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The Fast Forward MBA in Project Management, 4th Edition by Eric Verzuh

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CHAPTER 18

Project Portfolio Management: Align Project Resources with Business Strategy

Ralph Kliem and Eric Verzuh

Ralph Kliem is a project manager for a Fortune 500 firm. He has experience developing and implementing a project portfolio management process for a major business unit within that Fortune 500 firm. He is the author of several books, including Tools and Tips for Today’s Project Manager (PMI) and the recent book Project Communications Management (CRC Press).

INTRODUCTION

Projects are the means for achieving strategic goals. Entering new markets, driving down costs, delivering innovation—all are achieved through projects. There is a seemingly infinite supply of worthwhile initiatives, but clearly a limited supply of the people and resources needed to perform projects. Further, just about every project management think tank has found that far too many projects don’t deliver their promised benefits. All these factors underscore that it is absolutely critical to view projects as investments that must be carefully chosen and regularly monitored. Project portfolio management (PPM) is the means for doing so.

image Project Portfolio Management Aligns Resources with Strategy

Project portfolio management (PPM) ensures that projects and programs promote organizational strategies and goals. It accomplishes that by avoiding the common trap of trying to do all projects in the midst of ...

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