Project Portfolio Management

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1 Project Portfolio Management Maciej Bodych, MBA, PMP

2 Bio Maciej Bodych, MBA, PMP Consultant, Trainer and Interim Manager in area of Portfolio Management and PMO PMI Region Mentor in charge of the Eastern Europe Longstanding President of the PMI Poland Chapter Lecturer at Kozminski Univeristy, Executive MBA IT Project Portfolio Management Lectures at numerous conferences and seminars, national and international, such as PMI Global Congress, Project Management Institute, PMDays, Institute for International Research, GigaCon. Certificates in quality area (Six Sigma, ISO), software engineering (RUP) and IT tools (IBM Rational), Co-author of the book PMO. Practice of implementation project and portfolio management in an organization Practitioner long experience in managing IT and consulting projects in project and portfolio management, implementing project management offices and evaluation of organization s project maturity. 2

3 WHITECOM Project Experience Consulting-Training company specializing in providing adjusted to the Client integrated services in the project management and project portfolio management (PMI ). Status PMI Registered Education Provider (nr 3629) Rationalization of methodology and portfolio management Development and rationalization of PMO Status PMI Registered Consultant (PMI RCP) We are Microsoft s Silver Partner KP Development Program - PMP and PMI-ACP certification We are PMI Poland Chapter s Golden Sponsor 3

4 Euro 2012 Project, Program or Portfolio? 4

5 How defining this people involved in this event? A program of project portfolios connected to each other PL2012 President A initiative of 8 programs PL2012 website A portfolio of various projects connected to each other Consulting firm Euro 2012 Project Sports Minister Euro 2012: Project of the year Forbes Magazine 5

6 Differences in projects, programs and portfolios Scope Change Planning PROJECTS PROGRAMS PORTFOLIOS Projects have defined obectives. Scope is progressively elaborated throughout the project life cycle. Project managers expect change and implement processes to keep change managed and controlled. Project managers progressively elaborate high-tech information into detailed plans throughout the project life cycle. Programs have a larger scope and provide more significant benefits. The program manager must expect change from both inside and outside the program and be prepared to manage it. Program managers develop the overall program plan and create high-level plans to guide detailed planning at the component level. Portfolios have a organizational scope that changes with the strategic objectives of the organization. Portfolio managers continually monitor changes in the broader internal and external environment. Portfolio managers create and maintain necessary processes and communication relative to the aggregate portfolio. 6

7 Differences in projects, programs and portfolios Management Success Monitoring PROJECTS PROGRAMS PORTFOLIOS Project managers manage the project team to meet the project objectives. Success is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction. Project managers monitor and control the work of producing the products, services or results that the project was undertaken to produce. Program managers manage the program staff and the project managers; they provide vision and overall leadership. Success is measured by the degree to which the program satisfies the needs and benefits for which it was undertaken. Program managers monitor the progress of a program components to ensure the overall goals, schedules, budget and benefits of the program will be met. Portfolio managers may manage or coordinate portfolio management staff or program and project staff that may have reporting responsibilities into aggregate portfolio. Success is measured in terms of aggregate investment performance and benefit realization of the portfolio. Portfolio managers monitor strategic changes and aggregate resource allocation, performance results, and risk of the portfolio. 7

8 How we can define it? Project Program Portfel: Financial and Human Resources Optimalization 8

9 Project portfolio management in Poland (non-representative examples) We have over 100 projects realized by our team. Team consists of 10 people. Our smallest project is a two-hour undertaking IT Director We have over 100 projects realised by our team. Team consists of 10 people. Our smallest project is a two-hour undertaking Project Manager I d like to train few-persons software maintenance and development sections managers of managing projects portfolio Resource Director Why to implement a project prioritization system? You can come to me, and I will tell you, which projects are most important at the moment. Member of Management Board 9

10 The Standard for Portfolio Management Project Portfolio A portfolio is a component collection of programs and projects, or operations managed as a group to achieve strategic objectives. Project Portfolio Management Project porftolio management is the coordinated management of one or more portfolios to achieve organizational strategies and objectives. It includes interrelated organizational processes by which organization evaluates, selects, prioritizes, and allocates its limited internal resources to best accomplish organizational strategies consistent with its vision, mission, and values. 10

11 Processes vs. Projects Vision Mission Strategy and objectives Planning and managing of operational work Planning and managing a projects portfolio Performance management Managing programs and projects Organizational resources 11

