Project portfolio management

Like any other discipline, management has a seemingly nonstop flow of ideas, practices and tools to make us - and our staffs - more effective. It often seems that for every skill we work on - communication, planning and so on - there are several others waiting for our attention, too.

This week's Management Strategies story in Network World highlights a good example of the above. Just when we're working on honing our project management skills, along comes project portfolio management (PPM).

Basically, PPM is project management on steroids. It involves tracking and managing all of an organization's projects to guard against duplication, keep an eye on costs and resources, comply with deadlines and ensure the projects are in line with the company's overall mission. For those of us still struggling to get day-to-day management under control, PPM sounds like climbing Everest.

PPM also sounds like a necessity, especially if you have many balls in the air and a sizeable budget. The larger the organization, the easier it is to lose track of who's working on what and where money, people and effort are headed. Those who practice PPM say it can help you better prioritize your projects and even reduce their number.

And just like project management, there's PPM software out there that can help you track everything. Experts warn, however, that the software is immature and you're not going to get everything you want in one package.

"A good portfolio tool tells you how many projects you have in the planning stage, the loads on the organization and the demands on resources, and nobody does that [perfectly] as yet," says Gopal Kapur, president of the Center for Project Management.

If you're in a smaller organization, you may not need PPM software. A half-day planning and prioritization meeting with your staff could accomplish the same thing. Yet, to read how one organization is undertaking PPM and the benefits it's reaped, read this week's Management Strategies story in its entirety at www.nwfusion.com/careers/2002/0304man.html

Project procedures
Network World, 01/07/02

Keeping an eye on IT
Network World, 03/04/02

Lurid links
Network World, 03/04/02

Melissa Shaw is managing editor of Network World. She can be reached at mshaw@nww.com.

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