Project Portfolio Management: A View from the Management Trenches / Edition 1

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Written by ten successful project portfolio managers from companies including AAA, Boeing, Franklin Templeton, Johnson & Johnson, Safeway, and the UK Government, this easy-to-follow guide takes you through the project portfolio management process. It's based on what actually works, giving you a clear road map and the tools needed to determine the optimal mix and sequencing of projects in order to meet your organization's goals. The book begins by explaining basic PPM principles and why PPM is more critical than ever for business success. This introduction is followed by a story, tracking the experiences of a manager new to PPM as he discovers the issues that all of us face in trying to get traction with our PPM initiatives. In answering the questions our story raises, the book then details each step of the PPM process, using cases and examples drawn from the authors' first hand experience to help you address such key questions as:

  • Which projects should our organization invest in?
  • How can we optimize our organization's capacity?
  • How well are we executing the PPM process?
  • Can our organization absorb all the changes that our PPM plan requires?
  • Are we achieving all the expected benefits?

The authors are all members of the Enterprise Portfolio Management Council, a group of senior portfolio management executives dedicated to helping organizations develop their own portfolio management capabilities. Now you can benefit from their collective wisdom and experience, and duplicate their successful results within your own organization.

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What People Are Saying

From the Publisher
“Portfolio management is critically important, but often quickly dismissed as unnecessary ‘strategy overhead’. Applied in the right ways, with the right level of discipline, it can be an extremely insightful lens through which to see untapped sources of business value. Credit to the authors for shedding much needed light on both the art and science of project portfolio management, both strategic and operational.”
Matt Wagner, Director, Strategy & Planning, Hewlett-Packard

“This is one of the most straightforward and easy to read books on Portfolio Management. It contains simple and relevant examples of how to organize and execute a PM process that will satisfy senior leadership's needs while streamlining the information and processes that are supported by the ‘trenches’.”
Christine Cioffe, Vice President, Enterprise-wide Portfolio Management Merck & Co., Inc

“Project Management has been hailed as the foundation of modern business, but managing the organization’s entire portfolio of projects carries this discipline to the next level. Based on a wealth of hard-won experience, this book offers no-nonsense guides that can turn your organization into an enterprise-wide system for managing R&D programs, product launches, IT systems, new facilities, mergers, PR programs, change efforts, and any of the myriad other activities that challenge leaders in all walks of life. Essential reading.”
William E. Halal, PhD Professor Emeritus of Science, Technology, & Innovation George Washington University, President, TechCast LLC

"'Project Portfolio Management’ provides valuable guidance on how organizations can optimize the return from their investments in change - not least in balancing process with the equally important dimensions of governance and changed behaviors."
John Suffolk, HM Goverrnment CIO

“In order to ‘run IT as a business’, it is imperative to have portfolio management in the center of your strategy. This book acknowledges its importance and provides practical guidance for success!”
Zackarie Lemelle, Vice President, IT Corporate Systems, Johnson & Johnson

“Doing the right things” is just as important as “Doing things right”. This book gives a practical guide on how to select the right projects (and those that we should abandon), ways to dynamically match the business demands to the capabilities of your organization, and finally ensure business results and benefits are harvested.  Many of the Lessons Learned ideas are valuable gems gained from years of experience by practitioners of Portfolio Management.”
David Ching, CIO, Safeway Inc.

“Thought-provoking contribution to a key strategic topic, anchored in the political realities of organizational behavior.”
Andrew Bragg, Chief Executive, Association for Project Management

“Provides framework to blend culture, strategies, processes and technologies in the right proportions for the highest returns.”
Mark C. Russell – CAO Grange Insurance

“This book helps illustrate the importance of a well defined process, for technology to deliver results.” -
Michael Fergang - CIO Grange Insurance

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Product Details

  • ISBN-13: 9780470505366
  • Publisher: Wiley
  • Publication date: 10/12/2009
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 256
  • Product dimensions: 6.40 (w) x 9.40 (h) x 0.70 (d)

Meet the Author

James Pennypacker has directed benchmarking projects onmanagement topics, including strategy and projects, portfoliomanagement, PMOs, and process maturity. He is the author/editor ofseveral books, including Seven Steps to Strategy Execution, ProjectPortfolio Management Maturity Model, and Managing MultipleProjects.

San Retna has spent over twenty years deploying andoperating project, program, and portfolio management capabilities.He is the Vice President of IT Effectiveness at Safeway, Inc. As athought leader, he has been profiled in numerous publicationsincluding CFO magazine, CIO magazine, Computerworld, and PMNetwork. Case studies of successes have also been published byGartner, Corporate Executive Board, and the Project ManagementInstitute.

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Table of Contents



Why We Created the EPMC.

Why We Wrote the Book.

About the Authors.

About the EPMC.


Part I Introduction.

1 What is Project Portfolio Management?


Successful PPM.

The Five Questions in Brief.

Project Portfolio Management Defined.

The PPM Players and Roadmap.

The PPM Process Views.

A Few More Questions to Get the Mental Synapses Firing.

Chapter Summary.

Part II Project Portfolio Management: A Story.

2 Introduction.

10 Years Ago . . ..

Present Day . . ..

Later that afternoon . . ..

3 Are We Investing in the Right Things?
EPMC Working Document on Portfolio Investment.

4 Are We Optimizing Our Capacity?
Demand-Side Resource Management.

Supply-Side Resource Management.


EPMC Working Document on Portfolio Resource.


5 How Well Are We Executing?

6 Can We Absorb All the Changes?

Defining Change.

Types of Change.

Modeling the Impact of Change.

Controlling the Impact of Change.


EPMC Working Document on Enterprise Change Management.

7 Are We Realizing the Promised Benefits?

Key 1: Ensuring All Benefits Claimed Are Robust andRealizable.

Key 2: Capturing All Value Created.

Key 3: Moving beyond Benefits Realization to Value Creation.


EPMC Working Document on Benefits Realization.

Part III Operating Considerations.

8 The PPM Process.

PPM Components.

The Project Proposal.

Project Proposal Approval.

The Business Case and Project Management Plan.

Project Prioritization.

Project Authorization.

Project Execution and Review.

Chapter Summary.

9 Setting the Foundation for Success.

The Business Case Foundation.

The Benefits of PPM.

The People Foundation.

The Process Foundation.

The Technology Foundation.

Tying It All Together: People, Process, Technology.

Chapter Summary.

10 PPM Design.

PPM’s Seven Ps.

Decision Criteria.

Source of Data and Information Related to Decision Criteria.

Scoring Projects and Portfolio.

Weighting Decision Criteria.

Drawing ‘‘The Line’’ in thePortfolio.

Link to the Business Case.

Business Case.

Link to the Portfolio.

A Few Parting Thoughts.

Chapter Summary.

11 Implementing PPM.

Executive Sponsorship.




Executive Steering Committee.

Governance Board (Decision Review Board).

Project Management Office.

Project Management Standards Committee.

Process Approach.



Communication Plan.



Chapter Summary.

12 Maintaining PPM.

Dashboards and Metrics: The Visuals.

Meetings: Keeping the Process Going.

Communication: Making Sure Everyone Is on the Same Page.

Maturity Models: Where Do You and Your Organization Stand?

Resource Management: Getting Your Arms around theOrganization.

Keeping Up the Momentum.

Dedicating Resources to Running the PMO.

Chapter Summary.

Part IV The Story: Nine Months Later.

13 Bringing It All Together.



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