Develop a Project Portfolio Management Strategy

Time is money; spend it wisely.

Onsite Workshop

Without an optimized PPM strategy:

  • Time and money will continue to be wasted on cancelled projects, unutilized or over-allocated resources, and poorly prioritized projects.
  • The Portfolio Management Office will not have an accurate view of portfolio status.
  • Organizations often try to bite off more than they can chew in terms of portfolio management. It’s best to start small with what you can manage, and develop your long-term PPM goals for the future.

With an optimized PPM strategy, the organization will have:

  • An accurate, realistic picture of portfolio health.
  • The ability to cut down on resource waste.
  • Frequent review of current, accurate, and consistent report data.
  • The ability to prioritize projects based on strategic direction as well as resource capacity.

Module 1: Assess PPM Capability

The Purpose

  • A completed business case comparing the costs and benefits of implementing a new or improved PPM strategy.
  • An overview of your organization’s current and target capability levels.
  • A completed cost benefit analysis that will help to inform decisions regarding PPM tool selection. 

Key Benefits Achieved

  • Communicate the costs and benefits of completing this project.
  • Have a high-level view your organization’s current PPM capability and set your target state goals.
  • Calculate the cost of PPM to your organization and the benefits of optimizing your PPM processes. 

Activities: Outputs:
1.1 Estimate the benefits of implementing a PPM strategy
  • A completed business case comparing the costs and benefits of implementing a new or improved PPM strategy.
1.2 Use the PPM Strategy Template to make the case for developing a PPM strategy
  • An overview of your organization’s current and target capability levels
1.3 Consider the expectations that leadership has for Project Portfolio Management
  • A completed cost benefit analysis that will help to inform decisions regarding PPM tool selection
1.4 Use Info-Tech’s PPM capability model to define your current and target states
1.5 Calculate the cost of the portfolio to your organization

Module 2: Develop the PPM Strategy

The Purpose

  • To articulate the PPM strategy, with definition to be added in the near and long-term plan stages.
  • To conduct a realistic assessment of your capability to adopt different types of PPM tools. 

Key Benefits Achieved

  • Make decisions regarding your reporting, project intake, resource management, and project closure procedures.
  • The beginning stages of your PPM strategy, to be revised and elaborated upon in the upcoming phase.

Activities: Outputs:
2.1 Establish a process and tools for providing portfolio visibility to executives
  • A PPM strategy, with definition to be added in the near and long-term plan stages
2.2 Determine the degree of rigor required around project intake, approval, and prioritization
  • A realistic assessment of your capability to adopt different types of PPM tools
2.3 Define a high-level resource management strategy
2.4 Assess and refine project closure procedures
2.5 Document the PPM strategy
2.6 Review the Tool Assessment graphic in the PPM Strategy Development Tool

Module 3: Implement and Maintain the PPM Strategy

The Purpose

  • To make a distinction between your near-term and long-term PPM strategies.
  • To implement the near-term plan.
  • To define the action plan and timeline to set you on the right path to achieve your long-term PPM goals. 

Key Benefits Achieved

  • The opportunity to begin implanting certain aspects of your strategy in the near-term to build up towards your long-term plan.

Activities: Outputs:
3.1 Brainstorm quick-wins to increase your PPM capability
  • The PPM Standard Operating Procedure
3.2 Create an action plan for implementing the near-term plan
  • The PPM Charter
3.3 Download and complete the PPM Standard Operating Procedure
3.4 Develop a plan to manage resistance to the new PPM strategy
3.5 Document other risks and constraints that might inhibit the success of the PPM strategy
3.6 Document the long-term plan in Info-Tech’s PPM Charter

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Onsite Workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn’t enough, we offer low-cost onsite delivery of our Project Workshops. We take you through every phase of your project and ensure that you have a road map in place to complete your project successfully.

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