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Effective Portfolio Management Systems

Author William S. Ruggles , H. James Harrington , Christopher F. Voehl
Release Date: 2015/12/01
ISBN: 9781498766555
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Book Description

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.

Table of Contents

  1. Preface
  2. Acknowledgments
  3. About the Authors
  4. Chapter 1 - Overview of Organizational Portfolio Management
    1. Introduction
    2. Organizational Portfolio Development Cycle
      1. Phase I: Develop the Organizational Portfolio
      2. Phase II: Create the OPM System Implementation Plan
      3. Phase III: Implement the OPM System
      4. Phase IV: Practical Applications of Project Change Management within the OPM System
    3. Summary
  5. Chapter 2 - Phase I: Develop the Organizational Portfolio
    1. Introduction
    2. Developing the Organizational Portfolio: A Typical Scenario
    3. Thirteen Fundamental Terms
    4. Activities for Phase I
      1. Activity #1: Assign an Individual and/or Team (Portfolio Development Leader) to Set Up and Manage the Development of the Organizational Portfolio
        1. Inputs
        2. Activities
        3. Outputs
      2. Activity #2: Classify the Business Cases Using a Qualitative, Quantitative, or Blended Model Based on the Potential Value
        1. Inputs
        2. Activities
        3. Outputs
      3. Activity #3: Prioritize the Projects and Programs Based on the Resources Available
        1. Inputs
        2. Activities
        3. Outputs
      4. Activity #4: Select Projects and Programs for the Portfolios and Assign a Portfolio Leader to Oversee Them
        1. Inputs
        2. Activities
        3. Outputs
      5. Activity #5: Identify a Sponsor and Project Manager for Each Project and Program
        1. Inputs
        2. Activities
        3. Outputs
      6. Activity #6: Define High-Level Project Milestones and a Budget for Each Project and Program
        1. Inputs
        2. Activities
        3. Outputs
      7. Activity #7: Obtain Executive Approval for Each Project and Program Including Its High-Level Milestones and Budget
        1. Inputs
        2. Activities
        3. Outputs
    5. Summary
    6. References
  6. Chapter 3 - Phase II: Create the OPM System Implementation Plan
    1. Introduction
    2. Activities for Phase II
      1. Activity #1: Prerequisites for OPM System Implementation Planning
      2. Activity #2: Establish the Project Management Office (PMO)
        1. Examples of Project Decentralization
      3. Activity #3: Assemble the OPM System Implementation Team
      4. Activity #4: Create the OPM System Implementation Plan
        1. Sample OPM System Implementation Plan
    3. References
  7. Chapter 4 - Phase III: Implement the OPM System
    1. Introduction
    2. OPM System Critical Success Factors
    3. Activities for Phase III
      1. Activity #1: Develop a Clear Vision of the Organization’s Strategic Goals and Objectives
      2. Activity #2: Communicate the Change Agenda: Goals, Objectives, Benefits, Risks, Rewards, and Challenges
      3. Activity #3: Identify Impacted Business Processes
      4. Activity #4: Provide for Planning and Implementation Phase Information Technology (IT) Support
      5. Activity #5: Develop Universal and Tailored Training
      6. Activity #6: Develop Measurement and Reporting Standards
      7. Activity #7: Identify Risks and Technology Constraints
      8. Activity #8: Schedule and Facilitate User Acceptance Testing and End User Training
      9. Activity #9: Develop Project/Portfolio Security and Data Integrity Procedures
      10. Activity #10: Implement the OPM System and Report Progress
    4. Summary
    5. Reference
  8. Chapter 5 - Phase IV: Change Management—Practical Applications within OPM
    1. Introduction
    2. Activities for Phase IV
      1. Activity #1: Start at the Top
      2. Activity #2: Create a Portfolio Enrollment and Management Plan
      3. Activity #3: Communicate the Rewards, Challenges, Risk, and Consequences
      4. Activity #4: Build Capacity within the Organization
      5. Activity #5: Integrate Risk Mitigation and Project Planning
      6. Activity #6: Plan for Sustained Results
      7. Activity #7: Standardize the Portfolio Change Management Approach
    3. Summary
  9. Appendix A: Project and OPM Definitions
    1. Reference
  10. Appendix B: Potential Project and OPM/PPM Resources
    1. CA PPM (formerly CA Clarity PPM) and CA PPM as a Service
      1. Features
        1. Benefits
      2. Daptiv
      3. HP Project and Portfolio Management (PPM) Center
      4. Microsoft™
        1. Microsoft Office® Enterprise Project Management (EPM) Solution
        2. Microsoft Project Online: Cloud-Based Project Portfolio Management Solution
        3. Oracle Primavera: Professional Project Management (P6) Software Suite
      5. PD-Trak
      6. Planview Enterprise
      7. IBM Rational Focal Point
  11. Appendix C: Sample Project Authorization Form (PAR)