Effective Portfolio Management Systems

With an estimated 70 percent of new projects failing to add value to the organization, reducing project failure rate represents one of the biggest improvement opportunities available today. This book highlights proven approaches designed to separate the successful projects from the potential losers before the projects are started. This represents huge savings in manpower, money, and time. The book shows you how to reduce project cycle time and apply resources effectively to maximize results and project success rates.

Effective Portfolio Management Systems provides a roadmap for the implementation of an organizational Portfolio Project Management (PPM) system and a model for driving sustainable change. It takes you through the complete project/program management cycle―from the submittal of the proposed projects to the management of their implementation. To do this, the authors present an effective, proven, four-phase Organizational Portfolio Management (OPM) system:

• Phase I: Developing the Organizational Portfolio involves selecting the right mix of projects/programs based upon resource limitations and risks involved.
• Phase II: Creating the OPM System Implementation Plan is the development of a plan to minimize the resources consumed, reduce cycle time, and increase the ability of the projects to meet their projected value-added content to the organization.
• Phase III: Implementing the OPM System focuses on the complexity of managing an Organizational Portfolio and keeping it aligned with the organization’s goals and objectives. This phase provides a roadmap for the implementation of an organizational PPM system, including sample plans and PMO Implementation/Management Templates.
• Phase IV: Practical Applications of Project Change Management within the OPM System focuses on overcoming the difficulties related to the continuous changing environment and project requirements that are encountered as projects are developed and implemented in today’s demanding conditions. This phase provides guidelines for effectively enrolling, communicating with, and training the individuals who are impacted by the project/program to effectively drive sustainable change.

At first glance, an OPM system may look like increased bureaucracy. However, when it results in a 20-percent increase in the percentage of projects that are successful, it really turns out to be one of the best resources an organization can invest in to ensure profitability and long-term sustainable results.

H. James Harrington, PhD, is chief executive officer of Harrington Management Systems. In the book, Tech Trending (Capstone, 2001), Dr. Harrington was referred to as "the quintessential tech trender." The New York Times referred to him as having a "… knack for synthesis and an open mind about packaging his knowledge and experience in new ways― characteristics that may matter more as prerequisites for new-economy success than technical wizardry… ." The author, Tom Peters, stated, "I fervently hope that Harrington’s readers will not only benefit from the thoroughness of his effort, but will also ‘smell’ the fundamental nature of the challenge for change that he mounts."

Currently, Dr. Harrington serves as the president of the Altshuller Institute. He also serves as the chairman of the board for a number of businesses, and is recognized as one of the world leaders in applying performance improvement methodologies to business processes. He is past president and chairman of the board of the American Society for Quality and the International Academy for Quality. He has an excellent record of coming into an organization, working as its CEO or COO, resulting in a major improvement in its financial and quality performance.

Christopher F. Voehl, PMP^®, CSSMBB is the president of Seven Sigma Solutions, Inc. (Tallahassee, Florida), a company focused on accelerating client performance, customer satisfaction, systems deployment, project management, business development, process optimization, and change management. Voehl has over 20 years of technical, consulting, and executive management experience spanning multiple disciplines in a variety of industries including information technology, business services, human capital consulting, nonprofits, service industry, and healthcare.

Currently Chris’ focus is on Portfolio and Program Management within the private sector and consulting with state agencies and federal programs on systems analysis, process optimization and automation, managing portfolios of programs and projects, and adapting continuous improvement methodologies including TQM, ISO 9001, Agile, RUP and Lean Six Sigma.

William S. "Bill" Ruggles, MA, PMP, CQM, CSSMBB, CSM, is the managing partner of Ruggles & Ruggles, LLC based in New York City. He is an internationally recognized expert in managing and sponsoring projects, programs, and organizational portfolios with over 30 years of experience. He has provided consultative, coaching, mentoring, training, and auditing support services to over 250 organizations and some 25,000 participants in 17 countries on 4 continents in 2 languages. These include many of the world’s largest organizations in the fields of healthcare, biopharmaceutical, biotechnology, medical devices, information technology, global communication technologies, insurance, banking/financial services, high-tech manufacturing, engineering, shared services, and the public sector for both the state and federal governments.