The prequalification process provides a structured routine that guides the sponsor through the preparation of the proposal, for ranking. Once this is done, the proposal or business case must pass certain tests before the project can get on the candidate list.
The process for prioritizing and selecting projects for inclusion in one or more project portfolios requires the development of a set of data for each project, representing an appraisal of value, benefits, risk, and impact on resources. These data should also consider alignment with strategies, technical feasibility, and miscellaneous other ranking items. This is a lot of work to be performed before a project is even proposed and considered for approval. The project management office (PMO) and the governance council (GC) then invest additional effort in reviewing these data.
All of this effort is for a good cause: building a good portfolio of projects or, better yet, weeding out the bad proposals. Even so, wouldn't it be better to minimize the submission of poor projects and reduce the preparation and review effort for candidate projects? Wouldn't it be better to guide people to consider the critical criteria before running the projects up the flagpole to see if they get a salute?
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.