190 Pages 28 B/W Illustrations
    by CRC Press

    190 Pages
    by CRC Press

    With an estimated 70 percent of new projects failing to add value to the organization, reducing project failure rate represents one of the biggest improvement opportunities available today. This book highlights proven approaches designed to separate the successful projects from the potential losers before the projects are started. This represents huge savings in manpower, money, and time. The book shows you how to reduce project cycle time and apply resources effectively to maximize results and project success rates.

    Effective Portfolio Management Systems provides a roadmap for the implementation of an organizational Portfolio Project Management (PPM) system and a model for driving sustainable change. It takes you through the complete project/program management cycle—from the submittal of the proposed projects to the management of their implementation. To do this, the authors present an effective, proven, four-phase Organizational Portfolio Management (OPM) system:

    • Phase I: Developing the Organizational Portfolio involves selecting the right mix of projects/programs based upon resource limitations and risks involved.
    • Phase II: Creating the OPM System Implementation Plan is the development of a plan to minimize the resources consumed, reduce cycle time, and increase the ability of the projects to meet their projected value-added content to the organization.
    • Phase III: Implementing the OPM System focuses on the complexity of managing an Organizational Portfolio and keeping it aligned with the organization’s goals and objectives. This phase provides a roadmap for the implementation of an organizational PPM system, including sample plans and PMO Implementation/Management Templates.
    • Phase IV: Practical Applications of Project Change Management within the OPM System focuses on overcoming the difficulties related to the continuous changing environment and project requirements that are encountered as projects are developed and implemented in today’s demanding conditions. This phase provides guidelines for effectively enrolling, communicating with, and training the individuals who are impacted by the project/program to effectively drive sustainable change.

    At first glance, an OPM system may look like increased bureaucracy. However, when it results in a 20-percent increase in the percentage of projects that are successful, it really turns out to be one of the best resources an organization can invest in to ensure profitability and long-term sustainable results.

    Overview of Organizational Portfolio Management
    Introduction
    Organizational Portfolio Development Cycle
    Phase I: Develop the Organizational Portfolio
    Phase II: Create the OPM System Implementation Plan
    Phase III: Implement the OPM System
    Phase IV: Practical Applications of Project Change Management within the OPM System
    Summary

    Phase I: Develop the Organizational Portfolio
    Introduction
    Developing the Organizational Portfolio: A Typical Scenario
    Thirteen Fundamental Terms
    Activities for Phase I
    Activity #1: Assign an Individual and/or Team (Portfolio Development Leader) to Set Up and Manage the Development of the Organizational Portfolio
    Activity #2: Classify the Business Cases Using a Qualitative, Quantitative or Blended Model Based on the Potential Value
    Activity #3: Prioritize the Projects and Programs Based on the Resources Available
    Activity #4: Select Projects and Programs for the Portfolios and Assign a Portfolio Leader to Oversee Them
    Activity #5: Identify a Sponsor and Project Manager for Each Project and Program
    Activity #6: Define High-Level Project Milestones and a Budget for Each Project and Program
    Activity #7: Obtain Executive Approval for Each Project and Program Including Its High-Level Milestones and Budget
    Summary
    References

    Phase II: Create the OPM System Implementation Plan
    Introduction
    Activities for Phase II
    Activity #1: Prerequisites for OPM System Implementation Planning
    Activity #2: Establish the Project Management Office (PMO)
    Activity #3: Assemble the OPM System Implementation Team
    Activity #4: Create the OPM System Implementation Plan
    References

    Phase III: Implement The OPM System
    Introduction
    OPM System Critical Success Factors
    Activities for Phase III
    Activity #1: Develop a Clear Vision of the Organization’s Strategic Goals and Objectives
    Activity #2: Communicate the Change Agenda: Goals, Objectives, Benefits, Risks, Rewards, and Challenges
    Activity #3: Identify Impacted Business Processes
    Activity #4: Provide for Planning and Implementation Phase Information Technology (IT) Support
    Activity #5: Develop Universal and Tailored Training
    Activity #6: Develop Measurement and Reporting Standards
    Activity #7: Identify Risks and Technology Constraints
    Activity #8: Schedule and Facilitate User Acceptance Testing and End User Training
    Activity #9: Develop Project/Portfolio Security and Data Integrity Procedures
    Activity #10: Implement the OPM System and Report Progress
    Summary
    Reference

    Phase IV: Change Management—Practical Applications within OPM
    Introduction
    Activities for Phase IV
    Activity #1: Start at the Top
    Activity #2: Create a Portfolio Enrollment and Management Plan
    Activity #3: Communicate the Rewards, Challenges, Risk, and Consequences
    Activity #4: Build Capacity within the Organization
    Activity #5: Integrate Risk Mitigation and Project Planning
    Activity #6: Plan for Sustained Results
    Activity #7: Standardize the Portfolio Change Management Approach
    Summary

    Appendix A: Project and OPM Definitions

    Appendix B: Potential Project and OPM/PPM

    Appendix C: Sample Project Authorization Form (PAR)

    Biography

    Christopher F. Voehl