Frank J. DeLuca for Informationweek writes: “Set the foundation: Appoint a champion and develop a prioritization process. Even with an engaged executive team, you still need a PMO process champion. An IT leader can be a good choice because many initiatives are technology-oriented and will cross departmental lines. By the nature of its responsibilities, the IT team often has a wider view of the business and inter-relationships among systems and processes. But understand that this champion does not make decisions or set priorities. Rather, the champion owns the process, can supply necessary information, and can facilitate effective decision-making.
Speaking of process, managing a project portfolio requires a transparent, fluid prioritization methodology that responds to changes in the business and ensures that resources are aligned with goals and strategy. There’s a limit to how much capital any company can invest and how much change it can absorb. A working prioritization process lets the organization focus on the most important initiatives and quickly shift resources to the next priority as they become available.
There are four cornerstones of a prioritization process:
- Inventory: Assemble a list of initiatives that are important to the business.
- Prioritize: Rank the list of initiatives so everyone knows in what order the company will allocate its resources.
- Assess: Determine the resource draw of a given initiative and propose ways to deliver the desired results
- Source and schedule: Sourcing defines how we secure and allocate resources, while scheduling determines when we allocate those resources based on planned availability.”
Excerpted from Frank J. DeLuca Informationweek article, “A Practical Approach To Project Portfolio Management, Part 1“.
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