Project Portfolio Management Process Steps

The 7 step guide to optimizing your project portfolio management step 1. Not all undertakings are projects. Building a project score model is one of the key elements of efficient project portfolio management steps.

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Define criteria for projects.

Project portfolio management process steps.

Figure 3 2 in the standard for portfolio management shows a more detailed breakdown of these steps project management institute 2006 p. A major step in the management phase is mobilization and it requires that department and project managers be given portfolio information in a format that meets their specific needs and that directly feeds more detailed resource and project management tools. Project portfolio management ppm describes how we manage the often confusing mix of interrelated dependent and connected projects. The portfolio management process.

Test and refine 8. Capture and research requests and ideas. The project worthiness analysis determines from what point an undertaking is to be treated as a project. Ppfm is a continuous process comprised of collecting project data evaluating each project optimizing the portfolio company resources and executing the portfolio directives.

5 balance is key. The objectives of ppm are to determine the optimal resource mix for delivery and to schedule activities to best achieve. Create your portfolio 7. Much can be handled as part of operations.

Project portfolio management roll out 9. Set the strategy 2. Evaluate your projects 6. This is the step where you implement the project portfolio process and best practices.

The next point we bring up in our project portfolio management process steps is balance. Project portfolio management ppm is the centralized management of the processes methods and technologies used by project managers and project management offices pmos to analyze and collectively manage current or proposed projects based on numerous key characteristics. Balance is not a function it s both a principle and a discipline. Win executive support 3.

Project portfolio management ppm has become a key component in organizations as they look to enhance their ability to manage multiple projects in an efficient and effective way. Project portfolio management process is the key to success with ppm because it defines how an organization approaches project prioritization resource allocation budgeting scheduling and other major project components. Exhibit 3 shows the five primary steps of the portfolio management process. Collect project data 5.

Ppm considers the big picture of all projects grouped together past present and future and calculates the optimal prioritization and sequencing of projects to maximize roi. 9 steps for implementing project portfolio management 1. Project portfolio management process steps. Build the implementation team 4.

In this post we ll cover a 9 step project portfolio implementation plan. Figure 1 below illustrates a 8 step pattern for establishing a ppfm process within an organization and for identifying the key practices that are required to increase the maturity of these processes.