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Lifecycle of project portfolio  

Lifecycle of project portfolio



 
 

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Project portfolio management is used to select a portfolio of new product development projects to achieve the following goals:

  • Maximize the profitability or value of the portfolio
  • Provide balance
  • Support the strategy of the enterprise

Project portfolio management answers the question: What projects are correct, i.e. have the maximum value for the company. It allows to reach project goals without being beyond the project restrictions.

There are four phases of project portfolio lifecycle:

1. Phase of portfolio project creation

The main goal of this phase is to provide formation of projects pool which then potentially can be initiated and accepted to implementation. On the given phase gathering design initiatives and requirements without financial and other restrictions of the company are carried out. In different companies this phase can be organized differently depending on scale of the company and volume of design requirements. Basically, all it is reduced to the following steps:

  • Aggregative assessment. The goal is to estimate how much the project concept corresponds to strategic objectives of the company.
  • Business plan . After the project concept is verified technical and economic estimations are carried out in a business plan form. The aim is to define whether effects of implementation correspond to the investments.

After coordination and statement of the Business plan, project gets to the pool of projects which are potentially attractive to be implemented in project portfolio.

2. Phase of portfolio project selection

The aim of this phase is a selection of project to portfolio in accordance with financial and other portfolio restrictions. From the pool of potential projects obtained in previous phase, new portfolio is created. On this phase typical process includes two steps that can be modified according to business specificity and organizational structure. The steps are:

  • Prioritizing projects. In the conditions of limited financial resources, for the company it is extremely important to implement the most effective and strategically significant projects at first. Prioritization can be applied by various criteria. Basically prioritization is based on economic and investment indicators (NPV, compensation period, etc.).
  • Projects selection. After the projects are prioritized, the selection stage is launched. The most priority projects are selected first of all.

3. Phase of portfolio project planning

On this phase the following processes are carried out:

  • Project launching (appointment of project managers, release of project documentation's, creation of project structure, etc.)
  • Planning (detailed elaboration of all kinds of plans listed in the business plan)
  • Resources providing (human resources, production capacity, etc.)

Specificity of the phase is that at planning of project portfolio, all shared resources (i.e. those resources which will be involved in multiple projects) should be considered and resource conflicts should be resolved beforehand.

4. Phase of project implementation management

On this phase the following problems are considered:

  • Monitoring of project portfolio performance, the analysis of deviations at implementation of projects and their influences on the related projects and on the portfolio as a whole.
  • During implementation some projects can be stopped or frozen, and their resources are to be transferred to other, more prioritized projects.
Lifecycle of project portfolio

With VIP Task Manager the project manager can work closely together with team members and manage the whole project portfolio as well as any kind of a project, such as enterprise IT projects, service projects or research and development. After company management has launched a new product development, the project manager can set up the project structure. VIP Task Manager enables him to manage schedules, resources, assigned documents and materials, costs, and budgets. Team participants are notified via notifications when they need to accomplish their project-related tasks according to the overall workflow. Using VIP Task Manager they can report on task progress, and the actual dates, and other. All task changes are immediately updated so that the project manager can monitor the projects at any time. The outcome is efficient portfolio project management which provides significant value potential - each day saves money and brings products to the customer faster.

     

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