PMcrunch

As a program or project manager, one must keep an eye on both the near term and long term.  Today, under tough economic conditions, we typically turn to more near-term thinking because the focus needs to be first on survival before considering future plans.  We need to be careful however to not take this near-term thinking too [...]

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Using project management templates is a great way to improve project performance rapidly. In addition, implementing proven project management methodologies and processes can also improve performance and deliver better results. Here is a look at a couple of low cost possibilities that project managers can deploy rapidly.

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Looking at lessons learned from the current economic crisis, one that stands out pertains to how people are incentivized in business. Banks with risky loan portfolios somewhere along the line had incentivized their people to fill their portofolios with these loans. Somewhere along the line, the incentives did not incorporate some of the risks involved. How does this play out in project and program management?

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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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