Project Selection Overview By Tim Washington September 14 th, 2011.

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Presentation transcript:

Project Selection Overview By Tim Washington September 14 th, 2011

PPM Execution At the highest level, Project Portfolio Management has four basic components: All the steps necessary to construct an optimal portfolio given current limitations and constraints. Higher portfolio maturity translates into a greater realization of the benefits of project portfolio management. Selected projects must align with the business strategy and meet other important criteria. The result: the portfolio will contain a higher percentage of winning projects. During the execution of an optimized portfolio, the aggregate project benefits (portfolio value) must be protected. This occurs by monitoring projects, assessing portfolio health, and managing portfolio risk. The Goal: The Goal: Maximize Value to the Organization Select the Right Projects Optimize the Portfolio Mature the Portfolio Processes Protect the Portfolios Value

PPM ExecutionProject Selection Select the Right Projects Selected projects must align with the business strategy and meet other important criteria. The result: the portfolio will contain a higher percentage of winning projects. OPPORTUNITY MANAGEMENT PROJECT EVALUATION Activities involved:

PPM ExecutionProject Selection Portfolio Opportunities X X X X Portfolio Management Team Decision Initiate a project! Gate 1 The organization should maintain a list of opportunities Based on an portfolio management team decision, some opportunities should be projectized to capture the opportunity. In this way, attention is always being given to opportunities that maximize organizational value

PPM ExecutionProject Selection The evaluation phase is when the portfolio management team (PMT) reviews project proposals and determines whether it aligns with the business strategy and meets certain criteria. In order for a project to come into the portfolio it should first be evaluated. Project Evaluation

PPM ExecutionProject Selection Project decision gates are a governance structure used to evaluate, authorize, and monitor projects as they pass through the project lifecycle. Each gate represents a go/no-go/hold/modify decision by the Portfolio Management Team (PMT). Governance Definition

PPM ExecutionProject Selection 1) Allows the Portfolio Management Team (PMT) to steer the direction of incoming projects. 2) Ensures that a good project plan is in place. 3) Helps the PMT commit the right resources to the right project at the right time. 4) Provides the PMT with a better understanding of the project details/scope/deliverables. Additionally, Decision Gates:

PPM ExecutionProject Selection Formal Acceptance Completion Report Gate 4 Presentation Strategic Benefit Financial Benefit Project Timing Project Risk Project Integration Open Plan Schedule Project Status Risk and Issue Log Mitigation Plans Change Request Phases Decisions Gates Execute/Control IdeaPlanning Proceed as a Pending Project Sponsor Acceptance Closing Documents Completed Authorize Project Commit Resources Project Initiation Project Performance: Resource Forecasts Proceed / Modify / Hold / Stop Work Legend: n Approve Closure Project Planning Project Management Deliverables Portfolio Criteria Project Monitoring and Control Project Proposal Form Gate 1 Presentation Business Requirements Project Benefits Impact Assessment Business Case Project Charter Risk and Issue Log Communication Plan Gate 2 Presentation 2 1 Close 4 Approve Implementation 3 Decision Gate Example: PORTFOLIO MANAGEMENT CRITERIA DOING THE RIGHT WORK PROJECT MANAGEMENT DELIVERABLES DOING THE WORK RIGHT

PPM ExecutionProject Selection Funded Projects Decision gates also control the flow of incoming projects and protect the portfolio from being overloaded. Evaluation (cont.) Filter and Valve STRATEGIC CRITERIA Proposed Projects Project Parking Lot START Gate 1 Gate 2 Decision gates screen out misaligned projects from the portfolio.

PPM ExecutionProject Selection Greatest Value The greatest value of this process is improving your bottom line through the elimination of draining projects that do not contribute to the health of the enterprise.

PPM ExecutionProject Selection Shift of View Project Portfolio Management represents a shift of view from the single project view to a total portfolio view. The basic question is how does this affect our project portfolio?