The Right Projects at the Right Time
Good PMOs understand that it's not about implementing as many projects as possible. It's about implementing the projects that will move the organization forward. In order to be able to deliver results now, we cannot avoid a process. Our experience has shown that this process doesn't need to be complicated. Finally, so that PMOs can implement corporate strategy in dynamic times, they must be able to act quickly and efficiently. These are two things that cannot be achieved with lengthy processes. For this reason, we've developed Lean Project Portfolio Management (Lean PPM) for PMOs.
Lean PPM is a framework to deliver reliable results and to help you achieve more agility, speed and success with your decisions. Yet, Lean PPM is limited to just the essentials. It's always about the big picture. The goal is the ability to keep up with dynamic changes to the market, and not to create abstract annual plans that suddenly don't make sense by Q2. The PMO process is divided into four continuously running phases in Lean PPM:
- Strategize – Translating the specific corporate strategy into objective criteria
- Collect – Collecting and improving new project initiatives
- Decide – Deciding about new project initiatives and solving conflicts in the portfolio
- Execute – Putting decisions into action
In the four phases of Lean PPM, employees on all levels of an organization, both in and outside of the PMO, participate. While Lean PPM makes use of a host of roles, some are central to operations:
- Portfolio Coordinator - Generally, the portfolio coordinator is also the manager of the PMO. A member of the PMO team, a member of management or a program manager can also be the portfolio coordinator. They are responsible for the entire or a part of the project portfolio and guide the other roles through the entire process. By doing so, they translate the corporate strategy into criteria for prioritizing projects.
- Initiator - An initiator can be anyone in an organization who suggests new project initiatives.
- Member of the Pipeline Review Committee - The Pipeline Review Committee is responsible for rating new project initiatives and prioritizing them before they are approved.
- Member of the Portfolio Board - The portfolio board is the decision-making body in Lean PPM. Its members are responsible for reaching decisions about the current and future status of the portfolio.