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 …
Read more “Setting up a PMO – Phase 4 – Continuous Improvement”
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 …
Read more “Setting up a PMO – Phase 3 – Rolling out the Plan”
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, …
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 …
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, …
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 …
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 …
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 …
Read more “Portfolio Implementation and Continuous Improvement”
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 …
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 …
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 …
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 …
Read more “Defining, Aligning, Authorizing and Controlling a Portfolio”
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 …
On request from many, I am posting this article to cover the fundamentals on portfolio management. So what is portfolio management?There are many definitions available in different books and on the net. But, I would like to go with the standard one provided in PMI.“Project portfolio management — or simply portfolio management — is defined as the “centralized management of one or more portfolios that …
In my previous article, I mentioned about what successful PMO’s do at the strategic level. To sum it up, they are strategically aligned, a vital part of the planning team, embrace core competencies, and show consistency in the project execution and yet flexible in their approach to managing change.So, the PMO have following key areas …
In today’ rapidly changing business environment, Project Management Offices (PMO’s) struggle to provide adequate support for the shifting priorities and faster delivery cycles. The basic reason for a PMO’s failure in an organisation has been that they have remained stuck to solely reporting and prioritization function focused on tactical project management. However, the need of …
Talking about successful projects, one aspect that comes to everyone’s mind is leadership skill needed to drive the project. When we talk of leadership skills, we normally attribute it to senior management at the programme or organisational level. What we do not realise is that leadership is actually required or rather necessary at all levels …
Read more “Leadership Skills at all Levels for Project Success”
The next time when you make cookies, just observe the processes involved in it. And you will realize that it is nothing different from the processes we follow in project management. 1) Initiating process: It all starts from Needs. This is where you decide what you need. You research on what and how you want to …
Program and Project managers are always at the edge of their seat when it comes to planning. In a common release cycle, while one release cycle is coming to a close, the next one is already in execution phase, while one needs to look into the planning aspects of the forthcoming release. So, a program …
A fundamental question asked very often is what is Project Success? When do you say that a project is really successful. Many a times, you complete a project and realize that it did not add any value to the business and was shelved. Would it be still termed as a successful project? The team would …
Project Governance provides the project team with the overall structure, processes and tools that help the team to deliver the project successfully. Though it may look similar to an organizational governance, but is distinct in the sense that it aligns with the overall organizational governance to help provide governance to the projects to help ensure …
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