Here are some of the lessons learned derived from several successful implementations of project portfolio management frameworks performed by Thinktank Consulting at various organizations in Canada, US, Asia and Middle East.
Principle # 1: Educate the C-level – No project portfolio management deployment can be successful without the buy-in from the senior executive management. Since unfortunately very few people understand what exactly project portfolio management is, the most important step is to educate the executives about the subject. This can be accomplished with a short one or two-hour presentation followed by the Q&A session.
Principle # 2: Conduct a PPM Workshop – Conduct a one or two-day workshop in order to educate the executives about the finer details of portfolio management and to develop a scoring model, desired portfolio balance and strategic alignment approach. A strategic resourcing model should also be developed during the workshop.
Principle # 3: Develop a process through which the project proposals will flow from the project initiators to the Portfolio Committee
Principle # 4: Develop a “Business Case” template based on the industry’s best practices but fine-tuned to company’s realities
Principle # 5: Document all the findings in the “Project Portfolio Governance Charter”
Principle # 6: Communicate, communicate, communicate. All of the organization’s employees must be aware of the new portfolio processes.
Principle # 7: Apply the model to the first group of project proposals. Fine-tune the processes as necessary. Repeat.
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