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PORTFOLIO MANAGEMENT EXTENDSPortfolio management extends beyond traditional project life cycle.CEO's and their executive leadership teams must focus on their bottom lines to ensure future sustainability; the chainsaw approach to cutting budgets is long gone. Executives now need to move beyond tactical portfolio management to the next level, by using stragetic portfolio management as a strategy execution mechanism. UMT Consultany SA, a local enterprise project management (EPM) solution provider, has introduced Strategic Portfolio Management, a set of practical tools and processes for expanding strategic throughput to close the gap between strategy and results. Strategic Portfolio Management ensures the translation of strategy through closed-loop, strategic portfolio management process that anticipates capacity constraints and risks. It determines the current state of the enterprise and the initiatives, programs, and projects required to achieve the organisation's stragetic objectives. Furthermore, it incorporates senior executive perspectives and what c-level executives want from their portfolio, program, and project managers. Strategic Portfolio Management is thus the mechanism for strategy engagement and delivery, and supports the organisations achievment of strategic, risk and financial objectives within the required parameters of cost and time with optimal resource allocation. It is the continuous process of selecting and managing the optimum balanced set of portfolio investments to realise maximum business value. Most importantly, it considers the portfolio costs, risks, and returns of all projects within the portfolio, as well as the tradeoffs between them. RPM Systems Corporation chairman Stephen J Garfein says on average, company strategy is executed to plan 56% of the time, versus high performing organisations that achieve an 83% strategic throughout. The performance is measured on whether projects are aligned to the organisations business strategy; whether the organisation works on the right projects, whether project resources are allocated optimally, wether projects are completed on schedule and on budget, and whether the organisations strategies are executed according to plan, he explains. Read More about : |
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