Project Portfolio Selection Model - Voice narrated
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Narrated copy of "Project Portfolio Selection" presentation made to the PMI Symposium 2008 in Ottawa. Puts forward a scoring model for selecting projects which are best aligned against organizational strategies and goals. Can be downloaded and listened to.
![Why Is This So Important “The greatest waste in business is doing the wrong thing well” ,[object Object],Project management is about “doing the projects right” Portfolio management is about “doing the right projects”](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Project Portfolio Selection Model - Voice narrated
- 1. Russona Consulting presents: Choosing the Right Projects A Subset of Project Portfolio Management
- 11. Life Cycle Phases here
- 13. Ensure the investment is being managed
- 14. Ensure the business achieved the expected benefitsMost organizations have more “good ideas” than they have resources to deliver on Focus on “doing the right projects”
- 15. Roles in Portfolio Management PMI’s – Portfolio Management Std. – 1st Ed.
- 17. The expected benefits from the changes take longer to be realized
- 19. Changes in business / technology / environment mean more “challenged” projects
- 20. Trying to cover too many bases means that nothing gets done well
- 22. The Life Cycle
- 29. Transparency required to ensure support for the process
- 31. Ranking of key business objectives (KBOs) against each other
- 32. Selection of key criteria for evaluating proposed projects
- 33. Business factors
- 35. Risk factors
- 37. Using the criteria to weight the proposed projects
- 38. Provides a “weighted score” on which to prioritize
- 40. Project Phases / Reviews
- 43. Portfolio Management Processes PMI’s – Portfolio Management Std. – 1st Ed.
- 44. Project Alignment Process Portfolio selection follows a 7 step process Identification Categorization Evaluation Selection Prioritization Portfolio Balancing Authorization
- 45. As New Initiatives Are Raised Identification – someone has gone through the business requirements and developed a business case. Decision made on which option to select Categorization – in some organizations, budgets will have specific “categories” that need to be balanced (e.g. infrastructure, research and development, employee development) Evaluation –collect the information required to do selection / prioritization Selection – some projects may not meet required qualifications, be mandatory, or customer / contract driven
- 47. The Life Cycle
- 54. Convert KBOs To Numeric Weighting Factors
- 56. We now select which KBOs the project supports
- 58. Number of business units involved
- 61. Provide More Granularity as Needed
- 62. Calculated Weights for Sub-categories
- 64. The Life Cycle
- 70. Amount required for “keeping the lights on”
- 71. What’s left is the budget for “new initiatives – projects”
- 72. Possibly new strategies and goals – KBOs
- 73. Concept of “budget categories”
- 75. The Life Cycle
- 81. Use a visible legend to assist with interpretation
- 82. Initiatives can be scored as they come in
- 83. Keep the “weighted score” invisible, concentrate on the objective score for the initiative
- 84. This data input could be done by a number of different areas:
- 86. PMO function
- 89. The Life Cycle
- 95. Add all the initiatives in one sheet, with weighted scores
- 96. Show them being copied / sorted in order
- 97. Show how the cumulative costs contribute to “pass 1” decision
- 98. For some organizations that’s enough
- 99. For others, they may want to apply “budget buckets”
- 101. First Pass at Balancing
- 102. Second Pass at Balancing – “Categories”
- 104. Methodology lends itself to ensure senior management support for projects selected
- 106. The Life Cycle
- 107. Business Variables
- 108. Cyclical Variables
- 112. Techniques are simple to implement
- 113. Separate the “scoring” from the business weights
- 114. Project portfolio is selected from the highest scoring projects within the resources available
- 115. Easily extendible to provide for “budget categories” to ensure adequate funding to traditionally low scoring areas
- 117. Ensures senior management support because the project is focused on tangible business criteria
- 118. Focuses everyone on making the right decisions based on the organization’s business drivers
- 120. Thank you for your time! Russ McDowell, M. Eng., PMP Russona Consulting Corp. E-mail: russ@russona.com Phone: (613) 836-6182
Editor's Notes
- - Especially in these belt-tightening days, we have scarce resources, and we need to use them where they will best help the organization
- - Need to provide reference for this slide (OPM3 or the Portfolio standard?)
- Done in a piecewise, hierarchical fashion
- Not that this is not directly using the results from the previous table….Should simplify