Getting Started in Project Portfolio Management

Getting Started in Project Portfolio Management - Getting...

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an Project Management eBook GettingStartedin Project PortfolioManagement
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1 contents This content was adapted from Internet.com's CIO Update and Project Manager Planet Web site. Jeff Monteforte is president of Exential, a Cleveland, Ohio-based information strategy consulting firm, which specializes in IT governance, information security and business intelligence solutions. He can be reached at jmonteforte@exentialonline.com. Getting Started in Project Portfolio Management, an Internet.com Project Management eBook. © 2008, Jupitermedia Corp. 2 Eight Steps to Getting PPM Off the Ground 5 PPM and Project Estimation 12 The Four Essential Organizational Groups for PPM Success 15 The Fundamentals of PPM Reporting Getting Started in Project Portfolio Management [] 2 5 12 15
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W hetherit'sa growing dependencythatbusinesses have oninformation andtechnology, toomany projects to get done,ortheincreasingpressure that CIOs areunder to cost-justifyIT spending,a clearpriori- tization and funding strategyforIT investments isessential in today'sbusinessenvironment . The industry solution that has come to the forefront is project portfolio management (PPM). PPM is all about aligning technology funds, projects, and IT resources with the company's organizational priorities. There is no one right way to build a PPM process. This is evident in the fact that there are dozens of books on the topic and dozens of software vendors promoting a variety of products and, of course, each one claims that their way is the best way to solve the PPM puzzle. Yet, my experience has shown me there are specific "best practices" that are common across all PPM methodologies and form the foundation of our compa- ny's PPM methodology: Keep it simple. Don't start by looking for a PPM sys- tem to purchase. While each software product has its own approach to portfolio management, it also inher- ently has specific strengths and weaknesses caused by that approach. Unless you know the exact approach you want to take to manage you project portfolio you don't know which software will be best for you. For starters, use the tools that you know best. For most people that means your favorite spreadsheet application and word processor. Look for direction from the top. Assemble business executives into an IT steering committee and schedule monthly meetings with the intent of reviewing new project requests and current proj- ect progress. At the first meeting, use the IT steering committee to gain the required perspective on company priorities and value. Whether it's increased revenue, customer retention, or cost control it should be your business leaders that tell you what is most important today. Build a centralized view. Build a single collection of all active and requested IT projects along with their vital informational facts, such as name, sponsor, scope, esti- mated costs, estimated timeframes, and assigned IT resources.
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Getting Started in Project Portfolio Management - Getting...

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