Critical Evaluation of Project Portfolio Management and Its Strategic Value

The Strategic Value of Project Management and Project Portfolio Management

1. Critically evaluate the strategic value of project management and project portfolio management, paying particular attention to their potential impact on project management life cycles, project offices, change management, resource management and organisational change.

2. Demonstrate understanding and initiative in the application of project portfolio management tools, techniques and processes to achieve improved business practices and performance and integrate sustainable project outcomes.

3. Develop and defend arguments both for and against the implementation of project portfolio management in a range of organisations.

You recognise that during implementation, the changes created by the initiative have caused resistance from colleagues and that your assessment must be cognisant of the corporate culture in the organisation and include strategies to account for different perspectives from key stakeholders and any other adverse impacts this may cause. In responding to this ‘challenge’, you have decided to document your findings in a report that will be presented to executive management as part of the organisation’s annual review process which addresses the following requirements:

Is the organisation investing in the right projects?

Is the organisation optimising its capacity?

How well is the organisation executing?

Can the organisation absorb all the changes?

Is the organisation realising the promised benefits?

What method is the organisation using to evaluate its overall project portfolio?

What is the justification of using the chosen method in comparison to some of the others that are available?

Are there any challenges that the organisation might face in using the current method if it were to operate in a global environment?

Is the benefits management lifecycle incorporated in the evaluation process? ? How might benefits management be helpful in successfully meeting the deliverable goals of the organisation’s projects?

How is project portfolio management ensuring that the organisation’s collective projects are aligning with its strategic objectives?

Has a Project Management Office been introduced into the organisation and, if so, has it played a role in terms of standardising practices and increasing project success rates? If not, why not? What alternative approaches are available?

What quantitative and qualitative tools and techniques is the organisation currently using to manage its project portfolio and are they effective?Maturity Levels

At what maturity level do you believe the organisation is at in terms of its approach to project portfolio management?

What are the key best practices which can be adopted to improve the maturity level and which model (e.g. PRINCE2, OPM3) do you think would be appropriate?

How might you go about implementing this change and what assistance from the organisation would you require?

Assess the corporate culture of the organisation and whether it is likely to be different in terms of key internal stakeholder influence and input (e.g. HR Director, Technology Manager, Facilities Manager, Accountant).

Will any change management initiative in terms of project portfolio management process improvement and benefits realisation need to take into account the different perspectives of these stakeholders and what concerns might each stakeholder express?

What aspects of the corporate culture do you think would support project portfolio management and its sustainability criteria?

Are there any challenges involved in getting project portfolio management and its sustainability criteria embraced by the organisation?