The identification of opportunities and the selection of the best projects are only the beginning. It is the realization of benefits that is the end objective. The portfolio must be managed to deliver those benefits.
Due to our effective application of the project selection process, we have established a portfolio of projects that are aligned with the firm's strategies, maximize potential benefits, and make the most effective use of the firm's resources. At least that was the situation when the projects were chosen and initiated. Now that the projects are underway, has anything happened that would lead us to want to change these decisions?
In the practice of PPM, one fundamental is to treat projects as if their selection was conditional. That's not to say that every project is on continual probation. We plan and execute each project with the intention of bringing it to a successful completion. But there is no blank check. There are numerous conditions that could warrant a reevaluation of a project's position in the portfolio.
This being the case, the normal process of project control must undergo some change in order to recognize the increased importance of the project status and performance as a part of the PPM
process. In this chapter, we look at the fundamentals of maintaining the project pipeline (that is, what stays in the pipeline):
• Periodic measurement of status and performance
• Evaluation of status and performance against critical parameters
• Reporting of items that don't support targets, limits, or thresholds
• Stage-Gate® and bounding box concepts1
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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.