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.

Evaluate your projects 6. The 7 step guide to optimizing your project portfolio management step 1. 9 steps for implementing project portfolio management 1. Figure 3 2 in the standard for portfolio management shows a more detailed breakdown of these steps project management institute 2006 p.

Build the implementation team 4. Set the strategy 2. Ppfm is a continuous process comprised of collecting project data evaluating each project optimizing the portfolio company resources and executing the portfolio directives. Define criteria for projects.

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. Collect project data 5. 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. Win executive support 3.

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. Exhibit 3 shows the five primary steps of the portfolio management process. The objectives of ppm are to determine the optimal resource mix for delivery and to schedule activities to best achieve. 5 balance is key.

The portfolio management process. 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. Project portfolio management ppm describes how we manage the often confusing mix of interrelated dependent and connected projects. Create your portfolio 7.

Capture and research requests and ideas. Much can be handled as part of operations. In this post we ll cover a 9 step project portfolio implementation plan. 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.

The next point we bring up in our project portfolio management process steps is balance. Project portfolio management roll out 9. This is the step where you implement the project portfolio process and best practices. Project portfolio management process steps.

Test and refine 8. Balance is not a function it s both a principle and a discipline.