Upgrade to remove ads
Portfolio Management, Governance, and the PMO
Terms in this set (39)
monitor and control the delivery of projects and programs; the definition and types of the PMOs; building, maintaining and closing a PMO; general management oversight
- Describe an IT portfolio and its components;
- Examine key activities of portfolio management;
- Summarize approaches for initiating and optimizing portfolio management processes, including governance;
- Explain steps for setting up, maintaining, and closing a PMO;
- Identify principles of change management; and
identify ways that a project management office (PMO) contributes to an organization's overall business strategy.
What is a portfolio?
A collection of projects, programs, sub-portfolios and/or operations, which are managed as a group to realize strategic benefits
What is Portfolio components?
Projects, products, programs, services, operations
What is function of portfolio?
A representation of an organization's intent, direction, and progress at any given moment.
What is a project?
Create and deliver a product or service
What is a program?
groups of related projects or operations managed
in a holistic way to obtain greater efficiency and benefits than they would if they were managed separately.
What are operations?
The ongoing activities to support products or services in production.
What is portfolio management?
Doing the right work at the right time
What is project and program management?
Doing the work the right way
What is portfolio management activities?
Defining, aligning or authorizing/controlling activities
What is defining?
Focused on planning and identifying the corporate or organizational strategy and the list of components needed to deliver that strategy over time. Key artifacts: the strategic plan, charter, and roadmap and risk and communication plans
What is aligning?
Creating a method for matching the mix of portfolio components to the organization's strategy
What is Authorizing and Controlling?
Emphasize higher-level oversight role to govern the work within the portfolio, tracking status and progress of the components contained within the portfolio
What is role of portfolio manager?
Aligns the portfolio with organizational strategies by selecting the right programs and/or projects, prioritizing the work, and providing the needed resources to its components
What is role of program manager?
Manages the interdependencies between its programs and projects in order to realize benefit
What is role of project manager?
Manages the triple constraint of time, cost and scope.
What are Portfolio Implementation Steps?
Step 1: Assess current state of portfolio management
Step 2: Define portfolio vision and plan
Step 3: Integrate portfolio management
Step 4: Continuously improve portfolio processes
How is assess current state of portfolio management?
- Current portfolio management processes that are in place
- Processes that should be created
- Any cultural barriers that exist
How is define portfolio vision and plan
- Identify how the portfolio should align with mission, objectives and values of organization.
- Provide direction and plan for rolling out new or updated methods.
How is integrate portfolio management?
- Clear roles and responsibilities for the portfolio management processes
- Communication plan for sponsors and stakeholders
- Clear definition of portfolio process being rolled out
- Training plan to orient stakeholders into their new roles and responsibilities
How is continuously improve portfolio processes
- Plan regular inspection check points
- Review key performance indicators
- Check improvements after they have been made, and adjust as needed.
What is charter
Authorizes and provides the mission to the portfolio manager for applying resources to effectively manage the portfolio. Creating this artifact for a portfolio also links the portfolio to the business strategy and describes how the portfolio will deliver the stream of value over time.
What is portfolio management plan?
The approach for running the portfolio. The governance model applied, how changes will be managed, ongoing risk and communication methods and key performance indicators (KPIs) that will be used to measure portfolio performance against the business objectives it's intended to deliver against.
What is strategic plan?
the vision and strategy of the organization and identifies high-level initiatives and themes in the portfolio where investments and key bets will be made to accomplish the business objectives. The playbook may also include key assumptions, constraints, risks, and information about how the various components will be prioritized and funded.
What is roadmap?
Provides a high-level layout of the various components that will be delivered over time. It is useful in ensuring component level dependencies within the portfolio are established. It helps visualize the sequence of work that the organization will complete to deliver the strategies it intends to do.
What is factor of objective Intake Process ?
1. Formal template for project proposal
2. Agreed-upon selection criteria
3. Weighted criteria for each portfolio
4. Committee selection
What is selection Criteria in Portfolio Intake?
1. Mandatory: regulatory, risk events, ...
2. Financial: ROI, Net present value, Payback Period
3. Subjective: risk, strategic value, customer value
4. External: factors outside the organization control such as market trend, economy, exchange rate, ...
What is the areas of balance scorecard measured?
1. Financial - ROI, NPV, other financial ratios (profit gains, cost reduction,...)
2. Customer satisfaction - Customer survey results, customer retention,...
3. Internal - Cost reductions due to process improvement, increased flexibility, faster service time,..
4. Learning - Employee training and employee retention
What is PMO?
A group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization
What is types of PMO
Supportive, controlling, or directive,
What are services that a PMO might provide?
- Projects and programs
- Portfolio—e.g., define work for organization, align that work to strategy, and monitor and control delivery of that work
- Organizational change
- Tradeoffs between scope, time, and cost
- Integration of these capabilities
How to know if an organization needs a PMO?
- Are business objectives being delivered inconsistently?
- Do they have high failure rates?
- Are there challenges around organizational change management?
- Are those receiving the product, project, or program unaware of intended benefits or impacts on them?
- Is the market not ready for the products and services of this organization?
What is Directive in PMO type ?
Directly manages projects, thus the degree of control and influence is very high
What is controlling in PMO type?
Requires compliance to their frameworks or methodologies by the projects they support.
What is supportive in PMO type?
Acts as a consultant to projects by providing access to best practices, templates, training and also proven information and lessons-learned archives from past projects
What are five PMO frameworks?
1. Business (or Departmental, or Divisional) Unit PMO
2. Project Specific
3. Project Support
4. Enterprise PMO
5. Centers for Excellence
What are some of the things that PMO members might need to coach their stakeholders on
- Roles and responsibilities within a project
- The scope, schedule, budget triangle and the continuous tradeoff between them
- The idea that adding more staff to a project may end up slowing it down
What is governance of a PMO
The monitoring, controlling, and providing a level of oversight to a set of work
Other Quizlet sets
Intro to Behavior Analysis
Driver's Ed Chapter 13 Review