Project Environment Interface Concepts


The project environment benefits from the implementation of an effective project portfolio management capability primarily due to ongoing executive and senior manager involvement in project oversight activities. Portfolio management is essentially a top-down function. It requires senior management to demonstrate strategic insight, apply sound business judgment, provide functional guidance, and make critical project continuation decisions. Conversely, in order to be successful in achieving top-down responsibilities, senior management also must ensure that the necessary bottom-up capability exists within the project environment, i.e., adequate project management methods for planning and tracking project performance, timely project communication and reporting procedures, proper system interfaces for data exchange and collaboration, an effective project resource management capability, and project manager competency to execute portfolio decisions.

In order to have an effective portfolio management capability, the organization must have an effective project management capability that underlies and supports the process of project portfolio management. This presents the need for executives and senior managers to recognize that portfolio management will only be as good as the information generated at the project level, since it is this information that is elevated to the portfolio management process, where it provides the basis for making project portfolio decisions. This should prompt senior management to commit to building and maintaining an effective project management environment when it establishes a "project portfolio management" function.




The Complete Project Management Office Handbook
The Complete Project Management Office Handbook, Second Edition (ESI International Project Management Series)
ISBN: 1420046802
EAN: 2147483647
Year: 2005
Pages: 158

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