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Project portfolio management can support an expected recovery by linking strategic plans with organizational programs and investments
Information Management Magazine, Jan/Feb 2010
Leaders recognize the advantage of preparing for a future economic upturn by streamlining IT strategies now to lay the foundation for competitive agility as the economy rebounds. Optimal delivery of IT solutions through people, process, technology and culture enhances the ability to execute on strategic growth initiatives and accelerate business success.
Many organizations today are faced with a complex balancing act between the management of business goals, resource and financial constraints, and intricate project requirements. Management should choose a holistic approach to these topics over a siloed attack. This will provide a crucial link between executive vision and the work of the enterprise, and will bring realism to an organization's planning processes.
Project portfolio management promotes organized and repeatable processes by which organizations can link strategic plans to programs and investments. By definition, the fundamental objective of PPM is to determine the optimal mix and sequencing of current and proposed projects to best achieve the organization's overall goals while honoring constraints of internal or external real-world factors. A collective rather than singular approach to managing projects results in a significant improvement in project and resource efficiencies while aligning efforts to the business goals they are meant to address.
Senior IT leaders in public or private sectors are looking more and more toward creative utilization of PPM or project management to meet efficiency challenges and also to inspire their teams to higher performance results by embracing a culture of excellence.
The concept of IT project management grew roots in academia 20-plus years ago, but it more recently has become a go-to strategy for companies that recognize its significant benefit to the bottom line. As IT management has gained credibility as a critical partner in achieving business goals and earned access to the C-suite, more and more organizations are looking at PPM and PM as critical paths to reach business objectives.
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