The Challenges and Reality of Portfolio Management.
The Inside PMO Report:
As organisations look to improve on the returns from strategy development and increase maturity in programme and project management delivery capability, portfolio management has increasingly taken centre stage as a business function to support that.
Portfolio management is seen as the ‘glue’ or ‘bridge’ between strategy and strategy execution (delivered by programmes and projects).
The PMO or Portfolio Office is the place where portfolio management practices become a reality for an organisation.
Following on from the PMO Manager's Lunch where we talked about the realities of portfolio management and portfolio office (you can download the report here) and due to the enormous amounts of conversation that are happening around this subject at the moment in PMO circles - we thought we need a real-life case study PMO Mini-Masterclass on the subject.
Step forward Carnival UK - perhaps better known for the cruise ships and liners of P&O and Cunards - who did a great job of taking the PMO Flashmobbers through how they started their portfolio management office and began prioritising projects using scorecards.
You can see part of the presentation below - for the full session and access to the slides etc, take a look at the PMO Mini-Masterclass on-line - a must-watch for anyone in PMO today.
Jessica and Tom did an excellent job, here was the brief:
In portfolio management and the Portfolio PMO there is a focus on doing the right projects and programmes in line with the organisation’s strategy. When it comes to initiatives, the Portfolio PMO has a role to play in supporting an organisation’s prioritisation of them.
So how far ahead does your Portfolio PMO do this? A year out, two, three? More?
Unfortunately, we all recognise that businesses don’t tend to think that far ahead about what or how, outcomes or problems which they are trying to solve and end benefits.
Does your Portfolio PMO struggle with this? Is prioritising initiatives just a catchy heading with nothing of substance behind it?
Do you also have the problem of marrying together the financial planning process of the business who are mainly concerned with the numbers whilst your PMO are trying to focus on the delivery AND the numbers?
In this session, Carnival UK share the challenges, successes, scorecards and stories.
“Why is Portfolio Prioritisation so important for the PMO?” we find out in this guest article from Holger Heuss plus insights on what you need to know about project prioritisation and what services the PMO can offer