Every project has an equal chance of failure or success. Which way it goes depends on a variety of factors and aspects. Employees, processes and leadership can all have a very big influence on how a project shapes up. When a project succeeds, it is important to evaluate why it worked, so you can replicate the success for later projects. In the same way, it is important to evaluate failed projects to understand what went ...
Thinking Portfolio has released a new book with over sixty how-to articles on project portfolio management. You can order the electronic version of the book using the form below. After registration, you'll receive an email with a download link. We offer the electronic version free of charge. Download Here:
Thinking Portfolio has released a new book with over sixty how-to articles on project portfolio management. You can order the electronic version of the book using the form below. After registration, you'll receive an email with a download link. We offer the electronic version free of charge. Download Here:
The project management office staff faces security theft issues from the time a project is accepted till the time it is delivered and as it passes through various stages of development. Projects in every industry be it software, manufacturing, research and even construction can suffer if security breaches are recognized and information is stolen by rivals. Depending upon the criticality of project, the team members have to be careful about varied security issues ranging from ...
A business is subject to multiple environmental risks including market, legal, operational and strategic risk as well as risk from factors like governance and hazards like terrorism, civil unrest and more. An effective Project Portfolio Management (PPM) strategy can help a business be prepared for multiple contingencies, allowing the management team to make more informed decisions. Project Portfolio Risk management can help identify some of these risks in advance to determine what the likely impediments ...
Any business must make a decision which will ultimately produce some kind of product that can be either goods or services. An important decision can affect the company, the products and its employees. Plant: The decision to invest in new factories, or in upgrading the present ones Products: The decision to start new lines People: The decision to invest in the form of development and training Most decisions are dependent upon its predictability. A distinction ...
Well-designed project portfolio management (PPM) tools and methodologies go a long way in helping an organization cope with multiple projects, deadlines and gauging of performance levels. Risk management is an invariable aspect of PPM, and without the former, PPM will fall flat. Varieties of risks To understand how to master risks, one must understand what constitutes a strategic risk. Simply put, it is a system of analyzing potential opportunities or problems which are crucial to ...
The crux of IT Portfolio Management lies in analyzing the right areas/projects a business should invest in, to gain maximum Return On Investment (ROI). The multi-layered methodology for implementing IT Portfolio Management ensures that resources, such as financial and human, are invested in projects which deserve them the most based on the value and criticality of each project towards the smooth functioning of the business as a whole. It is the effective investment of the ...
As project managers, it is important to create plans that effectively cover all aspects of project lifecycles. Despite experience and knowledge in the field, some common mistake and errors may arise. Here are some of the most common mistakes made when managing IT portfolios. No tangible investment strategies It is a common practice in many IT companies, whether start-ups or larger corporations, to directly start with budgeting and funding. The projects scoring higher on the ...
If you have assets, whether in terms of office inventory or application portfolios, it is important to factor in the level of risk associated with each individual property. However unlike inventory management and risk assessment which are fairly simple, application portfolio management is slightly more complex. By definition, risk management is the activity that includes recognition of the existing and potential risk of the asset, assessment of these risks, development of risk management strategies, and ...
Project portfolio management or PPM is a business process that allows and prepares companies to align a number of components like IT projects, application development, resources, and initiatives. Transforming companies to operate as project-oriented groups, project portfolio management allows you to treat IT as a financial asset. With project portfolio management, you can seamlessly integrate scope, pipeline, time, skills, cost, procurement, reporting, forecasting, communication, as well as risk management. Similar to managing a portfolio of ...
If you are a business leader in your company, you may stumble across several ideas that you believe to have great potential, but only a small portion of these ideas turn into real projects. Many projects fail to materialize because ideas and their executions are not bridged in the right manner. Here is how you can maximize chances of your business idea succeeding. Visualize your goals clearly: Many business ideas are abandoned because their goals ...
An IT project manager of a company will have to take several serious decisions that make or break a project, or even terminate the project entirely. While most projects are terminated on completion, some have to be severed prematurely if certain aspects of the project are undesirable. Terminating a project prematurely can result in strained relationships with the stakeholders, clients, and leave a black mark in your career. However, such terminations are sometimes necessary. While ...
When it comes to risk management in IT companies, CIOs (Chief Information Officers) review several areas like business continuation, disaster recovery, data and security breaches, financial viabilities of strategies etc. However, there are several other important review areas that may seem unimportant but should not be ignored. If you are an IT decision maker at your company, here are some of the areas you should not forget to consider. Poor communication In several cases, operations ...
Professor Kalle Kähkönen Tampere University of Technology, Finland: My earlier discussion under the title “Riskiness as a viewpoint for categorizing projects” pointed out the significance of defining and understanding the overall risk level of project, and how this forms a starting point for categorizing projects, which is necessary when comparing and contrasting different project options. Naturally, this is one of the key tasks of project portfolio management. Credibility of the overall risk estimates is essential, ...