12 Role of the Portfolio Manager Establishing and maintaining a framework and methodology for portfolio management within the organization; Guiding the selection, prioritetization of portfolio components to ensure the alignment with strategic goals and organizational priorities Preparing recommendations on the list of projects to be realized Responsibility for balancing the project portfolio Controlling if the processes are conducted in accordance with the schedule Communication with stakeholders and sponsors Participating in program and project reviews Providing key stakeholders with timely assessment of portfolio components Measuring the value to the organization through portfolio performance metrics and targets such as: Return on investment (ROI) Payback period (PP) Other 12

13 Knowledge and Skills of Portfolio Manager Knowledge of project and program management methods and techniques Knowledge of the manufacturing process and the approach of continuous improvement Leadership and management skills Knowledge of the market and organizational business Knowledge of standards and regulations within the organization Analytical skills Ability to manage risks effectively 13

14 Who can be the portfolio manager? Experienced manager Dedicated team Head of PMO Portfolio Review Board Directors Committee Depending on the structure, roles and number of portfolios, there can be several portfolio managers in the organization 14

15 Portfolio Management Office The PMO in the organization is the entity that defines and maintains the process standards generally related to portfolio management. It provides guidance on the practice of project management, in some organizations PMO may be involved in project execution, for example in process management or supprting implementation of proect management methodologies. Some of PMO s functions: o o o o o o o o Managing portfolio components; Negotiating and coordinating resources between various portfolio components or between portfolios; Coordinating communication across portfolio components; Developing and improving templates and checklists; Monitoring compliance to policies; Providing knowledge management including lessons learned; Conducting training and mentoring human resources in portfolio management skills, tools and techniques; Developing and maintaining portfolio, program and project frameworks and methodologies. 15

16 Portfolio Managemement Overview 1) Portfolio Management and Organizational Strategy and Objectives 2) Portfolio Management Process Implementation 3) Portfolio Management Process Cycle 4) Portfolio Management Information System 5) Portfolio Management Governance 6) Portfolio Stakeholders 7) Organizational Influences on Portfolio Management 16

17 Portfolio Management Process Groups and Knowledge Areas Portfolio Strategic Management Portfolio Risk Management Portfolio Governance Management Portfolio Communication Management Portfolio Performance Management Defining process Aligning process Authorizing and Controlling process 17

18 Project Portfolio Management Processes Knowledge Areas Portfolio Strategic Management Portfolio Governance Management Portfolio Performance Management Portfolio Communication Management Portfolio Risk Management Defining Process Groups 4.1 Develop Portfolio Strategic Plan 4.2 Develop Portfolio Charter 4.3 Define Portfolio Roadmap 5.1 Develop Portfolio Management Plan 5.2 Define Portfolio 6.1 Develop Portfolio Performance Management Plan 7.1 Develop Portfolio Communication Management Plan 8.1 Develop Portfolio Risk Management Plan Process Groups Aligning Process Groups 4.4 Manage Strategic Change Authorizing and Controlling Process Groups 5.3 Optimize Portfolio 5.4 Authorize Portfolio 5.5 Provide Portfolio Oversight 6.2 Manage Supply and Demand 6.3 Manage Portfolio Value 7.2 Manage Portfolio Information 8.2 Manage Portfolio The Standard for Portfolio Management, PMI 18

19 Project portfolio defining processes Organizational Strategic Objectives Develop Portfolio Strategic Plan Develop Portfolio Charter Define Portfolio Roadmap Develop Portfolio Management Plan Define Portfolio Develop Portfolio Performance Management Plan Develop Portfolio Communnication Management Plan Develop Portfolio Risk Management Plan Defining Process Group The Standard for Portfolio Management, PMI 19

20 Project portfolio management processes Manage Strategic Change The Standard for Portfolio Management, PMI Optimize Portfolio Manage Supply and Demand Manage Portfolio Value Aligning Process Group Manage Portfolio Information Manage Portfolio Risks Authorize Portfolio Provide Portfolio Oversight Authorizing and Controlling 20

21 Key Deliverables for Portfolio Management (1) Key deliverables Portfolio Strategic Plan Purpose The portfolio strategic plan articulates the options, preferences, and factors that will be considered in specific portfolio that will aid the decision makers in aligning, authorizing and controlling the portfolio and its individual components with the organizational strategy, future benefit, and stakeholder expectations. Preexisting portfolios or inventories of work should be validated against organizational strategy updates to ensure consistency with the evolving organizational mission, goals, and objectives. Thus, by comparing new and preexisting components with/against one another, it may be determined that it is preferable to add, modify, or divest some components to ensure the portfolio objectives are aligned with the strategic plan. Content Vision for the portfolio, which is based on the alignment with the organization s goals and objectives Allocation of founds and resources for different types of initiatives (portfolios, subportfolios, and other work) and how these contribute to the organization s objectives Portfolio benefits are clearly and consistently identified Initiatives can be appraised and prioritized Strategic objectives can be optimized with available resources and risks Key assumptions, constraints, dependencies, and risks Portfolio structure including a listing of the various portfolio components and other work Portfolio prioritization model

