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Project Portfolio Management

Once you have defined your IT Strategy, selected a portfolio of projects that have the green light, and scheduled approved projects based on priority, you will need a process for managing them. Throughout the year, the status of active projects will have to be monitored, resources allocated, and interim outcomes assessed. Pending projects should be periodically revisited to confirm continued relevance and priority. In some cases, previously approved projects will be changed or deleted due to changing circumstances, which may also require unplanned additions to your project portfolio. 

Two of the most important factors in the success of any project in your portfolio will be the project lead and the viability of the project itself. There is no foolproof method for determining whether a particular project will result in a successful outcome; however, some useful indicators include the following:

• The decision process which led to the selection of the project was sound
• The information upon which the decision was based was reliable
• The individuals who contributed to the decision have demonstrated competence and good judgment in the past
• The project lead has a track record of success with similar projects
• This project is not more than 50% larger in scope and budget than previous projects successfully managed by this project lead
• The project team has the appropriate capabilities for the project
• The project team has a history of successful collaboration
• The project has been allocated the necessary resources for completion

There are a number of software applications available, ranging from simple organizational aides to formula based decision analysis tools that can be used to support your Project Portfolio Management activities.  In addition, the following are a few of the services we offer in this area:

• Review projects in your portfolio to ensure the best use of time and resources
• Augment your project teams with specific expertise as and when needed
• Train internal staff as required for timely deployment (just in time training)

For more information about how the Data Perceptions can best support Project Portfolio Management in your organization, please call 1-877-749-9319 or contact us today.