Prioritizing The It Project Portfolio Essay

1057 words - 4 pages

July 27th 2009AbstractThe purpose of establishing a priority matrix is to oversee and monitor the transformation of the business and to assist management in ensuring stakeholder commitment, defining the mission of the business is in line with the initiating major stages of projects and the project portfolio by creating a official project priority thus obtaining resources along with defining the project teams tasks. This will also minimize risks connected to the project, establishing an organized structured system for each project changes as well as measuring project implementation success. The prioritizing of a project portfolio focuses on the strategy through the coordinated management and implementation of various projects.Project Portfolio ManagementThe key to prioritizing the IT project portfolio is in the establishment and putting into practice of a Project Portfolio Management (PPM) system which is intended to preside over all IT project requests to get selected funding, resources, commitments and eventually reaching a priority and becoming active. Making sure that each project is run using a universal company project management approach a project management portfolio is in charge for managing all in progress IT projects. Because the focal point of PPM centers on mitigating the importance of an IT project, a prioritization plan is also intended to place assessment making straightforwardly in the hands of business leaders. Therefore it is critically important that an IT management team be made up of business executives and head by the CIO, established unequivocally for making funding decisions related to priority. Providing funding authority for major technology projects and organizational direction the IT project management team should report to the board of directors or other upper management personnel too. The approving all the most important improvement projects, determining & setting funding levels along with monitoring their results, management is accountable for setting the strategic course for project in IT. The project teams supported by management and to whom the management delegate's say-so for implementing, reporting, prioritizing and controlling on tasks and actions required to carry out the business strategic intention. A CEO or stakeholder will look to the IT project management team for facilitation, counsel, advice, direction, and leadership for all projects considered and those undertaken ensuring they are in line with corporate strategy and goals.Key Factors Projects should be evaluated by three factors: time, cost, and scope. In the first stages of objective setting of a project, the most important focus of the project management team is to outline scope, time, and cost goals. When setting up a scope, the team attempts to answer questions such as 'What is the requirement of the project?' or 'What exactly are they trying to achieve?' Similarly, when setting up a time goal, the question asked is 'How long should it take...

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