1st Edition

Improving Business Performance A Project Portfolio Management Approach

By Ramani S Copyright 2016
    234 Pages 10 Color & 8 B/W Illustrations
    by Auerbach Publications

    234 Pages 10 Color & 8 B/W Illustrations
    by Auerbach Publications

    No organization is impervious to change. Rather, the survival and growth of an organization is dependent on how well it copes with change. Successful change initiatives consist of the integrated eco-system of its portfolio, programs, and projects. These change initiatives become the delivery mechanisms for implementing the strategy of an organization.

    Improving Business Performance: A Project Portfolio Management Approach
    clarifies how the proper application of portfolio, program, and project management concepts can help commercial and non-profit organizations achieve their strategic objectives. Most organizations have been good at devising strategy, but falter during its implementation. Executing strategy well to deliver superior business performance remains a key challenge, which is addressed as the core theme of this book.

    The book portrays a top-down orientation as well as a bottom-up integration of change initiatives to facilitate alignment to strategy and accommodate mid-course changes. It takes into account existing global best management practices to bring forth an approach that is customizable and useful to organizations in any industry.

    Describing why portfolio management lies at the apex of change initiative management, the book explains how to design and fine-tune portfolios so they are in alignment with your organization’s overall strategy and business needs. After reading this book, you will understand:

    • How to design the project portfolio structure for your organization
    • How to integrate programs and projects within the portfolio more effectively
    • How to better manage interactions across diverse change initiatives
    • How to maintain focus while managing change to realize benefits

    The book presents a case study that illustrates the application of project portfolio concepts in practical scenarios. It includes chapters dedicated to transition management, change management, benefits management, and the Enterprise Project Management Office. It also includes templates you can immediately put to use in your own portfolios, programs, and projects.

    Context for Change
    Why Change?
    Triggers for Change
    The Impact of Change

    It All Commences with Strategy!
    Project Portfolio Management
    Starting Point for Portfolio Definition
    Strategic Positioning of Organizations
    Boston Consulting Group (BCG ) Matrix—Application
    Setting Up of Performance Targets
    Strategy Evolution
    Organizational Vision, Mission, and Strategic Objectives
    Environmental Scanning and Competitive Strategies
    Application of Balanced Scorecard (BSC) to Portfolio Management
    Balancing the Portfolio
    Portfolio Definition and Management—Roles and Responsibilities
    Portfolio Definition and Implementation—Key Steps
    Portfolio Funding
    Portfolio Optimization
    Portfolio Implementation
    References

    The Core of Program Management—Benefits Management
    Program Management—The Context of Benefits Management
    Benefits Map
    Multiple Ways a Program Can Come About in an Organization
    Program Mandate
    Program Governance Board
    Program Lifecycle—Phases
    Program Initiation Phase
    Program Stakeholder Engagement
    Program Definition Phase
    Program Execution Phase
    Program Closure Phase

    Project Management—Delivery Enabler for Change
    Project Management—Context
    Project Management—Major Processes
    The Project Charter
    Project Stakeholder Engagement
    Requirements Management
    Project Work Breakdown Structure (PjWBS)
    Project Schedule Development
    Project Cost Baseline
    Scope Change Requests and Managing Change
    Project Quality Management Plan
    Project Communications and Risk Management Plans/Risk Management Flow
    Procurement Management and Staffing Management Plans
    Project Setup End-Deliverable: Project Management Plan Finalization
    Assessing Project Viability
    Project Delivery Process
    Project Progress Monitoring Process
    Project Closing Process

    Change Initiative Integration into Operations—Transition Management
    Introduction to Transition Management
    Pre-transition Step
    Transition Step
    Post-transition Step

    Change Management and Stakeholder Engagement
    Significance of Change Management and Stakeholder Engagement
    How Change Gets Triggered Off?
    Enabling Changes from Enterprise-Wide Transformation Initiatives—Stakeholder Classification
    Grouping of Stakeholders and Developing Stakeholder Response Stances
    Why It Is Difficult to Change Stakeholders? Or Stakeholder Views? 1
    Applicability of Change Management Models in Driving Change Initiatives
    The Ways in Which Different Organizations Work
    Change Management Roles
    Summary References

    Benefits Management—Link between Portfolio and Program Management
    What Is Benefits Management?
    What Are the Practical Issues Concerning Benefits Management?
    Benefits Identification
    Benefits Quantification
    Planning to Obtain the Benefits
    Realizing, Tracking, and Sustaining the Benefits
    Benefits Management from the Portfolio Management Perspective

    Setting Up and Running an Enterprise Project Management Office (EPMO)
    Why an EPMO?
    What Is an EPMO?
    What Would Be the Structure of a Full-Fledged EPMO?
    The Centralized Portfolio Office (PfO)/Nodal Offices
    Center of Excellence (COE) Functions and Services
    Temporary Project/Program Offices
    How Is the EPMO Set Up?
    Run the EPMO Implementation Program and Its Closure
    Setting Up and Running the PMOs for a Specific Change Initiative
    Challenges Facing the EPMO and Their Possible Remedial Measures
    Enhancing the Organizational P3M Maturity
    PM Maturity Model—An Overview

    An Integrated Case Study—Application of Project Portfolio Management
    Background: The Company—AXN Corporation
    Management Structure—AXN Corporation
    Triggers for Change
    How AXN Corporation Went About the Change?
    "Top-Down" Change—How Did AXN Go About It?
    Reconciling with the "Bottom-Up" Approach
    Balancing and Deploying the Portfolio
    Program Management—Execution
    Program Execution—Interfacing with Project Management
    Program Closure
    How Projects in AXN Were Managed—Salient Points
    How AXN Enhanced Project Management Competency
    Portfolio Management Implementation—A Retrospective
    References

    Appendix: Structure of Major Portfolio, Program, and Project Artifacts
    Portfolio Governance Framework
    Portfolio Implementation Plan
    Program Mandate
    Program Charter
    Program Scope Baseline
    Program Benefits Realization Plan
    Program Benefit Card
    Program Benefits Management Strategy
    Program Communications Management Plan
    Program Risk Management Plan
    Program Risk Register
    Program Financial Management Plan
    Program Quality Management Plan
    Program Resource Management Plan
    Program Component List
    Program Transition Plan
    Program Governance Plan
    Program Management Plan
    Program Target Operating Model
    End Program Report
    Project Charter
    Project Business Case
    Project Scope Management Plan
    Project Cost Management Plan
    Project Quality Management Plan
    Project Resource Management Plan
    Configuration Item Record
    Project Management Plan
    Team Progress Report
    Project Progress Report
    End Project Report

    Glossary

    Suggested Reading

    Index

    Biography

    Ramani S has over 25 years of experience in the technology and management consulting industry, spanning project, program, and portfolio management; management consulting (with PwC Consulting); Information Technology strategy/portfolio development; and client relationship management. He has successfully managed many large projects/ programs relating to ERP implementations, business-systems integration, and IT strategy development. Prior to consulting for PwC, Ramani managed technology and application services for numerous clients, including non-profit organizations. He has also handled portfolio, program, and project management workshops for large transnational clients in multiple countries.

    Ramani currently manages his own company, GRT Consulting LLP, which specializes in project, program, and portfolio management related consulting and training. Ramani is among the very few global professionals who are accredited in project, program, and portfolio management certifications, from both PMI and from AXELOS frameworks.