Portfolio and Project Management Institutes (PMI) Framework

 

Portfolio

- Project portfolio is the document that consists of key characteristics of the project.

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Project Portfolio Management (PPM)

- It is a process used by project managers and project management organizations to analyze and manage current or proposed projects based on key characteristics.
- The objectives of PPM is to determine optimal resource delivery and to schedule activities to best achieve financial goals of an organization without degrading the constraints imposed by customers.

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Benefits of PPM

- It helps to predict the outcome and plan for projects that will offer the best results.
- It helps to understand which risk of projects can offer the most rewards.
- The project manager gets the global view of each project which makes them able to predict the future problems.
- It provides a way to improve accuracy for estimating and managing financial resources of a group of projects.

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Project Management Office

Project Management Institute (PMI) Framework

- PMI is a non profit organization which aims to bring standardization in the field of project management.
- The framework defines the principles of ethics and code of conduct for professionals.
- It focuses on continuous improvement, knowledge sharing and building network.
- It defines project management as a group of 10 knowledge areas, 5 process groups and 47 processes with well defined inputs, tools, techniques and output.

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Reasons for failure of projects

- Improper requirement analysis
- Poor project management
- Lack of executive level support
- No linkage to business strategy
- Wrong team members
- No measures to evaluate project success
- No risk management
- Inability to adapt changes
- Lack of control and visibility

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Drivers of Project Success

1. Strong leadership
2. Organizational maturity
3. Business-driven approach
4. Execution backing
5. User adoption
6. Visibility

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Inhibitors of Project Success

1. Poor feasibility study
2. Poor requirement analysis
3. Lack of teamwork
4. Improper communication
5. No executive support
6. Visibility delay