Article by Louis Taborda
Even as organizations seek more reliable project outcomes and success, our increasing understanding of project organizations has found that business is better served by aligning the entire project portfolio with business strategy. So, while the success of individual projects and programs is always important, it is taming multi-project environments and adopting project portfolio management (PPM) that determines whether these successes contribute to a winning strategy.
But how much do we know about PPM in practice?
As a relatively new facet of the Project Management (PM) discipline we need to understand what works and what does not, especially as it is closely linked to more traditional strategic management thinking. Put bluntly, PPM offers a means of entrenching PM in the business and for individuals, a career path that can lead to the boardroom.
So here is the easy first step that you can take – the call to action for improving PPM knowledge!
Every two years, a group of respected academics from around the world provides the opportunity for organizations to measure their performance in PPM, and more generally multi-project management, through an international Benchmarking Study. The next intake round of the study (the 8th of its kind) start soon and is coordinated in Australia by Catherine Killen from UTS.
I would encourage those of you who work in organizations with at least 20 concurrent projects to participate in this round of the study. More information can be obtained from the website and there will be local briefings arranged to present the finding of earlier studies and what participation entails.
PPM becomes more important as PM matures to take it rightful place as a critical management discipline – one that will make it easier for individual PMs to have a career path that has respect and influence in the business context.
The bottom line: participate in this study and make a contribution to improving our understanding of multiproject organizations.