22 Key Deliverables for Portfolio Management (2) Key deliverables Purpose Content Portfolio Charter The portfolio charter is the document that formally authorizes and structures a portfolio. The charter provides the portfolio manager with the authority to apply portfolio resources to projects and other work within the portfolio. Chartering a portfolio links the portfolio to the organizational strategic plan and describes how the portfolio will deliver value to the organization. The portfolio charter include the portfolio vision, high-level scope, justification, success criteria, resources, and high level timelines for portfolio delivery Identification of stakeholder

23 Key Deliverables for Portfolio Management (3) Key deliverables Purpose Governance model Portfolio oversight Content Portfolio Management Plan The portfolio management plan describes the approach and intent of management in identifying, approving, procuring, prioritizing, balancing, managing, and reporting a portfolio of programs, project, and other work to meet the organization s strategic objectives. Managing strategic changes Change control and management Balancing portfolio and managing dependencies Measuring and monitoring performance and value Portfolio performance reporting and review Communication model as part of the communication management plan Portfolio risk management planning Procurement procedures Managing compliance Portfolio prioritization model

24 Key Deliverables for Portfolio Management (4) Key deliverables Purpose Content Portfolio Roadmap The portfolio roadmap provides the highlevel strategic direction and information in a chronological fashion for portfolio management execution and ensures that dependencies within the portfolio are established and evaluated. The roadmap can be considered to be the hifh-level prioritization mapping of the portfolio over time, and the crucial aspect of the roadmap is that it forms the initial basis upon which dependencies are established both within the portfolio and externally so they can then be tracked. List of components Dependencies Key milestones and deliverables

25 Key Deliverables for Portfolio Management (5) Key deliverables Purpose Content Portfolio A portfolio is a collection of projects, programs, and/or other work that are adopted and grouped together to facilitate the effective management of that work to meet strategic business objectives. The projects, programs, and/or other work may not necessarily be interdependent or directly related. The portfolio and its components are quantifiable; that is, they can be measured, ranked, and prioritized. List of components with attributes (including but not limited to: costs, time, resources, velocity of the component s completion, etc.) and portfolio structure.

26 Exercise We need group of 4-5 people Please, select who will be the Project Manager (One person) and Sponsors (Others) Each Sponsor should choose a Word that contains 7-8 letters (Do not tell it to PM!!!!) PM needs a pen and paper Sponsor needs a timer And Round 1: Ad-hoc resource allocation Round 2: Well organized parallel working Round 3: Project Sequencing 26

27 Case study - Bank Main Problems: IT Department bottleneck of the organization Lack of prioritization IT decides on work order Applying projects from many different business departments Process and project approach in the organization 27

28 Main assumptions Appointing the PMO to coordinate projects and IT resources PMO s responsibilities: Collection and evaluation of project initiatives Prioritization (based on the client and type of project) The preliminary allocation of the initiatives to the next version of the system Preparation of recommendations for IT Porfolio Review Board Meeting Collecting statistics and lessons learned Assumptions: Weights for the type of project and the client have been defined The overall availability of resources for given version of system has been defined IT Portfolio Review Board has been established Principles and frequency of reporting have been set 28

29 Project selection process Identify Categorize Evaluate Select Authorize Communicate Portfolio Adjustment Balance Portfolio Prioritize Review & Report Portfolio Performance Monitor Business Strategy Changes * The process does not contain elements of risk processes 29

30 Portfolio broader look In many cases through project portfolio we understand list of projects actually chosen for realization. Let s look broader... Initiatives Ended projects, which report benefits On-hold projects because of dependencies on other projects Budgeted projects Without this: There is no possibility of forecasting!!! 30

31 Development of PPM process Information management PPM Process management Recommendations and opinions Making portfolio decisions/ Participating in creating of the Startegy 31

32 Recommendations Verify the scope of services provided by PMO in project portfolio management case. We can show organization s project portfolio because of our cooperation with PM. Manage whole project s lifecycle, from initiation to settlement accounts of financial benefits How does it look today? Recommendations 1 Raport with status of all projects Red projects to analysis 2 How many resources does the project needs? 3 Quantitive statistics about number of projects in certain status etc. Are there spare resources for the project s needs? Statistics about level of business goals, budget, resources realisation. 32

33 Organization audit Conducted review: Maturity of practices in project management according to PMI standards Maturity of practices in program and portfolio management Scope of PMO and its structure Role of project managers 33

34 Question? Maciej Bodych, MBA, PMP

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