Thursday, December 11, 2014

Beyond PRINCE2: Managing Project Portfolio

Does your organization have overview and control of the project portfolio. Here are some recommended first steps:
  1. Organize the organization’s project portfolio in a single place.
  2. Establish a portfolio delivery plan and monitor progress.
  3. Track project performance and compare to forecast. Store results and learnings.
  4. Review and identify dependencies
  5. Establish clear governance structures for stakeholders to understand governance of the project portfolio.
  6. Define a standard set of investment criteria to be used to appraisal and prioritization.
  7. Apply phased releases of funding based on project life-cycle
This guidance is aimed at the decision makers who have to prioritise investment across an organization's programmes and projects.

PRINCE2 vs MoPPRINCE2 is part of a suite of guidance developed by the UK Office of Governmant Commerce (OGC). MoP (Management of Portfolios) is one other of the pieces in OGC’s best-practice guidance.
The MoP (Management of Portfolios) guidance provides senior executives and practitioners responsible for planning and implementing change, with a set of principles, techniques and practices to introduce or re-energize portfolio management.
MoP helps organizations answer the fundamental questions: Are we sure this investment is right for us and how will it contribute to our strategic objectives?

Related articles:
Beyond PRINCE2 II: Managing Successful Programmes (MSP)
What is PRINCE2 - really?

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