PMcrunch

Organizations of all sizes have been taking a much closer look at their project portfolios in these tough times. One of the bigger questions is “where does innovation fit in in the portfolio?” There are some interesting ideas around this and organizations must reckon with the fact that decisions about innovation could very well set the stage for the future of the company. At the same time, we must reckon with the fact that, in order to reach a future, we must be financially sound through the crisis. I have been thinking a bit about the relationship between innovation and portfolio management in tough times.

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As project managers we are responsible, typically, for our specific projects. Sometimes we might be working on portfolio management and sometimes we may be working in a PMO-type environment that offers project management help around the organization. However, more often than not, we are focused on our individual projects. Regardless of where you fit in to this spectrum, it is good to take a look at the kinds of projects that your company is implementing right now, as this can foreshadow the future for the organization.

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In these tight times, we are acutely aware of cutbacks, of scarcity, and of the need to streamline. However, really, these are indicative of management practices that should be occurring all the time. In portfolio management, especially, it is important to have a healthy balance between short term considerations and long term considerations. It is all a balancing act and the equation really only changes slightly during a downturn, such as we are currently experiencing.

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Globality is a term that indicates in part that Globalisation has come to an end. This is a distinction between globality and globalization. It affect so many in the things we do in a Project Management work. Let’s work at some of the key areas that are affective.

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The Project Management Plan concerns itself with how the project is going to be managed. This includes consideration for the project management systems to be used to coordinate the plan and the project. The systems that are used are also very important in providing feedback to senior management.

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Many executives, project portfolio managers, and program managers make good choices about investing in new projects and ideas. Yet it’s also critical to set up a measurement, preferably from the start, for when to potentially stop investing resources in each project. This would be a sort of “stop standard” for any given project.

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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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Successful delegation requires granting both responsibility and authority. These two, combined properly, constitute “empowerment”. However, these two are often not properly executed by the project manager or program leader, and the blame is often placed on the delegate, not on the leader! We, as project and program leaders, need to look at ourselves in the mirror and ask if we are delegating properly.

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What is program management? How does program management differ from project management? How does program management relate to project portfolio management (PPM)? As program management is becoming more formalized in its own right, especially with the PMP’s PgMP certification, I thought I would see what is out there on the web to help answer these questions.

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