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It does not help to polish the strategy when it is time to perform and execute
It has been generally stated that the organisation knows what should be done to achieve the strategic goals. Executing the organisation’s strategy is seen as one of the biggest challenges.
Strategic portfolio management and causality in business environment
In this instance the portfolio management causality means the relationship between two events which affect the portfolio. This is a situation where one event causes another. Typically, from portfolio management perspective, this could mean a significant change in the customer demand or in the interest level. A well-defined portfolio can find an effect for this during portfolio analysis. External indicators for the portfolio are a challenge A company's external factors and their indicators are often ...
Project Portfolio – Are you looking at the competition through the windshield or the rear view mirror?
Project portfolio management can provide quite concrete opportunities for companies. And not just in terms of strategy. Project portfolio management impacts the entire organisation and its ability to top quality service to its clients. This involves particularly the development of the organisational architecture from a business standpoint. You must develop services that save the client's time. You must provide services that are easy to utilise and beneficial to the client. Achieving this status requires significant ...
Five Things Related to a Successful Project
Today, we'll be taking a look at traits and elements of successful projects. This should help project managers see if their projects are on the right track. Project team: Having the right resources working on a project will push the chances of it being successful and meeting the desired results. This is where it is crucial that the project manger chooses the right people for the team whether they are subject-matter experts, contract employees, or ...
Top 6 Ideas for LEAN Project Management Model
Projects can turn into disasters even in the best of organizations. This can happen due to a wide variety of reasons that range from incomplete documentation to variation in the processes being carried out. Whatever the causes maybe, the end result is always the same; Employees get stressed and organizations lose a ton of money. Strangely enough, most projects do not begin this way, but changes tend to occur over a period of time. The ...
How to use Project Portfolio Management within R&D function
The research and development (R&D) team plays an important role in the company's growth. That said, the R&D department should be able to function smoothly, without creating a lot of overhead costs for the business. It means the R&D function should be able to do more with less. Project portfolio management or PPM within the R&D function becomes all the more important for business growth. PPM within the R&D function enables you to use the ...
Top 8 Key Tasks of Strategy Office
On a conceptual level, strategy offices are becoming commonplace in companies that believe in achieving success through strategic planning and implementation. Strategic work, however, varies significantly depending on the objectives, sector and management culture of the company. Strategy is often interpreted in many ways, and its significance to interest groups depends on the viewpoint. The key is to carry out the right operations at exactly the right time. Successfulness of decision making, and eliciting the ...
80% of good strategic portfolio management means looking forward
At its best, portfolio management is committed to achieving the strategic goals of the organization, analyzing future events and coordinating proper timing for developing the right programs and projects. As said before, nothing can save a project if the goals and timing are wrong considering the full picture of the situation. If the timing is wrong or the goals are unrealistic, no one is able to save a project, not even the best project manager ...
Improving Strategy Deployment with PPM
It is common for all businesses to start projects and take up initiatives to achieve their different business objectives. However, not all businesses utilize Project Portfolio Management (PPM) as a tool to take decisions regarding the projects to be undertaken and executing them to accomplish strategic goals. When PPM is used for managing projects, it leads to an improvement in the deployment of strategy. For several organizations, there are a set of environmental changes constantly ...
Strategic Portfolio Management and causality of the business environment
Portfolio management causality in this context refers to the interrelation between two events impacting the portfolio. This is a situation, where an event results in another event. From a portfolio management perspective such a situation would typically arise from a significant change in demand or interest rates. A well-defined portfolio contains an outcome for such events as determined by the portfolio analysis. Challenge of indicators outside the portfolio One of the most significant challenges in ...
Aligning IT Projects and Strategies through Project Portfolio Management
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 ...
How to Turn Ideas into Viable Business Development Projects
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 ...
Top IT Risk Management Problems That Should Not Be Ignored
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 ...