Project Portfolio Management Framework: Objectives and Delivery

Portfolio Management Framework
A framework is a combination of theories that can explain how things work and provide guidance to achieve success, improve, or standardize processes (Stamer, Zimmermann, & Sandkuhl, 2016). Portfolio management, aligned to IT project management, is a set of activities that enables the organization to evaluate, select, allocate, monitor, and optimize technology investments. PPfM is a function that interacts with senior leadership.

Portfolio management seeks to optimize the projects and programs to guarantee success in support of strategic goals. The integrated management of schedules, resources, quality, and scope would seek to reduce resource usage and achieve better outcomes. A portfolio management framework would, therefore, aim to improve these processes based on formal research and knowledge embedded in the framework. A framework would also seek to help portfolio managers with complexity.

Standards are also an important part of a portfolio management framework. Standards are based on a consensus of best practices and effectively package the experience of leading practitioners in a detailed review of ideas and guidance. Both frameworks and standards adapt over time and across different environments delivering relevant benefits.

A framework might visualize a combination of tasks and objectives to provide guidance and help improve operations and services. By reformulating earlier diagrams, you break down the elements within portfolio management into strategic, execution, and operational groups. They might be represented as depicted in the following image. This does not make it a framework because its current state is no more than a grouping of elements. A framework would add some of the following: provide knowledge, explain the relevance, add details, and show relationships rather than mere listing.

Figure 3

Project Portfolio Management Framework: Objectives and Delivery

Figure 3. Project Portfolio Management Framework: Objectives and Delivery.
IT illustrates the details for three key areas:
• Strategy: Direction, Selection, and Resources
• Execution: Iron Triangle, Programs and Projects, and Planning & Risk
• Operations: Optimizes, Allocates Resources, Manages, and Communicates

References

Stamer D., Zimmermann O., & Sandkuhl K. (2016) What is a framework? – A systematic literature review in the field of information systems. Springer, Cham. https://doi.org/10.1007/978-3-319-45321-7_11

Weekly Resources and Assignments
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Week 3 – Assignment: Analyze a Portfolio Management Framework for Managing Multiple Projects
Assignment
Task: Submit to complete this assignment
Due June 11 at 11:59 PM
For this assignment, you must use your scenario from the previous assignment to devise an adapted project portfolio framework to describe and explain the elements needed to guide the project portfolio management function within an organization.

Your framework should include the following:

Set of important functions or processes ordered in a logical fashion
Description of how the functions relate to each other and achieve portfolio objectives
Important techniques and approaches to aid success
Diagram depicting the key elements and their relationships with a brief description
Length: 4 to 5 pages, including a diagram

References: Include a minimum of 2 scholarly resources

The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards (as required

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