PMcrunch

Project Management, Six Sigma, Business Analysis, and ITIL all provide domain frameworks, all have associated business certifications, all live largely in the ‘business’ versus technical realm, and all have a strong process orientation. But what does that mean to business professionals and organizations? Here are some thoughts on implications based upon the ITIL framework.

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Project Portfolio Management, like Investment Portfolio Management, is a balancing act that requires constant monitoring and adjustment over time. Whereas an individual may have the right balance of risk, return, income, growth and others represented in an investment portfolio, a project portfolio is similar in many ways. Risks, returns, resources required, and alignment with overall strategy are just a few of the factors that must be kept in balance over time.

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Business or organizational strategy is intended to drive all decisions within an organization. It provides a direction, a rallying point, and a litmus test for decisions at all levels. Hence, it only stands to reason that strategy would drive the project portfolio management process.

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Project Management tends to come onto the scene after the strategic direction has been set. Projects arise out of organizational strategy and reside on the implementation side of things. Project Portfolio Management exists somewhere in between, at the connection between the strategy formulation and implementation of the actual projects. the challenge is that there can be disconnects at the transitions among these phases.

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Enterprise Architecture ( EA ), Organizational Strategy, and Project Portfolio Management (PPM) are closely related.  The question is, “How are they related on a very practical level?”  Let’s take a look.

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