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Project Portfolio Management on a Dime |
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So, in an effort to make the challenge a bit less daunting, here are some ideas you might find useful for streamlining your PPM processes. To begin with, I am assuming that, in reading this, you are currently looking for ways to improve the PPM function and are not rich with PPM management software and tools like
With that in mind, let’s get started. In my article entitled “Evaluating and Selecting PPM Software” on gantthead.com, I indentified 7 generic capabilities that a PPM needs to perform in order to assure that the organization makes informed and conscious choices about the projects it pursues and has the metrics in place to evaluate the progress of projects in process as well as the actual value the organization received once implemented. These capabilities are needed to manage the project portfolio regardless of the tools used and are as follows: 1. Ability to Catalog & Track Project Requests Believe it or not, many users feel that submitting project requests is a futile exercise as they find their way into the black hole known as IT. Making it easy for people to submit requests and to find out their status goes a long way towards garnering credibility and cooperation. A simple spreadsheet that is updated weekly can do the trick especially if it is posted on the network for easy access. 2. Ability to Conduct Request Assessments and Approval Processes (risk, ROI, regulatory compliance, etc.) Once requests are received, they need to be acted on. Here, the Portfolio Manager can acknowledge the request via email within 24 hours of receipt. After that, an assessment of the request needs to be scheduled and the status updating to reflect the date the assessment is scheduled for conduct and completion. Assessments should be routine and pragmatic. Using thresholds for ROI, risk and other factors can help establish and initial priority for the request. 3. Ability to Prioritize Projects in an Unbiased, Pragmatic and Objective Manner For those projects that pass the initial screen / assessment, there needs to be a method for prioritizing projects that is unbiased, pragmatic and objective. I have found that by using a set of standard criteria, weighted as to importance works extremely well and helps keep management focused on assigning project priorities based on total value to be delivered to stakeholders. You can find an example of a project prioritization concept in my article “PPM: Concepts, Tools and Approaches”. 4. Ability to Track & Evaluate Project-related Documents (proposals, charters, project plans, communication plans, status reports, etc.) One of the administrative nightmares of PMs and PMO leaders is the collection and tracking of all project related documents. Yet, in order for the portfolio manager to assess true project progress they often need to review that actual work products produced and that included project documentation. Status reports are wonderful but sometimes hide critical facts and obscure the true state a project is in. So, like in construction, walking the site is the answer to knowing exactly how far things have progressed. For projects the site is represented by physical deliverables and project documentation. One low tech approach is to maintain a binder(s) of all project docs; another is via an electronic version in easy to access folders. Either way, there will need to be a process in place and personnel tasked with the maintenance effort. 5. Ability to Gather and Report on Project Progress, Issues and Changes If the portfolio manager should always be able to quickly gather information on each project (pending, in progress, etc.) and provide a summary of its progress against plan / goals. Without a specific PPM tool this can be a daunting task and often requires weekly discussions with each project manager and / or a review of each updated project plan. If you are relegated to using spreadsheets to do this you might want each project manager to update their portion of the spreadsheet (1 tab per project) and have the status’s roll up into a protected summary, perhaps at the milestone level. 6. Ability to Conduct Post Implementation Audits, Evaluations and Reporting (surveys, checklists, etc.) One of the most neglected areas on PPM is the conduct of post implementation audits and evaluations, without which the organization can never really demonstrate it has benefited or suffered as a result of investing in a given project. Basically, there are only a few questions that need to be answered in project post mortems.
7. Ability to Provide Project Performance Scorecards (during and after project) While not absolutely required, being able to provide meaningful feedback to the organization, stakeholders and project team members as to the performances achieved during the project is a great way to provide closure to the effort. Ideally, the scorecard will be maintained throughout the project so people can adjust their performance and approach based on the ongoing feedback received. Consider creating 3 to 7 metrics that can be monitored and readily shared during the project. The post project audit will provide the information needed for the final scorecard. Please login/register to read the entire article.
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