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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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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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