Preview

Prioritizing It Project Management Portfolio

Best Essays
Open Document
Open Document
1404 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Prioritizing It Project Management Portfolio
Prioritizing IT Project Management Portfolio
Prioritizing IT Project Management Portfolio
The realities of shrinking IT budgets and increasing dependence on IT in organizations in recent years has resulted in a situation in which there is an intense competition for resources needed to execute and complete IT projects. According to Ross (2007), the shrinking IT budget in the face of increasing demand has brought new pressures to the IT function. To gain approval and funding for projects, IT departments must demonstrate that such new project will either result in cost saving, increased sales, or result in greater enterprise-wide efficiency (Ross, 2007). The intense competition for resources makes it imperative that IT managers need to prioritize their projects in order to gain approval and funding. To help them effectively prioritize, many IT managers have embraced IT project portfolio management strategies to enable them insightfully decide what project should get funding and what projects should be postponed, shelved, or cancelled.
What is Project Portfolio Management?
Essentially, Project Portfolio management enables organizations to align their IT and application development projects, resources, and initiatives to corporate business objectives by developing and monitoring measures that treat IT assets as financial assets and to run as a project-oriented business (Reddy, 2004). This statement is supported by Ross (2007), in his submission that many CIOs and IT project managers are applying the principles of investment portfolio management to managing IT project portfolios. This implies that Project Portfolio Management enables IT managers to manage IT project portfolios as one would manage a portfolio of diverse financial investments.
Goal of Project Portfolio Management :
The goal of PPM is to identify and prioritize the projects within an organization, to ensure that appropriate resources can be applied in a timely manner. This is done through the



References: Alberts, R. (2009). Managing the IT Project Portfolio: A Project Ranking Methodology. Retrieved from http://net.educause.edu/ir/library/pdf/ERB0903.pdf Ross, M. (2007). Project Portfolio Management Planning:. Retrieved from http://www.compaid.com/caiinternet/ezine/ross-plan.pdf Reddy, A. (2004). Project Portfolio Management (PPM): Aligning business and IT. Retrieved from http://www.ibm.com/developerworks/rational/library/4779.html

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Schwalbe K. (third Ed.). (2003). Information Technology Project Management [University of Phoenix Custom Edition e-text]. Course Technology Publishing. Retrieved July 9, 2008 from University of Phoenix, Resource, CMGT/410–Project Planning and Implementation 410 Web site: https://ecampus.phoenix.edu/secure/resource/resource.asp…

    • 3456 Words
    • 14 Pages
    Satisfactory Essays
  • Satisfactory Essays

    It 205 Assignment Week 8

    • 1078 Words
    • 5 Pages

    There are five major variables to consider when starting a major IT projects and there are scope, time, cost, quality, and risk. Most major IT projects will require a project manager to handle to overseeing of the project. The project management refers to the application of knowledge, skills, tools, and techniques to achieve specific targets within specified budget and time constraints. Project managers activities will include the planning of the work, assessing the risk, estimating the costs required to complete the project, and several other important duties. As in other areas of business, Project management for information systems must deal with five major variables: scope, time, cost, quality, and risk to the investors.…

    • 1078 Words
    • 5 Pages
    Satisfactory Essays
  • Satisfactory Essays

    According to Kerzner, H. (2013), portfolio management focuses attention at a more aggregate level. Its primary objective is to identify, select, finance, monitor and maintain the appropriate mix of projects and initiatives necessary to achieve organizational goals and objectives. Project management focuses on a particular project that has already been recognized by portfolio management as a project that will support the mission and goals of the organization.…

    • 426 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Pm567 Quiz 1

    • 1787 Words
    • 8 Pages

    Project management is the performance based process focus on one o more deliverable. It is the process of identifying a problem or need coming up with possible solution, deciding on the best one and completing the project in a manner that is acceptable to the stakeholders whether it is as quick as possible or maybe inexpensive ad possible.…

    • 1787 Words
    • 8 Pages
    Good Essays
  • Satisfactory Essays

    Project Management

    • 440 Words
    • 2 Pages

    3. Describe the relationship between the strategic planning process and portfolio management in an organization.…

    • 440 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Information Technology (IT) projects are an important part of a company's growth and advancement. Playing a key role in the development of most businesses, IT projects impact all departments and many work processes that take place throughout an organization. Certain factors must be taken into consideration when moving forward with an IT project, such as budget and importance. Effectively prioritizing IT projects helps to ensure that important projects are completed first. Using Project Portfolio Management (PPM) helps companies to identify projects that offer the most potential return on investment (ROI) and the highest likelihood of success.…

