Reference no: EM13507656

All the best methods of evaluating projects/portfolios in the world will not help if these methods are not properly implemented and supported in an organisation which has been groomed to work with them. How we organise to implement and practice project portfolio management is paramount to its success. Fostering a culture which is supportive of project portfolio management and developing an enlightened and supportive executive are essential stepping stones to making project portfolio management work.

Establishing formal project portfolio management practices provides a framework within which better decisions can be made and results in numerous related benefits to the organisation. Nevertheless, it inevitably involves implementing significant changes which may be met with initial resistance. To overcome this resistance, an organisation must recognise that the success of any process change effort depends on the ability of the staff to understand the reasons for change and their willingness to support it. It has become vital to identify how project portfolio management can solve critical problems such as resource allocation.

Key to implementing formal project portfolio management practices is the alignment of senior executive decisions to the portfolio management strategy. The processes and roles related to project portfolio management may seem foreign or tedious to executives. Yet having them understand and play their role is critical to project portfolio management, so the investment of creativity and time to get them prepared reaps high returns.

For this week, discuss the following questions:

1. Consider either your current organisation or a previous organisation. Explain the common types of resistance which an individual leading a project portfolio management initiative in your organisation (current or past) might face in trying to implement this management approach.

2. Discuss the key steps your organisation (current or past) should take to implement project portfolio management. What significant benefits would your organisation receive from implementing project portfolio management? What are the principal barriers to implementing this within your organisation?