Levels of Project and Portfolio Management
The level of sophistication and integration of project and portfolio management in the portfolio of projects can be shown in the form of a learning curve, Figure 29. 1 The level of sophistication and integration of program and project management is driven by need. If the need for projects is infrequent or does not engage a whole business unit or division, the demand for highly optimized project and portfolio management is low. If projects are integral to the business, then the demand is high. When the demand for fully integrated and optimized project and portfolio management is high, the high demand will pull the organization towards that objective. Such organizations will actively seek to emulate Best Practice in project and portfolio management.
Most important is that the organizational structure and tools for project and portfolio management are fit for purpose, that they fill the specific needs of the organization. Nonetheless, it behooves the organization to consider Best Practice when the need to improve arises
Figure 29, Need for Fully Integrated and Optimized Project and Portfolio Management
With this in mind, one can review all of the components of project and portfolio management and consider the extent to which each component will need to develop to meet the needs of the organization, Table 2. We would be happy to sit down with you, consider the level of need in your organization for project and portfolio management and help work out the next steps to further integrate and optimize a fit-for-purpose project and portfolio management system. Please contact us.
Table 2, Relationship of Project Portfolio Management Components to Level of Integration and Optimization
- Derived from Eric Morfin, Mary Ann Lumiqued, “Comparing the Project Management Function in Small Biotechnology Companies versus Large Pharmaceutical Companies”, PMI Pharmaceutical Specific Interest Group Webinar, July 12, 2006 ↩