Organizational Project Management in a Fluid Business Climate……
I’d like to introduce myself, My name is Don Monteleone, President of CBA a 28 year veteran of Project & Portfolio Management. You may have attended one of my Webinars, or my presentations at PMI, GovTech, or CIO Forums in the past. In any event, I have now been given a new forum for discussing all things PPM related. So, here goes:
I am certain you are dealing with the ramifications of the current economic downturn and the resulting consequences. Everyone is. In times like these, it is critical to remember that good process is more important than ever.
Project and Portfolio Management is most critical during tough economic times. We can afford to make mistakes when our Enterprise investments have plenty of money. But when belts get tightened, we better make sure we are getting optimal value out of those few initiatives we can afford to do!
Organizations with solid project and portfolio management who already have conventions in place to make the appropriate changes in plans and operations are able to respond to the fluid business environments we all operate in. More importantly solid project & portfolio management provides the mechanism to quickly decrease financial commitments to a portfolio or increase investment else were to adjust the risk associated with the initiative, portfolio, or LOB (line of business), etc. Typically adjustments are made in response to the changes in strategic direction, shifts in conditions or at most serious, when trying to keep a division of company afloat.
Organizations without solid process governance are now incented to correct this problem. Typically they find they can no longer afford to make poor decisions. Their portfolios need to be reasoned and rationalized, so their decisions are based on better information. Now, more than ever, solid project & portfolio management ensures decisions are fact-based, strategic to the business and subsequently measurable to determine if they are the right move. But what PPM tool should be leveraged for these challenges?
Times are difficult for all of us! One of the few silver-linings in my opinion is the broad adoption of PPM and governance processes for business improvements. It is my hope that these governance processes, business conventions and decision support mechanisms will continue to be evangelized and fostered by those vested to the success of project & portfolio management – especially after this latest economic storm. One would hope that enterprises will realize the essential nature of project & portfolio management, in good times as well as bad. Only then, will they be ready for the next storm which is sure to comes.