Key Takeaways
Key Takeaways
- Projects have multiple stakeholders, and each presents the project manager with a unique challenge: to manage them!
- Stakeholders are needed because they bring ideas, funding $$$, activities, challenges, obstacles, decisions, and outcomes.
- Projects do not start at the scoping stage, they start way back when the project is selected for the right reasons given the project parent’s organisational (functional) capability.
- Irrespective of which model is adopted, cross-functional objectives must be identified and assessed in line with project selection.
- Project evaluation and selection techniques must be aligned to the organisation’s strategic intent and stakeholders needs.
- Non-numeric models are certainly popular. They are intuitive and easy to use, however, they can lack the scrutiny of objectivity and measurability.
- The most common models used are the numeric models, which closely examine the financial viability of the project, often referencing cash flows and profits as the deciding criteria. Remember, profits from one of the bottom lines organisations actively pursue.
- A number of projects may be economically unsound, though, fully justified on social, humanitarian, or other grounds.
- While intuition should not be totally discounted, some more precise modelling could be incorporated.
- Careful consideration and justification must be documented when projects are being selected, irrespective of which selection model is adopted.
Review your Knowledge
The process for selecting projects and developing your project portfolio is a complex one. What are some of the difficulties you foresee implementing portfolio management practices?
Exercises
