| Project Portfolio Management takes place in between | | | | allows for mid-stream adjustments to actions taken |
| strategy formulation and implementation of the actual | | | | early in the cycle, based on changing external |
| projects. Projects are supposed to arise out of | | | | conditions, or based upon project execution |
| Organizational strategy is intended to set the general | | | | assumptions that might now look incorrect. |
| direction and lay out the guidance for determining the | | | | Looking at this as a purest, one could reduce all of this |
| types and which projects to implement. Project | | | | down to what a single individual would do, and perhaps |
| Management resides in the realm of implementation | | | | identify some disconnects in the process. Let's say |
| and comes onto the scene after the strategic direction | | | | that and individual had decided to build a playhouse for |
| has been set, and after the project portfolio has been | | | | the back yard. Presumably, this individual is not only |
| determined and prioritized. The challenge is that there | | | | party but also central to every decision that has been |
| can be disconnects at the transitions among these | | | | or will be made about the play house - at the strategic, |
| phases, and the most important thing is to develop a | | | | portfolio, and project management level. It will not be |
| feedback loop. | | | | difficult for this individual to carry through on project |
| Typically at the highest levels within an organization, | | | | management level decisions with the perspective of |
| there is much study and debate over strategy, and | | | | the strategic and portfolio management levels, since it |
| eventually the direction is set. Hopefully this process | | | | is all in his/her head. He/she will have the opportunity to |
| includes an organized effort to gather information from | | | | made mid-course correction based upon new |
| throughout the organization, and to determine direction | | | | knowledge gained as the project proceeds, and this |
| for the organization. That direction includes a set of | | | | could include items such as increased cost, change of |
| guiding principles and generalized initiatives that provide | | | | priorities, more time than expected, and more. |
| the input for the project portfolio management, or PPM, | | | | By designing the feedback loop into the project |
| process. This is a matter of organizing a large set of | | | | portfolio management process, we are designing in the |
| projects into a portfolio, then developing a system for | | | | advantage that the individual has on a smaller project. |
| managing and prioritizing the list of projects, with | | | | That advantage is something that is practiced |
| primary input from the strategic planning process. The | | | | effectively in many organizations, and is also |
| final result at this stage of the project portfolio | | | | unfortunately not practiced in some that suffer from |
| management process is input to the project | | | | disconnects between high-level decisions based on |
| management processes, in the form of the list of final | | | | strategy and implementation level-actions and resulting |
| projects to be implemented. | | | | experience. Since the only certainty is uncertainty, |
| The question is, "How can the intentions developed in | | | | conditions will change, and it is important to build |
| the strategic planning process continue to live in the | | | | effective feedback loops into our project portfolio |
| project implementation phase?" The answer, I believe, | | | | management processes. |
| is very practical and simply involves creating a clear | | | | For online Project Portfolio Management training |
| feedback loop to the project portfolio management | | | | courses - PMI standards-aligned and qualifying for |
| process, which should then be empowered to provide | | | | PDUs), see Project Portfolio Management Online |
| the relevant information back to upper management at | | | | Training at Project Management Training Online. For |
| the strategic level. This provides an opportunity to | | | | more ideas and insights on project portfolio |
| monitor projects against intentions, and not just against | | | | management, strategy,. |
| performance parameters within the project itself. It also | | | | |