Strategic planning skills to design a portfolio management process.

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will apply your strategic planning skills to design a portfolio management process. You will develop a basic understanding of a change management methodology to communicate that process to project managers, stakeholders, and executives.

Consider 1 organization whose strategic objectives you are familiar with. This could be your employer or another organization that you identify through research. Read through the assessment requirements and ensure that you have enough to complete this assessment.

Design a project portfolio management (PPM) process that will align to your selected organization’s strategic objectives and enhance the business value. This process may be intaking new projects or programs into the portfolio, prioritizing approved projects and allocating resources, capacity planning, monitoring project performance, or another process of your choice.

Write a memo to executive leadership, as appropriate, to communicate the PPM process you designed. Include the following information in your memo:
o In a brief narrative or summary, explain the process and how it enhances business value. Explain how this process is aligned to any specific business goals or strategic objectives and how the organization can more directly meet their overall strategic vision or objectives with this process.
o Explain the change management methodology you recommend (e.g., Prosci® ADKAR® model, Kurt Lewin’s methodology, Dr. John Kotter’s methodology, or something else) and how it will be used for communicating the change.
o Summarize the communication requirements to ensure the change is managed successfully.
o Identify tools and resources that will be used to support the change.

Create a diagram, such as a flow chart, to map the process. You may use Microsoft® Word or PowerPoint®. Remember that this diagram will be for the PMO, not for general project management.

Sample Solution

Project Portfolio Management (PPM) Process for [Insert Organization Name]

To: Executive Leadership Team

From: Project Management Office (PMO)

Subject: Implementation of a Project Portfolio Management Process

Introduction:

This memo outlines the newly designed Project Portfolio Management (PPM) process for [Insert Organization Name]. This process aims to enhance business value by ensuring that the projects we undertake directly align with our strategic objectives and maximize return on investment.

The PPM Process:

The proposed PPM process focuses on project selection and prioritization. Here’s a breakdown of the key steps:

  1. Project Intake:Departments submit project proposals outlining project goals, budget estimates, and alignment with strategic objectives.
  2. Strategic Alignment Assessment:The PMO reviews each proposal to assess its alignment with the organization’s strategic goals and identifies potential synergies with existing or planned initiatives.
  3. Multi-Criteria Prioritization:Projects are evaluated based on pre-defined criteria like financial viability, resource requirements, risk assessment, and potential impact on strategic objectives. A scoring system will be established to ensure objective evaluation.
  4. Portfolio Review and Resource Allocation:The PMO presents prioritized projects and resource allocation recommendations to a steering committee comprised of key stakeholders from different departments. The committee will make final decisions on project selection and resource allocation.
  5. Project Monitoring and Reporting:The PMO will actively monitor project progress and performance. Regular reports will be generated to keep stakeholders informed and identify potential roadblocks.
  6. Portfolio Reassessment:Regular reviews will be conducted to assess the overall portfolio health and adjust priorities if needed based on changing circumstances or emerging strategic needs.

Benefits and Alignment with Strategic Goals:

This PPM process enhances business value by:

  • Ensuring Strategic Alignment:We select projects with the most significant impact on achieving our strategic objectives.
  • Optimizing Resource Allocation:Resources are directed towards high-value projects with the best potential return.
  • Improved Decision Making:Data-driven and objective project selection fosters better decision-making.
  • Enhanced Transparency:Regular communication and reporting keep stakeholders informed and engaged.

Change Management Methodology:

To ensure successful implementation of this PPM process, we propose utilizing Prosci® ADKAR® Model. This model focuses on creating awareness, desire, knowledge, ability, and reinforcement for the change:

  • Awareness:Educational sessions will be conducted to inform project managers and stakeholders about the PPM process and its benefits.
  • Desire:We will emphasize how the PPM process benefits individual project managers and aligns with their career goals.
  • Knowledge:Comprehensive training will be provided on the submission process, evaluation criteria, and communication channels.
  • Ability:Project managers will be given access to tools and templates to facilitate project proposal development and progress reporting.
  • Reinforcement:Ongoing support will be offered, and success stories of implemented projects will be shared to solidify the adoption of the PPM process.

Communication Requirements:

  • Launch Announcement:A formal announcement will be made to all stakeholders outlining the PPM process and its benefits.
  • Training Sessions:Project managers and stakeholders will be invited to attend training sessions on proposal development, evaluation criteria, and the communication channels.
  • Change Management Communication Plan:A detailed communication plan will be developed to ensure consistent messaging and address any concerns throughout the implementation process.

Supporting Tools and Resources:

  • Project Management Software:A web-based project management software will be implemented to facilitate project intake, proposal submissions, and progress tracking.
  • Project Management Templates:Standardized templates will be provided for project proposal development and reporting.
  • Communication Platform:A communication platform will be established for announcements, Q&A sessions, and ongoing communication regarding the PPM process.

Process Flowchart:

A detailed flowchart depicting the PPM process will be provided to the PMO team for internal reference (not included in this memo).

Conclusion:

By implementing this PPM process and utilizing the Prosci® ADKAR® model for change management, we are confident that we can significantly improve project selection, resource allocation, and overall project portfolio management. This will allow us to maximize the return on investment for project initiatives and ensure they contribute directly to achieving [Insert Organization Name]’s strategic vision

 

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