Image via Wikipedia Harvey Levine, in his book Project Portfolio Management, discusses the processes that comprise PPM. On page 24, he provides some great insight into how projects should be selected for the pipeline. He explains that during the selection phase you should establish a structured process to:
- Guide the preparation of project proposals (business case) so that they can be evaluated.
- Evaluate project value and benefits.
- Appraise the risks that might modify these benefits.
- Align candidate projects with enterprise strategies.
- Determine the most favorable use of resources.
- Rank projects according to a set of selection criteria.
- Select projects for the portfolio.
By establishing a clear process for project selection, you have created a template that can be used for all future undertakings. The best way to establish this process is to create it using an online project and portfolio management tool. With PPM software, you have a central repository of information and quick access to all of the projects within your portfolio.
The software allows you to create a process template that outlines the steps needed to properly prepare a business case, evaluate value and benefits, and align the project with enterprise objectives. The criteria you establish in the beginning will make it easy for you to measure risk, rank projects, and determine the most favorable use of resources.
As you become more familiar with the concepts of PPM, it will become easier for you to follow the process for each new assignment. Simply plug the new project into the process template, follow the established guidelines, and select the projects that will provide the most business value for your organization. These projects then become a part of your portfolio and can be followed and measured based upon the criteria established above.
- Guide the preparation of project proposals (business case) so that they can be evaluated.
- Evaluate project value and benefits.
- Appraise the risks that might modify these benefits.
- Align candidate projects with enterprise strategies.
- Determine the most favorable use of resources.
- Rank projects according to a set of selection criteria.
- Select projects for the portfolio.
By establishing a clear process for project selection, you have created a template that can be used for all future undertakings. The best way to establish this process is to create it using an online project and portfolio management tool. With PPM software, you have a central repository of information and quick access to all of the projects within your portfolio.
The software allows you to create a process template that outlines the steps needed to properly prepare a business case, evaluate value and benefits, and align the project with enterprise objectives. The criteria you establish in the beginning will make it easy for you to measure risk, rank projects, and determine the most favorable use of resources.
As you become more familiar with the concepts of PPM, it will become easier for you to follow the process for each new assignment. Simply plug the new project into the process template, follow the established guidelines, and select the projects that will provide the most business value for your organization. These projects then become a part of your portfolio and can be followed and measured based upon the criteria established above.
I've recently started using mind map and software which original purpose is business presentation. I feel definitely improved productivity and everything looks easier.
ReplyDeleteThere is a lot of software free and paid nowadays, that definitely can help to generate better results and be more organized.
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