Organizations deliver projects on time and within budget, but the value delivered is not aligned to the organization's strategy.
For many organizations, long-term success depends on the success of a number of individual critical transformation programs.
Businesses — focused on responding to today’s market turmoil — need to execute numerous change programs and projects in parallel, while at the same time keep the business functioning.
Organizations execute their transformation programs along three main management levels:
These three levels have distinctly different objectives but should work coherently to deliver transformations effectively.
While project management is focused on delivering a tangible outcome, portfolio management is focused on the decision-making process around which programs and projects should be executed based on their alignment with the goals and objectives of the organization. Program management is the intermediate layer that is focused on the delivery of business benefits.
Many organizations struggle with "doing the right things" and "doing things right." As a result, many get poor returns from their investment in projects or programs.
We present an innovative risk-based portfolio management approach that helps organizations manage the risk of their transformation in an integrated way. The implementation will enhance the organization’s chance of success in their transformation efforts because it will force the organization to focus on the projects that matter.
Strategic alignment and added value are some of the drivers used to prioritize the project portfolio. We outline key steps organizations should take to make this happen: