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Project Portfolio Management Defined - First Principles
June 28, 2009 | Author: PM Hut | Filed under: Project Management Musings, Project Portfolio Management
Project Portfolio Management Defined - First Principles
By Demian Entrekin
First let me just put a few stakes in the ground:
- Traditional approaches to Project Management (PM) are broken and need to be fixed
- Project Portfolio Management (PPM) is not a trend - PPM is here to stay and is fundamentally changing how organizations manage projects
- IT departments are a natural launch pad for PPM because of the heavy project load and complex multi-departmental demands
- PPM impacts all layers of the management chain, from senior management to the IT staff and the customers of IT
- CIO’s are using PPM as the centerpiece for managing IT - this movement is under way and will accelerate
- The key to PPM success lies in the fundamentals: People, Process and Technology - technology is necessary but not enough
Project Portfolio Management (PPM) defined:
- An end-to-end process for managing all projects from inception to closure
- A culture of visibility and accountability for project performance
- A centralized approach to managing projects and resources
- A management discipline for aligning project investments with goals
Perhaps the most critical point of all is that projects are the building blocks of organizational change. This is a fact that is not likely to go away any time soon. PPM is the discipline that IT organizations will use to set the agenda, manage project portfolios and drive change.
Demian is the CTO of Innotas. As founder and CEO, Entrekin oversaw marketing, product development, sales and services for the company. Today, he focuses on strategic product direction. Prior to Innotas, Entrekin co-founded Convoy Corporation and was Chief Architect of its initial products. In that role, Entrekin helped the company lead the middleware market with an annual growth rate of 670 percent and played an instrumental role in Convoy’s subsequent acquisition by New Era Networks in 1999. A recognized thought leader in Project Portfolio Management, Entrekin has published numerous papers on PPM and his blog (PPM Today) explores current issues related to successful PPM implementation. During his 18 year career, Demian has assumed leadership roles as a consultant and as an entrepreneur, delivering commercial and corporate database applications. Demian holds a B.A. in English from UCLA and an M.A. in English from San Francisco State University.
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1 person has left a comment
Demian, I would like to offer a different angle on your point that “An end-to-end process for managing all projects from inception to closure”. PPM goes beyond project closure; it really extends the project lifecycle from “inception to business value”.