Project & Portfolio Management Exam Prep Flashcards
Archer, NP and F Ghasemzadeh (1999). An integrated framework for project portfolio selection.
What is it the problem with Portfolio management? What do they propose?
Problem: Businesses have many project ideas but limited resources. Choosing the right projects is hard.
Proposed solution: This framework breaks project portfolio selection into stages. Each stage focuses on a specific task and uses data from the previous stage. Users can choose their preferred techniques at each stage for flexibility.
Stages:
- Pre-process: Define strategic focus and choose selection methods.
- Portfolio selection process:
– Pre-screening: Eliminate projects that don’t meet criteria.
– Individual project analysis: Evaluate each project using common metrics.
– Screening: Remove unlikely projects.
– Portfolio selection: Choose the best projects considering interactions and constraints.
– Portfolio adjustment: Fine-tune the selection through user interaction.
-Post-process: Manage the final portfolio and develop projects.
Flexibility: Users can choose the specific techniques they prefer at each stage (e.g., scoring models, AHP).
- Data is important: Projects need to be evaluated using relevant data such as cost, risk, and potential return.
- User interaction: Decision-makers should be involved throughout the process and can adjust the portfolio based on their judgment.
- Decision support system (DSS): The framework can be integrated into a DSS to support the selection process with models and data.
Archer, NP and F Ghasemzadeh (1999). An integrated framework for project portfolio selection.
Benefits of the framework?
Simplifies and organizes the selection process.
Allows for user preferences and judgment.
Provides a better and more acceptable portfolio than single techniques.
Can be adapted to group decision-making environments.
Hansen, L. K., & Svejvig, P. (2023). Principles in Project Portfolio Management: Building Upon What We Know to Prepare for the Future
PPM understanding and Knowledge perspectives?
Understanding PPM principles: The research offers a framework to understand the underlying ideas behind PPM practices. This framework helps practitioners make informed decisions in various situations.
Knowledge Perspectives: The analysis revealed three knowledge perspectives in PPM principles: technical (control), understanding (interpretation), and emancipatory (critical thinking).
- Technical (Control): Aims for predictability and control, using formulas and established methods for efficiency. Think of it as the “what to do” based on past experience.
- Understanding (Social): Focuses on interpreting the human element and adapting to the project’s specific context. This perspective is about understanding the “why” and “who” behind project decisions.
- Emancipatory (Critical): Encourages critical thinking about project impacts and adapting to changing environments. It asks “is this the right thing to do?” considering future implications.
Pries-Heje, J., Jakobsen, P. M., Korsaa, M., & Johansen, J. (2017). Improving Project Portfolio Management (PPM) for Improvement Projects
Vestas Case - CMMI - Improvability
The authors propose a method that combines the ImprovAbility model and assessment with a version of a CMMI assessment to evaluate improvement projects and their impact on process maturity
CMMI scores a set of questions from 1-4 - i.e. to what extend is support availability established?
Vestas case successfull!
The approach fixes BIAS and intuition problems
