Because of continuing pressures to do more with less, senior management buy-in to a structured PPM process is essential to create awareness, provide support, build consensus as to organizational goals, and motivate stakeholders at all levels to participate effectively. Specifically this enables:
• Focus on business objectives from the beginning. Engaging business executives at the onset of the PPM process, from portfolio selection, ensures that business objectives are clarified early in the planning cycle. As a result, consensus can be built between the management team over projects that support these goals, and "squeaking wheel" (those that shout the loudest) priorities are minimized.
• Early application of the PPM framework to critical business needs. The importance of buy-in at the senior level is especially critical in PPM governance. Early in the process, senior management can be educated in ways to engage and apply PPM during critical junctures as external or internal events necessitate investment level and direction modifications.
• Establishment of communication forums. Senior executive buy-in at this early stage also creates a defined forum for escalation of issues pertaining to portfolio delivery and provides executives with a tangible stake in ensuring the successful implementation of the portfolio.
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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.