Project Portfolio Management and the realization that strategic alignment of all projects within an organization is crucial are both gaining ground. And this realization also emphasizes the need for having solid project selection methods.
But how exactly do you do all of this? The number of books that focus on practical advice for implementing a strategic project portfolio management process is quite small. Lucky for us that a new one with exactly that focus has just been published
The new book is titled Project Portfolio Management in Theory and Practice: Thirty Case Studies from around the World (Best Practices and Advances in Program Management) written by Jamal Moustafaev (https://ca.linkedin.com/in/jmoustafaev. In our discussion, we answer these questions:
1. What is project portfolio management?
2. What are the three pillars of strategic PPM?
3. What are some project selection models that support a company's strategy?
4. How do we achieve strategic alignment?
Statistics show that the interest in Project Portfolio Management (PPM) solutions has been steadily growing over the last decade. A recent article in a prominent financial magazine asserted that the total software revenue for this market grows at 10% annually.[i] Why so much interest? For starters, many businesses still struggle to, as the writer put it, “align resources with business demands.”
The Definition of PPM
Gartner, one of the leading information technology research and advisory companies, publishes the Magic Quadrant, an annual report that highlights the leaders in the PPM market. Gartner defines a PPM solution as one that supports a majority of the nine areas described in the Project Management Body of Knowledge (PMBOK) from the Project Management Institute (PMI), which are as follows: