A VETERAN OWNED SMALL BUSINESS | Call or text now for a FREE consultation: +1 (770) 765-3692 | 
Portfolio Management Best Practice 2 – The Project Registry (Continued)
As an organization grows, so does its number of divisions, departments, and work groups. The subsequent dispersion of management responsibility and encapsulation of attention on distinct business functions can cause leaders to lose sight of all the initiatives being authorized across the organization. This unavoidable phenomenon increases the risk of project duplication and diversion of funds from relatively high value projects to less impactful ones. To avoid this risk requires informing management decisions with comparable, value-based data related to the entire body of organizational initiatives. When properly configured and governed, a centralized project registry services as an effective tool to provide managers with the information needed to eliminate redundant work and ensure appropriate resource allocation.
Hi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.
| Subscribe to the StrategyDriven Insights Library
Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually). Not sure? Click here to learn more. |
Buy the Article
Don’t need a subscription? Buy access to Portfolio Management Best Practice 2 – The Project Registry (Continued) for just $2! |
Projects optimally progress toward the achievement of their ultimate goals when team members individually and collectively contribute to the completion of project tasks in a non-redundant fashion. While project schedules should assign individuals or groups of individuals to each task, the schedule itself is not likely to include minute tasks or to clearly assign the very specific nuanced contribution of each individual within a group assigned to a task. Another tool, the roles and responsibilities matrix, provides the needed performance assignment clarity for those minute undocumented tasks and group activities; helping eliminate the risk of redundantly performed work that would unnecessarily slow progress and raise costs.
Data serves as the foundation of every decision. Combinations of data bits are logically joined to form the packets of information upon which decisions are made and actions taken. Without quality data, the probability of making the right decision is greatly diminished. Increasing data accuracy is subsequently paramount to improving decision quality.
All projects demand some level of administrative work to support project plan updates; progress report development, printing, and dissemination; issue and risk register maintenance; team member contact list maintenance and update communications; personnel and facilities coordination and scheduling; team and stakeholder communications development and dissemination; etcetera. And the amount of administrative work increases with the scope and complexity of the project. If singularly assigned to project specialists, this work detracts from these individuals’ productivity; unnecessarily inflating time and monetary costs.
Business Programs