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How do you select and implement a PPM framework or methodology that suits your organization?

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Project portfolio management (PPM) is the process of selecting, prioritizing, and managing multiple projects that align with the strategic goals and objectives of an organization. PPM helps optimize the use of resources, balance risks and benefits, and maximize the value of the project portfolio. However, PPM is not a one-size-fits-all approach. Different organizations may have different needs, preferences, and constraints that require different PPM frameworks and methodologies. How do you select and implement a PPM framework or methodology that suits your organization? In this article, we will explore some of the common PPM frameworks and methodologies, and provide some tips on how to choose and apply them effectively.

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Giovanni Sisinna

??Portfolio-Program-Project Management, Technological Innovation, Management Consulting, Generative AI, Artificial…
Shane Schulte

Director - IT Corporate Solutions @ F&G | MBA

1 What is a PPM framework or methodology?

A PPM framework or methodology is a set of principles, processes, tools, and techniques that guide the planning, execution, and control of the project portfolio. Such a framework or methodology can help standardize PPM practices, improve communication and collaboration among stakeholders, and enhance the quality and consistency of outcomes. Common PPM frameworks and methodologies include the Project Management Institute's (PMI) Standard for Portfolio Management, PRINCE2 (Projects in Controlled Environments) methodology, Agile PPM methodology, and Balanced Scorecard (BSC) framework. The PMI Standard provides a comprehensive and flexible framework for aligning the project portfolio with organizational strategy, governance, performance, and risk management. PRINCE2 is a structured and scalable approach for managing projects and portfolios based on seven principles, themes, and processes. Agile PPM is a dynamic and iterative approach for delivering value and adapting to changing customer needs and market conditions through cross-functional teams and frequent feedback loops. The BSC is a strategic management tool that translates the organizational vision and strategy into four perspectives: financial, customer, internal process, and learning and growth.

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Giovanni Sisinna

??Portfolio-Program-Project Management, Technological Innovation, Management Consulting, Generative AI, Artificial Intelligence??AI Advisor | Director Program Management @ISA | Partner @YOURgroup
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?? PPM aligns projects with business goals and optimizes resources. It's essential for strategic coherence and resource efficiency. ?? A PPM framework aligns project decisions with strategic objectives, integrating key principles and processes for effective management and prioritization. ?? It employs tools like risk models, performance metrics, and resource strategies, aiding in choosing projects for optimal value. ?? Standardizing project management practices, PPM enhances communication, minimizes effort duplication, and ensures consistent project execution and outcomes. ?? Implementing the right PPM framework is crucial for strategic alignment, resource optimization, and improved decision-making in organizations.

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Shane Schulte

Director - IT Corporate Solutions @ F&G | MBA
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No one methodology is a cure all for an organization. I’ve found that in understanding the various methodologies, you can identify the principals that work best with your organizations culture, and creat a framework the best meets your needs. However, it is important to be prepared to test your assumptions and be prepared for continuous improvements to your methods.

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2 How to select a PPM framework or methodology?

When it comes to choosing a PPM framework or methodology, there is no one-size-fits-all answer. Factors such as the size and complexity of your project portfolio, the maturity and capability of your PPM processes and practices, the culture and values of your organization and stakeholders, the alignment and integration of your PPM with organizational strategy and objectives, as well as the availability and suitability of resources, tools, and systems will all determine the best option for you. To select a suitable PPM framework or methodology for your organization, you should assess your current PPM situation, define your goals and expectations, evaluate the pros and cons of different options in comparison to your goals, and choose the one that best meets your needs.

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3 How to implement a PPM framework or methodology?

When selecting a PPM framework or methodology, it is essential to implement it effectively in order to achieve the desired results. Thus, you should communicate the rationale and benefits to stakeholders and obtain their support. Additionally, define roles and responsibilities of the PPM team members, establish policies, procedures, standards, and guidelines, and document them clearly. It is also important to train and coach the PPM team members on the framework or methodology and provide them with necessary resources. Furthermore, monitor and measure the performance of the framework or methodology and make adjustments as needed. Finally, review and evaluate its effectiveness and efficiency to identify areas for improvement.

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Shane Schulte

Director - IT Corporate Solutions @ F&G | MBA
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So this AI tool just Googles info off the web and repackages in another format? I’m not seeing the value add here. This info is readily available.

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How do you select and implement a PPM framework or methodology that suits your organization?

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1 What is a PPM framework or methodology?

2 How to select a PPM framework or methodology?

3 How to implement a PPM framework or methodology?

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