“Most project managers focus on the execution phase of projects: they manage a project from approval of the project execution plan until completion of the project (typically the go-live of changes to the IT system). The actual life cycle of projects is much longer and the role of PPM is to manage this full lifecycle. Most tools use a simple project funnel, consisting of the following steps:
- Idea selection
- Definition
- Execution
- Evaluation
Projects move from idea selection to definition when the management decides to appoint someone to develop a project plan. A project moves from definition to execution when a project plan (or PID) is being approved. Once all technical milestones (typically: design, build and test) are achieved the project team is often re-assigned: this is the end of the execution phase. For IT-staff this is often the end of the project, but for the business users it is often the beginning. During the evaluation phase the value of the project should be realized: it is not evaluation of the IT milestones, but of the business goals such as more sales or cost savings. Project managers are often no longer around to manage this phase, so it is up to the central Project Management Office to keep track of the business results in this phase”. – Consultancy.uk, excerpted from the article, “Trends and insights in Project Portfolio Management (PPM)“, click here to read the article in its entirety.
Insightful and well said! PMO Advisory offers courses throughout the year designed for project professionals interested in Portfolio (PfMP), Program (PgMP), Project (PMP & CAPM) Risk (PMI-RMP) Management, and Agile (PMI-ACP) certifications.
