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The new way to drive up the quality and effectiveness of programmes and projects is to manage them as a Change Portfolio. A portfolio perspective on PPM would be to assemble them together (let’s say there are 20 projects/programmes) into a portfolio, which is then managed collectively; its called a Portfolio Approach:
The PPM portfolio is defined in 5 steps:
1. Understand: Clarify what is in the current change portfolio (existing collection) - and also development pipeline (future projects/programmes); this is done in terms of forecast costs, benefits and risks to delivery.
2. Categorize E.g. Critical to future strategy/High Potential/Key Operational/Supporting initiatives .
3. Prioritize: Plot on to achievability/attractiveness bubble map.
4. Balance: Ensure a timely flow of initiatives, which provide a risk/return profile consistent with resourcing capability.
5. Plan: provide a baseline and delivery plan, showing a clear line of sight for stakeholders of how the portfolio is enabling the organisation to converge on its objectives.
Justification for the PPM portfolio is based upon driving benefits from working on the business cases collectively’ not individually; the portfolio will contain all the 20 project or programme business cases. A Portfolio delivery team will ensure each project or programme can be brought forward, delayed, made bigger or smaller, in order to optimise the stream of benefits over the portfolio planning cycle.
If you are interested in this approach, fill out the registration form below, and take a look at implementing a PPM Portfolio approach, in just 100 days. CUPE can provide MOP qualified PPM project management consultants to help you introduce MoP to your organisation.
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