Project Portfolio Management Process Steps

The objectives of ppm are to determine the optimal resource mix for delivery and to schedule activities to best achieve.

Project portfolio management process steps.

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. Win executive support 3. 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. Build the implementation team 4.

Building a project score model is one of the key elements of efficient project portfolio management steps. 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. Balance is not a function it s both a principle and a discipline. The next point we bring up in our project portfolio management process steps is balance.

Project portfolio management ppm describes how we manage the often confusing mix of interrelated dependent and connected projects. 9 steps for implementing project portfolio management 1. This is the step where you implement the project portfolio process and best practices. Create your portfolio 7.

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. Evaluate your projects 6. Exhibit 3 shows the five primary steps of the portfolio management process. Test and refine 8.

Not all undertakings are projects. Set the strategy 2. The 7 step guide to optimizing your project portfolio management step 1. 5 balance is key.

Capture and research requests and ideas. Project portfolio management roll out 9. Project portfolio management process steps. The project worthiness analysis determines from what point an undertaking is to be treated as a project.

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. The portfolio management process. 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. Ppfm is a continuous process comprised of collecting project data evaluating each project optimizing the portfolio company resources and executing the portfolio directives.

Figure 3 2 in the standard for portfolio management shows a more detailed breakdown of these steps project management institute 2006 p. Define criteria for projects.