PMcrunch

Project Portfolio Management, like Investment Portfolio Management, is a balancing act that requires constant monitoring and adjustment over time. Whereas an individual may have the right balance of risk, return, income, growth and others represented in an investment portfolio, a project portfolio is similar in many ways. Risks, returns, resources required, and alignment with overall strategy are just a few of the factors that must be kept in balance over time.

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Talent management is a huge challenge for corporations and organizations of all types and sizes. I many cases, success at talent management within the organization can be the key differentiating factor between success and failure for the organization. Likewise, success at project management, program management, and portfolio management also largely hinges on strong talent management. Part of this challenge lies at the relationship between the organization’s talent management capabilities and those of the projects and programs.

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You are new to a project. The project itself is new, or perhaps you have been handed an initial project. The project charter is a great place to start to get yourself oriented to where the project fits into the organization.

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Business or organizational strategy is intended to drive all decisions within an organization. It provides a direction, a rallying point, and a litmus test for decisions at all levels. Hence, it only stands to reason that strategy would drive the project portfolio management process.

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Program Management within an organization involves managing longer term initiatives that involve multiple projects. The Project Management Institute (PMI) offers a Program Management Certification - the Program Management Professional (PgMP) - for experienced professionals who are interested in advancing their knowledge of program management and credentials for a continuing career in program management.

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Thomas Edison was the quintessential mistake maker. He believed that the more mistakes he made, the more wrong answers and wrong solutions he could eliminate and, therefore, the closer he came to the correct solution to his problems. In management and on projects, on one hand, we seek to minimize mistakes but it is important to recognize when “mistakes” can actually be beneficial and produce positive outcomes. Indeed, we should not be afraid to make mistakes but rather should try to control and leverage the process. The project portfolio management process is an ideal place to formally do this.

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Innovation is one of those buzz words that evokes positive emotions. It is generally considered a “good” thing, and therefore is something that we want to do. However, there are other things to consider so, lets put innovation into perspective as a project management tool.

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Good projects map well to organizational goals. In fact, the best organizations make sure their initiatives are in alignment with their strategic plan. Whether for project initiation or for simply evaluating how the value of a project fits within the organization, becoming familiar with the strategic plan is invaluable.

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Daptiv, formerly eProject, has changed its name effective November 12, 2007, reflecting its desire to cast a wider net within the enterprise. The name eProject reflected a strict project management focus, whereas Daptiv - with connotations of fast, adaptive, dynamic, modern, futuristic - leaves behind that more singular focus. In fact, CEO Jeff Pancottine has reported that the new branding reflects the on-demand, flexible style and wide range of uses for the software beyond the scope of traditional Project Portfolio Management (PPM). The capabilities of web services surely figured into this marketing move.

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Sometimes – more often than we like – a “circular reference” enters the scene, and it can threaten the success of your project – or even the success or an entire portfolio or organization. As a Project Manager and leader, you need to stop circular references by intervening strongly and showing the way!

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