When delivering multiple projects, one of the critical tasks is to manage the collection of projects effectively. One of the biggest reasons for project failure is that often managers fail to sense and respond to the project risks and challenges, causing massive capital leakage across the business. In this article at Project Times, Thomas Silvestri explains the critical project management challenges and the modern Project Portfolio Management (PPM) approach to achieving project success.
Warning Signs of Project Failure
Projects often do not turn out the way you expect. Emerging problems often start early in the project but display weak signs. Here are some early warning signs of project failure:
- Poor communication across the team
- Disengaged stakeholders
- Ambiguous scope
- Inexperienced project team
- Unhealthy client/vendor relationship
- Lack of collaboration
An effective evaluation of the impact yields a better understanding of the root cause. Further, it empowers management to avoid project failure. However, CIOs and the CEO must also pay attention to project management challenges too. Some of the key challenges that top management must focus on includes:
- Lack of Project Governance: Management must identify and engage stakeholders. They must establish an optimal process for making decisions and assigning decision rights. Management must also implement a feedback mechanism.
- Lack of Proactive Issues and Resolution: CIOs and CEOs must coordinate to close the feedback loop of all critical issues and resolutions.
- Poor Requirements Building: Management must ensure that the business workflow processes and business operational models are managed well with WBS details.
How PPM Helps?
- Aligns Projects to Business Goals: One of the crucial aspects of any project is making sure that your project fits within the scope of the company’s strategic plan.
- Identification and Correction of Performance Problems: When managing a project portfolio, managers can readily identify any problems that may arise at any stage of project execution through portfolio analysis.
- Allocation of Resources: The portfolio provides a broader view of where resources are being over-or under-allocated.
To read the original article, click on https://www.projecttimes.com/articles/global-project-portfolio-management.html.