W1Q:Strategic and operational fundamentals of project portfolio management
Developing and implementing corporate strategy is one of the most actively researched, taught, and talked about subjects in business today. Projects and project management are often quoted as important means to implementing new strategy, but the way this implementation happens in practice is rarely the subject of detailed review. This discussion addresses that subject.
Many organisations move from corporate strategy to project strategy using highly structured and fully integrated sets of business management, strategic management, and project management processes, practices, and methods, deployed by highly skilled professional staff.
To understand the way corporate strategy is translated into project strategy, it is important to start by considering the business management context and the position of project management. The focus should be on how the business management functions perceive the project management function. While project management professionals and practitioners may think their function is central to the success of a company, it has little meaning unless it is clearly established and embedded within the organisational structure and business management processes of the enterprise.
For this week, discuss the following questions:
1. In our Discussions this week, we indicated that project portfolio management is more than selecting projects. Explain the meaning of that statement.
2. Explain the importance of the tie between project portfolio management and business strategy.
3. What are the common failure modes in project portfolio management?
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