| The standard for portfolio management offers the | | | | portfolios. This kind of standard offers the same kind |
| generally acceptable practices for programs and | | | | of guidance previously given to project management in |
| projects, to help them meet an organization's strategic | | | | other standard sets, and will help improve efficiency |
| objectives. Portfolios are collections of active projects, | | | | and reduce the risk, cost, and complexity of projects. |
| programs, and other work going on at a given point of | | | | So, how can an IT organization put together a portfolio |
| time. Managing these is important, since it helps control | | | | management of its own? It depends on the standard |
| the components of the portfolio, assists in the | | | | you're using. Some fail to explain the methods of |
| identification and assessment of the individual | | | | setting these portfolios up. However, a good standard |
| programs and projects, and helps people involved | | | | will spell out good practices for managing portfolios and |
| prioritize the components in such a way to best use | | | | programs, and will help manage the risk associated |
| available resources. | | | | with project portfolios, as well. If you want to |
| As the concept of project management gains in | | | | implement the best practices in the field, using a |
| acceptance, we need to start looking at the natural | | | | standard of this type is definitely a good idea. There |
| followup - portfolio management. The big issue here is | | | | are lots of different options available, from purchasing |
| making sure we do the right work the right way, | | | | industry portfolio management standards to developing |
| because executing projects without a documented set | | | | your own, and your organization's requirements are |
| of processes, or a handbook on how to manage | | | | going to dictate what will work best for you. |
| project portfolios, can lead to real problems. | | | | Make sure all your IT efforts add value to your bottom |
| Fortunately, it's not that hard to avoid disaster by using | | | | line. Instantly be able to see what everyone is doing, |
| a set of standards for portfolio management. | | | | and prioritize your projects correctly. Manage resource |
| Portfolios encompass all the functions of an | | | | effective, and easily measure and demonstrate results. |
| organization, other than strategic objectives. This | | | | A good IT governance and portfolio management |
| includes marketing, human resources and finance, | | | | solution can help you do all these things. Take the time |
| making portfolio management an important and | | | | to find out more about portfolio management, and see |
| effective way to govern corporate activities. Set | | | | what it could do to help you organization prosper. You |
| standards for portfolio management provide a guide to | | | | won't be disappointed. |
| professionally acceptable practices in managing | | | | |