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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.


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Portfolio Management Warning Flag 1 – Management Distractions

At times, organizations undertake ‘bet the company’ projects, initiatives so risky because of their sheer size, strategic importance, and/or operational impact that the project’s failure could bankrupt the company. ‘Bet the company’ projects necessarily demand heightened management awareness and focus, however, excessive diversion of leadership’s attention to these types of projects and away from others and/or day-to-day operations could also jeopardize the organization.

 
 
 
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Portfolio Management Best Practice 2 – The Project Registry

How frequently do organizations duplicate effort because the same initiative is unknowingly performed by more than one group? Probably far more often that one might think and certainly more frequently than one would want to admit.


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StrategyDriven Podcast Special Edition 22 – An Interview with Michael Bender, author of A Manager’s Guide to Project Management

StrategyDriven Podcasts focus on the tools and techniques executives and managers can use to improve their organization’s alignment and accountability to ultimately achieve superior results. These podcasts elaborate on the best practice and warning flag articles on the StrategyDriven website.

Special Edition 22 – An Interview with Michael Bender, author of A Manager’s Guide to Project Management explores how executives should approach project management in order to enhance alignment and accountability to their organization’s vision, mission, goals, and values. During our discussion, Michael Bender, Founder and CEO of Ally Business Developers and author of A Manager’s Guide to Project Management: Learn How to Apply Best Practices shares his insights regarding:

  • a process for aligning projects with the organization’s vission, mission, goals, and values
  • frequency for rebalancing the corporate project portfolio
  • criteria and method for evaluating whether or not to discontinue a project
  • importance of accounting for unbudgeted activities when evaulating a project’s cost

Additional Information

In addition to the invaluable insights Mike shares in A Manager’s Guide to Project Management and this special edition podcast are the additional resources accessible from his Ally Business Developers website (www.AllyBusiness.com). Mike’s book, A Manager’s Guide to Project Management, published by FT Press can be purchased by clicking here.

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About the Author

Michael Bender, author of A Manager’s Guide to Project Management, is Founder and CEO of Ally Business Developers, a consortium of world-class business, organizational, and professional development experts. Michael’s leadership and project and program management experience contributed to projects including the Hubble Space Telescope, NEXRAD – the Next Generation Weather Radar, and air traffic control systems for the United States, the United Kingdom, and Taiwan. He is an American Management Association speaker and guest speaker at DePaul University and the Project Management Institute. To read Mike’s full biography, click here.

Strategic Planning Best Practice 12 – Planning for the Best and the Worst

Strategic plans present the best estimate of what planners, executives, and board members believe will take place within the market environment under the most likely to occur circumstances. But what of the activity of strategic planning itself? Shouldn’t an organization also be prepared to deal with best and worst case outcomes? Or should market forces be allowed to conspire unopposed to create an outcome other than that predicted?


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