Revision as of 12:30, 18 February 2020

Phekla group!

- 5-10 tools (use from previous years or others)

- A short description

- How it can be used

- Limitations

- Link to the tool

Title 1

Portfolio Risk Management Process

Description

A portfolio risk management process is a process which a manager must work through to control the risk that may affect the portfolio. The outcome of this process is a solid strategy where risks are dealt with. The process is divided in 4 phases; identification, analysis, response and monitoring.

Management

In the first phase of the process, identification, all risk are identified. The risk that are identified will in the second phase be analysed and prioritized in relation to the impact an probability of the risk. Response to the risk are now developed where responsibility are defined so risk owners know how to handle the risks. In the last phase of the process the risks are monitored with the elements that are defined in "The Standard for Portfolio Management". Furthermore the monitoring and controlling manager should also develop responses to emerging risks and existing risks.

Limitations

As mentioned Portfolio Risk Management Process is a process to identify risks, analyse risks, develop responses and monitor the risks. These processes have limitations, e.g it is assumed that no "new" risk will occur. This defines that the world will act in the way we have seen before.

Link

http://wiki.doing-projects.org/index.php/Portfolio_Risk_Management_Process

Title 2

Managing successful programs (MSP)

Description

Managing successful programs is a key tool to secure a beneficial outcome of their business success. Today, organizations are facing constant changes in order to maintain with the fast-growing markets and compete with other companies, MSP has become more and more important. The goal of management is to maximize the benefits, while minimize costs and the need of effort by combining and coordinate all involved projects. To handle program management and tackle changes, MSP is a detailed framework where governance can be improved by organize planning and define common goals to achieve success.

The concept of MSP is to provide a method which manage programs in an efficient and structured appearance, so organizations can be more effective and contribute better services. The main idea about MSP is to divide the program into various smaller projects that are simpler to manage. MSP is based on three main elements:

• The Foundations: principles, vision, blueprint & benefits.
• People: organization, roles, leadership & stakeholder engagement.
• Structure: transformational flow, themes, blueprint, tranches.

Management

MSP is a successful tool for managing because of the flexibility, where different situations can be adaptive into the same framework with a structured program management methodology.

How it can be used:

• Set a goal for each project
• Identify the problem
• Define the problem
• Managing the tranches
  • Delivering of capability
  • Realizing the benefits
• Closing a program

Limitations

One of the limitations of MSP is the required workload and planning, since the tool has a explicit and complex protocol. This tool can be adapted for all types of programs; however, it is most suitable for smaller programs with fewer projects and less reasonable transformations required. Investment into a program can require high-level management, important founding and broad change within the organization. This can lead to challenges and difficulties during the program, especially if the program varies for a longer period. It can then be hard to motivate the employees and complications of staying on the right path can occur.

Link

http://wiki.doing-projects.org/index.php/Managing_Successful_Programmes_(MSP)

Title 3

Benefits Realisation Management (BRM)

Description

The Benefits Realisation Management (BRM) is a collective set of processes and practices that defines and measures the value that a project, program or portfolio management bring into an organization. BRM constitutes a link between strategic planning and strategy execution since it translates the business strategy drivers into benefits. The benefits refer to the positive outcomes of a project, program or portfolio and they can be categorized in three main groups: i) economic benefits, ii) effectiveness benefits and iii) efficiency benefits. The generated benefits increase and add value to the organization or the stakeholders when they are aligned with the corporate objectives and they lead from the current situation of the organisation to the future desired one. Main purpose of the BRM is evaluating whether the achieved benefits are in accordance to the baselines and the expected outcomes, while decreasing the risks that are related to these benefits. The process of the benefits realization management consists of three phases:

• Identifying benefits: The determination of the desired outcomes based on the organization’s business plan and specification of the key performance indicators (KPIs) are the main parts of “Identifying benefits”. At this phase it is defined whether a project/program can produce the desired value and different tools are used in order to map the benefits. Information about the beneficiary, the time and the life span of the outcomes are analyzed in order to be identified that the considered benefits are in accordance with the initial business’ goals.

• Execute benefits: The monitoring of the benefits is the main process that occurs during the “Execute benefits” phase. The progress of the planned actions and the intermediate deliveries are repeatedly assessed during the project’s development providing useful feedback that enhances management and decreases the risk related to the final outcome. Moreover, since the project development is a dynamic process, new opportunities may arise or the initial business goals may change. Hence, it is useful to be reviewed whether the formerly identified outcomes are still relevant or whether additional benefits should be considered.

• Sustain benefits: In the last phase of the BRM the main goal is to be ensured that programs’ outcomes will continue to add value to the organization even after the end of the programs. It is important that the organizations are able to sustain benefits which contribute to the achievement of the strategic objectives. Therefore, through the benefits sustainment and the post-project evaluations it can be ensured the continued realization of the intended benefits.

Management

Projects and programs are driven by benefits, therefore the BRM can constitute crucial part of their success. Mapping the benefits that can be delivered by the organization’s projects and programs and define the relation they have with the corporate objectives provides a comprehensive overview of the cause and effects relationships between elements. The latter could facilitate effectively the management of the different processes during the projects’ lifetime and leads to the accomplishment of the projects’ goals. Through the monitoring of the intermediate benefits, the managers can continuously review the progress of the planned activities and keep projects on track. Moreover, it is important to be ensured that programs outcomes will continue to create value after the end of the programs. Hence, the performance of the benefits on a long-term basis could be measured through a benefits sustainment plan. Additionally, the evaluation on the final outcomes will be a valuable contribution to the assessment of the implemented processes and the derived conclusions could be used in order to increase the efficiency of the future planning.

Limitations

Although BRM is a powerful tool that has a strong influence over project success, there are limitations that may result to complicated and laborious processes. The interdependence of the benefits with internal and external elements is sometimes related to high uncertainty, which leads to complex and ambiguous evaluation of the outcomes. Moreover, the reliability of the benefits evaluation may decrease due to the constraints imposed by benefits which are unquantifiable. The discrepancy between the stakeholders’ visions might be another challenge for the BRM. The different impact that the benefits have on various stakeholders affects their interest on the project and respectively their engagement and their support. Hence, significant attention should be given on the different perspectives that the stakeholders might have on the considered benefits at the BRM.

Link

http://wiki.doing-projects.org/index.php/Benefits_Realisation_Management_(BRM)#cite_note-Fra-0

Trello

Using Trello in project management can be helpful in the following way. ToDo, Doing, Done, Review. Inspired by Scrum OR Purpose, people, complexity and uncertainty.

ToDo

ToDo like this.

Doing

Doing like that.

Done

Review