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Managing a Portfolio of Projects -- A Playbook for Success

Event Date

Aug 04, 2014

Type

Conference Presentation - Implementation

Research Team

RT-303

Slides

Topic

Managing a Portfolio of Projects - Metrics for Improvement

DOCUMENT DETAILS

Abstract

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Abstract

Project professionals have a plethora of recommended project management processes to help them deliver individual projects, but which practices, techniques, processes, and technologies are most effective for managing a portfolio of projects? To answer this question, RT-303 examined portfolio management of 90 organizations. Resource management, financial management, risk management, and metircs were investigated to identify, analyze, and recommend best practices for effectively managing a portfolio of projects. The team also developed a how-to manual of recommended portfolio management practices entitled Managing a Portfolio of Projects: A Playbook for Success (IR303-2). In addition to best practices, portfolio management implementation drivers and barriers are identified from the results of the surveys, interviews, and in-depth case studies conducted. The purpose of organizing projects into a portfolio is to facilitate effective and efficient management and to align with strategic objectives. Contractors and owners approach portfolio formation and management differently. Contractors tend to group projects by client, then geographically. Owner companies usually group projects along business lines to control overall budget. Owners tend to prioritize projects based on risk, net present value, schedule, or other criteria, whereas contractors tend to prioritize based on client needs. Managing a Portfolio of Projects: A Playbook for Success provides recommended processes, techniques, and tools for portfolio management in six areas: 1) resource management, 2) risk management, 3) financial planning, 4) lessons learned, 5) change management, and 6) front end planning assessment. These areas are critical due to their potential significant impacts on project execution performance and because the industry lacks established methods and tools for managing these aspects of project portfolios.

Filters & Tags

Knowledge Area

Project & Program Management, Project Controls

Project Phase

Procurement, Construction, Commissioning & Startup, Handover & Closeout

Project Function

Project Management, Project Controls, Risk Management, SBU or Corporate Functions, External Stakeholders

Industry Group

Light Industrial, Heavy Industrial, Buildings, Infrastructure

Research Topic

Managing a Portfolio of Projects - Metrics for Improvement

Keywords

portfolio management, portfolio metrics, portfolio Key Results Areas, portfolio Key Performance Indicators, portfolio dashboards, portfolio manager, resource management, risk management, financial management, lessons learned, change management, front end planning, contingency, rt303

Related Resources

Managing a Portfolio of Projects -- A Playbook for Success

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Managing a Portfolio of Projects -- Metrics for Improvement

Managing a Portfolio of Projects: A Playbook for Success

Managing a Portfolio of Projects: Metrics for Improvement

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