    • 1027 Words
    • 4 Pages
    Powerful Essays
  • Satisfactory Essays

    Post Mortem Review

    • 465 Words
    • 2 Pages

    References: Marchewka, J., (1998). Information technology project management, 4e. Hoboken, NJ: John Wiley & Sons.…

    • 465 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Cmgt410 Project Budget

    • 363 Words
    • 2 Pages

    References: Marchewka, J. T. (2012). Information Technology Project Management (4th ed.). Retrieved from The University of Phoenix eBook.…

    • 363 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    PROJ 587 Week 5 Case Study

    • 2250 Words
    • 6 Pages

    The Case Study for PROJ587 will place the student in the role of a senior manager in charge of one of your company’s Strategic Business Units (SBU). Your first task in this new position is to develop a project portfolio management process and then use this process to select projects for your SBUs portfolio. The Case Study will involve the application of the tools and techniques of multi-project/program management and will deal with the analysis and establishment of project management systems based on the structure of the project.…

    • 2250 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    The IT projects are unique and complex, the majority of IT projects fail to meet at least one measure of success. The author of the article “IT Project management: Infamous failures, classic mistakes and best practices “consider some of the common causes of failures and best practices to avoid them. For a project to be successful every project manager must consider the triple constraint scope, cost, time and balance these three competing goals. A number of key factors contribute towards project failures. In this article it cited Steve McConell grouping the factors in four categories as people, process, product and technology. The article ranked top mistakes as poor estimation, ineffective stakeholder management, insufficient risk management, insufficient planning, poor quality, team issues and insufficient project sponsorship. The interesting finding is the mistakes are due to people or process-related, as opposed to product or technology related. The other interesting finding is given the importance given to scope in IT projects but scope creep was not in the top reason for project failure. The article also identifies that one-half of projects fails due to estimation and scheduling, stakeholder management and risk management. In conclusion, the author integrates different areas of failure and analyzed the reasons for failure and has proposed a framework for success.…

    • 363 Words
    • 2 Pages
    Satisfactory Essays
  • Best Essays

    Technical Term Paper

    • 2570 Words
    • 11 Pages

    References: Schwalbe, K. (2010). Information technology project management: 2010 custom edition (6th ed.). Boston: Course Technology-Cengage…

    • 2570 Words
    • 11 Pages
    Best Essays
  • Good Essays

    The new system of prioritizing IT projects to determine funding is a very efficient way of ensuring those projects that are critical to business strategy meet their financial requirements. However, the method of dropping entire goal portfolios simply because they ranked lowest in the list could be deemed a flaw in the system, and one that could be detrimental to business unit integration slowly over time. This understandably frustrates those whose proposals are receiving no funding, and if this prioritization system has any hope of future success, the business units being consistently funded will need to work better at recognizing other priorities, or the system will need to be restructured to allow for smaller projects to be phased in at the very least to maintain integration.…

    • 1669 Words
    • 7 Pages
    Good Essays
  • Good Essays

    A competitive advantage for organizations now is doing the right projects and making sure that there are resources to complete those projects. Project Portfolio Management (PPM) is a set of business practices and a process that allows organizations to manage projects as a strategic portfolio, ensuring the alignment of programs and projects with organizational objectives. Executives need to regularly review entire portfolios and programs, determine why projects are or are not necessary, see where money is spent, prioritize projects, stage the start of new projects, spread resources appropriately and keep tabs on progress.…

    • 1292 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Blue spider project

    • 10446 Words
    • 42 Pages

    In addition to the growth in the number of organizations adopting project management, there is also an accelerating growth in the number of multiple, simultaneously ongoing, and often interrelated projects in organizations—particularly construction, consulting, auditing, systems development, maintenance, and matrixed…

    • 10446 Words
    • 42 Pages
    Good Essays
  • Satisfactory Essays

    Lila 's Web design has so many factors when thinking about prioritizing the IT projects. The PPm is a very powerful tool that Lila 's Web design will have. The PPM will help focus on the management of each IT projects. The new IT project manager needs to evaluate the importance and review the strategic objectives. The IT manager will have to take a look at Lila 's strategic plan. Strategic plan is where the IT project manager will strengthen operations, set priorities, focus energy, and work on the common goal of the company. This is so that the IT project can be evaluated through the following criteria.…

    • 302 Words
    • 2 Pages
    Satisfactory Essays