It would certainly appear that a good place to start is by taking an inventory of the current project burden. It is not unlikely that the results of such an inventory will more than pay for the efforts invested in implementing the new PPM capability.
As noted in Chapter 2.2, the evaluation process for projects in the pipeline has two dimensions. The first is performance of the project. Here, we evaluate the project performance against targets that have been set for the project, normally including metrics regarding schedule, resource utilization, costs, deliverables, and quality. The data would include planned status, current status, and forecast performance. Indications of poor performance would be a cause of concern, but it's not the only condition to be considered.
The second dimension to be evaluated is the criteria that were used to select the project in the first place. Has anything changed? Are the project deliverables still needed? Can they be delivered in an acceptable time frame? Are the cost benefits still acceptable? Is the project still aligned with the strategies? Has a competitor beaten you to the punch? Has the market fizzled? Has the technology changed, making this design obsolete?
Actually, many of the projects currently in the pipeline probably were selected without a structured portfolio process, so there are no criteria to be evaluated. It will have to be constructed after the fact (sort of reverse-engineering).
So if the first step in the new PPM process is to evaluate the existing project inventory, the first job of the team is to establish the decision criteria, establish thresholds, and clarify responsibilities for the decisions.
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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.