What Is Project Portfolio Management
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Project Portfolio Management is Managing several projects and coordinate them to achieve specific organizational objectives. Examples show typical tasks of the Portfolio Managers, the key indicators, challenges, and tools they use to reach Strategic objectives. The samples from the project portfolio management simulation SimulTrain(R)+ explain how to manage complex portfolios and adapt to the changing environment.
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What Is Project Portfolio Management
- 2. PORTFOLIO MANAGEMENT • is “centralized management of one or more portfolios that enable executive management to meet organizational goals and objectives through efficient decision making on portfolios, projects, programs and operations.” • The Standard for PORTFOLIO MANAGEMENT – FOURTH EDUTION, PMI®, 2017. PMI is registered mark of Project Management Institute, Inc
- 3. Manage several projects and coordinate them to achieve specific organizational objectives. SIMPLE DEFINITION
- 4. WHAT DO PORTFOLIO MANAGERS DO?
- 5. COLLECT PROJECT / OPERATION DATA The table shows a list of projects of a Portfolio in the Project Portfolio Management simulation SimulTrain®+
- 6. DEFINE IMPACT ON STRATEGIC OBJECTIVES The table shows Strategic Value: the contribution of projects in company Strategic Objectives in SimulTrain®+
- 7. CHOOSE A STRATEGIC APPROACH For example, • Maximum Strategic Value • High Profit - Low Cost • High Strategic Value - Low Risk • High Profit - Quick Win • . . . .
- 8. FUNDING PRIORITY: LESS EXPENSIVE? Funding Priority The chart shows Net Present Value (NPV) vs Cost and Strategic Value (area of the bubble) for projects of a Portfolio in SimulTrain®+
- 9. FUNDING PRIORITY: LOW RISK? Funding Priority The chart shows NPV vs Risk and Strategic Value for projects of a Portfolio in SimulTrain®+
- 10. FUNDING PRIORITY: QUICK WIN? Funding Priority The chart shows NPV vs Payback Time and Strategic Value for a Portfolio in SimulTrain®+
- 11. ASSIGN PROJECTS TO RESOURCES The chart shows company who works on projects: units with names of the unit heads vs Time for a Portfolio in SimulTrain®+
- 12. CONTROL CASH BALANCE The chart shows Cash balance vs Time for a Portfolio in SimulTrain®+
- 13. CONTROL PORTFOLIO KEY INDICATORS The chart shows the Dashboard of a Portfolio in SimulTrain®+
- 14. REACT TO NEW RISKS AND OPPORTUNITIES The info concerns changes of Strategic Values of a Portfolio at the end of year in SimulTrain®+
- 15. PORTFOLIO EXECUTIVES MANAGE Objectives Projects Budget People Project Priorities Project Workload Payback Periods Risks & Opportunities Communication The picture shows typical tasks of the Project Portfolio Manager in SimulTrain®+
- 16. WHAT PMS DO EFFECTIVELY! PORTFOLIO MANAGEMENT IS
- 17. “LEARNING IS EXPERIENCE. EVERYTHING ELSE IS JUST INFORMATION.” ~Albert Einstein
- 18. SimulTrain®+ Real Strategic Management Experience www.simultrain.net/plus
Editor's Notes
- What is Portfolio Project Management?
- There are more than six thousand results when you search for books on “Portfolio Management” on Amazon. As such, it is not easy to learn about portfolio project management.
- Standard definitions are very theoretical. They are correct but rather complicated for normal people.
- This is a simplified definition.
- What do Portfolio Managers do?
- They collect data on existing operations, projects, and potential ideas / opportunities.
- They evaluate impact of the projects on the Strategic Objectives of the portfolio..
- They choose one or more strategies to reach the objectives and staying in budget when the resources are limited.
- For example, they can choose projects with smaller cost and greater financial values.
- They can choose projects with lower risk.
- They can choose projects that bring fast money back.
- They assign the chosen project to company units.
- They control and monitor financial resources.
- They use special tools to collect and analyze information.
- When changes arrive, the adapt the partfolio to new reality by changing priorities, redistributing resources, even cancelling certain projects.
- What do Portfolio Mangers do? They manage Strategic Objectives, Risks, Budgets, and balance Organizational resources, funds, priorities . They react to changing environment.
- Project Portfolio Management is what Portfolio Managers do effectively!
- Albert Einstein said “Learning is Experience. Everything else is just information.” How can we learn Portfolio Management? The best way is to manage real Project Portfolios.
- Business simulation is a way to study Project Portfolio Management. Study yourself by managing Project Portfolios! The simulator SimulTrain+ is real strategic management experience!