Program or Project Management

Program or portfolio management is an overview of the overall project activities of an organization or department.

Overview of Project Activities

Program or portfolio management is an overview of the overall project activities of an organization or department. It consists of all future and ongoing projects and allows management to prioritize between projects and to form a comprehensive overview, so they can use the managerial forces where it is most important.

LSV Group executes individual projects in the portfolio according to Six Sigmas principles and the DMAIC model.

We always work with our change management model when we run individual projects for our customers. In order to implement the program management, which is a management of the project portfolio, we work according to three principles. There is no universal way of working with portfolio management.

Program Management

Fundamentally, it is about having a firm and common way in the organization to select and implement the projects. Our experience shows that if three principles are followed, the success rate increases significantly – see the Yellow box.

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3 Principles to Increase the Success Rate

  1. Portfolio management shall reflect the organizational challenges related to project implementation
  2. Portfolio management must be pragmatic, simple and centrally managed (like in digitized form, and with a thorough feasibility study probing the possible yield)
  3. There must be control of the key elements like…
  • Clear management support. If the management supports the strategy, they must also support the portfolio.
  • Governance structure. A number of specific minimum requirements must be set for the project managers, that they must be able to track and report with regards to their projects. There must be an employee who is responsible for following up on all projects and creating the overall reporting including the status of all ongoing projects. There must be clear decision paths with regards to who can decide what about the individual projects and the portfolio.
  • Reporting and tools. It doesn’t have to be a big advanced solution. A good hint for how successful a new tool can be is that the employees understand it within 15 seconds. And remember that a tool or workflow is useful only if employees actually use it.