Project Portfolio Management (PPM) covers a range of activities including:
Determination of which projects will be worked on, allocation of resources, and oversight of those projects (Portfolio Management)
Initiation, planning, and execution of the details of projects (Project Management)
Organization setup of an infrastructure and support for success (Organizational Management)
Portfolio Management determines the optimal mix and sequencing of proposed projects to best achieve the organization’s overall goals (often referred to as the right projects). Processes in this category include governance, business case analysis, portfolio optimization, and PPM oversight. The processes involve balancing often-conflicting requirements and limited resources to successfully execute the ideal combination of projects.
Project Management includes the proper planning and execution of the projects within a portfolio (doing the project right). Processes, standards, and procedures vary across the globe, but specific standards and bodies of knowledge provide strong direction for the discipline. The most common of these include the Project Management Institute and PRINCE2.
Organizational Management supports the overall function of PPM with technology, infrastructure, cultural norms, and leadership direction for success. In the current economic environment, strong leadership and oversight are more important than ever to ensure a solid return on investment for your organization’s project portfolio. QPM’s experience and passion combined with your team’s capabilities can transform vision and goals into daily practice. We can help you leverage industry best practices and technologies to obtain superior results.
In addition, over the years, we have developed several products that can help you find or prevent problems in your projects:
Good project managers and PMOs use best practices to help them find repeatable methods of doing business so that every project can be a successful project. We have developed software products to make repeatable practices more automated and have helped many organizations with workflows, reporting, and stage-gates to monitor their progress.
Fact-based decisions are easier with real-time reporting and views of what’s going on. Let QPM help you with quality improvement products, improved dashboards and reports, and better business practices.
QPM’s services include PPM process management and methodology consulting in addition to software integration. Our goal is to match the technology to the way your business works rather than the other way around. We can help you start small with the basics of project management and oversight, and enable you to grow as your business needs expand. The following chart provides a sampling of the knowledge and services that are available:
People and Process
The ABCs of Governance
Make sure your organization chooses the right projects and executes them well.
Align project concepts and requests with business goals. Make sure the organization understands and works on the right things.
Business Cases, Budgets, Benefits
Before a project is approved for funding, analysis is done to determine the costs and benefits. The level of detail in the analysis will vary with the complexity of the project and with the amount of criteria needed for systematic review.
Charter the right set of projects with the budgets and resources required for success. Use best practices such as the “Efficient Frontier” to make the best decisions for your business. Monitor the projects throughout their life cycle to ensure they perform to plan.
There are several internationally respected organizations that have created standards and methodologies for good project management. PMI, PRINCE2, and Agile are examples of different approaches for different needs. The QPM team has worked with all of these and has also developed its own best practices to blend the best of processes with the best of software technologies. Our team can help you integrate your own requirements with industry standards so you find the workflow and methods that work best for you.[/twocol_one_last]