Project Portfolio Management Process 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.

Project portfolio management process steps.

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. 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. Capture and research requests and ideas. Balance is not a function it s both a principle and a discipline.

Create your portfolio 7. Not all undertakings are projects. Figure 3 2 in the standard for portfolio management shows a more detailed breakdown of these steps project management institute 2006 p. The objectives of ppm are to determine the optimal resource mix for delivery and to schedule activities to best achieve.

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. This is the step where you implement the project portfolio process and best practices. Collect project data 5. The project worthiness analysis determines from what point an undertaking is to be treated as a project.

Building a project score model is one of the key elements of efficient project portfolio management steps. In this post we ll cover a 9 step project portfolio implementation plan. Exhibit 3 shows the five primary steps of the portfolio management process. Project portfolio management roll out 9.

5 balance is key. 9 steps for implementing project portfolio management 1. The 7 step guide to optimizing your project portfolio management step 1. 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.

The next point we bring up in our project portfolio management process steps is balance. Set the strategy 2. 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.

Much can be handled as part of operations. The portfolio management process. Build the implementation team 4. Evaluate your projects 6.

Define criteria for projects. Test and refine 8.