Defining, Aligning, Authorizing and Controlling a Portfolio
In this session, we will look into the important concepts around the Project Portfolio Management process. The key flows around portfolio management are Defining, Aligning, Authorizing and Controlling a portfolio. Defining: This function is focused on planning and identifying the corporate organizational strategy needed to deliver that strategy over a period of time. This includes creating key …
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The Case for Portfolio Management
As mentioned in my earlier post, “Project portfolio management — or simply portfolio management — is defined as the “centralized management of one or more portfolios that enable executive management to meet organizational goals and objectives through efficient decision making on portfolios, projects, programs and operations.” So who really needs portfolio management? A start up company or one who is responsible for investment and work to be accomplished within an …
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