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Portfolio Project Management
 Portfolio Decisions
According to Computerworld, Project portfolio management organizes a series of projects into a single portfolio consisting of reports and views that capture project objectives, costs, timelines, accomplishments, resources, risks and other critical factors. Executives can then regularly review entire portfolios, spread resources appropriately and adjust projects to produce the highest departmental returns.
One of the common problems faced by project-oriented organizations is having too many projects relative to their capacity. Therefore, one of the first things that needs to be done is to determine what can be done is to determine what should be done and what should not be done.
An appropriate priority process can be described as one that identifies projects that best support the organization's efforts for increasing its ability to achieve its goals. Assuming that we are talking about a for-profit organization, the goal is probably defined (or at least measured) chiefly in terms of making (more) money now and in the future.
Every organization, at any point in time, has some primary source of limitation - a primary constraint - impeding its ability to do more of what it's trying to do. Even more important, and useful to us is the fact that this constraint colours the policies, practices, and resulting problems found throughout the organization.
One false step taken by many organizations is undertaking "improvement" efforts (and the projects that implement them) spread all around the organization, addressing the local symptoms and strengthening all of the links in the "value chain." (It's only fair. We don't want to shortchange any particular area. Otherwise they won't support our budget next year.)
One of the ways to address the challenges of identifying projects that need more funding, projects in trouble, and projects that should be canned is through the emerging discipline of Portfolio Project Management.
Source: www.focusedperformance.com
This selection of papers explores what Portfolio Project Management is and what it can do for your organization.
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