Project Portfolio Management Process Steps

The 7 step guide to optimizing your project portfolio management step 1. Project portfolio management ppm describes how we manage the often confusing mix of interrelated dependent and connected projects. The objectives of ppm are to determine the optimal resource mix for delivery and to schedule activities to best achieve.

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Evaluate your projects 6.

Project portfolio management process steps.

Create your portfolio 7. Collect project data 5. This is the step where you implement the project portfolio process and best practices. In this post we ll cover a 9 step project portfolio implementation plan.

Project portfolio management roll out 9. Set the strategy 2. 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. 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.

The project worthiness analysis determines from what point an undertaking is to be treated as a project. Balance is not a function it s both a principle and a discipline. The portfolio management process. Ppfm is a continuous process comprised of collecting project data evaluating each project optimizing the portfolio company resources and executing the portfolio directives.

Capture and research requests and ideas. Exhibit 3 shows the five primary steps of the portfolio management process. Not all undertakings are projects. The next point we bring up in our project portfolio management process steps is balance.

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. 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. 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. Test and refine 8.

5 balance is key. Building a project score model is one of the key elements of efficient project portfolio management steps. Much can be handled as part of operations. Figure 3 2 in the standard for portfolio management shows a more detailed breakdown of these steps project management institute 2006 p.

9 steps for implementing project portfolio management 1. Build the implementation team 4. Win executive support 3. 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.

Define criteria for projects. Project portfolio management process steps.