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Project Manager : Project Manager Apr May 2013
www.aipm.com.au Project Manager 19 As resources dwindle, executives are increasingly turning to project portfolio management (PPM) to help them focus their investment on what truly matters to their businesses. By bringing projects and programs together to manage the collective investment, PPM has the potential to reduce or eliminate duplication and wasted resources while helping to identify which investments will contribute to a company's strategic goals. While there are clear bene ts to taking up PPM, it can take strong leadership and courage to extract the best outcomes from the process, which is primarily based on managing the right projects and having the right number of projects. "It sounds counter intuitive, but by being selective and prioritising projects, we do more by starting less," says AIPM Standards Committee and Knowledge and Research Council Chair Michael Young. " e perfect mix of high- and low-risk investments is driven by organisational strategic decisions made by executives and, in every organisation, is going to be slightly di erent." PPM has its origins in the nance industry. In 1952, academic Dr Har ry Markowitz released Modern Portfolio eory, and the principles that emerged from it evolved into moder n PPM. "It dealt with improved returns for every given level of risk by having investments diversi ed," Young says. "In the 1980s the same principles were applied to IT projects, and PPM progressed from there." In the 21st century, PPM has really started to gain currency. "Nobody feels the world is getting slower or simpler. We have fewer resources in terms of people and budget. At the moment, we see clients doing things that directly affect the bottom line" says Ian Sharpe, Chair of AIPM's Governance Committee, Professional Standards Council member and Principal at UXC Consulting. "They still have to invest in ' keep the lights on' projects like compliance, but the projects and programs they are doing directly and tangibly affect the bottom line. Nobody has discretionary cash or plenty of time." Formal introductions PPM requires an organisation to have a consistent Project Management Framework (PMF). (
Project Manager Feb Mar 2013
Project Manager June July 2013