Published: June, 2022
Project portfolio management is the systematic process of selecting, supporting, and managing a firm’s collection of projects. The key to portfolio management is realizing that a firm’s projects share a common strategic purpose and the same scarce resources.
Firms are literally bombarded with opportunities, but of course, no organization enjoys infinite resources to pursue every opportunity that presents itself. Choices must be made, to ensure that they select the most viable projects, project selection is adopted to select the best project.
Business strategy is often implemented through projects. Projects create the products, processes, facilities, and systems that are the building blocks of organizational strategy.
In this online CPE webinar, the speaker Raymond Sheen illustrates the relationship between strategy and projects. The webinar also provides a key approach with discussion on critical nature of the Project Charter. The idea that different approaches for project selection requires different approvals is also emphasized.
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, Product and Process Innovation, Inc.
Raymond Sheen, PMP® LSS BB, is president and founder of Product & Process Innovation, Inc. He is a veteran business leader with over 35 years of executive, functional, and project management experience working in GE, the US Air Force and as an independent consultant. Ray is author of the book, Guide to Building Your Business Case, published by Harvard Business Review Press and a contributor to the book, Guide to Project Management, also published by Harvard Business Review Press. Ray teaches process improvement, digital transformation, project management, product development and strategy development topics through Worcester Polytechnic Institute in Massachusetts.
Ray received his B.S. in Mechanical Engineering from the United States Air Force Academy and his M.S. in Astronautical Engineering from the Massachusetts Institute of Technology. He has recently completed a graduate certificate in Digital Leadership and Strategy from Boston University. He also attended numerous business management and executive management training programs while at GE. Ray is a Fellow at the Institute for Digital Transformation and a member of the Project Management Institute (PMI and the Institute of Electrical and Electronic Engineers (IEEE).
The focus of Ray’s work has been the management and deployment of technology in various industries and business functions including finance, engineering, marketing, manufacturing, service, and IT. Ray has completed projects, managed teams and delivered training and consulting on three continents and 15 countries.
Product and Process Innovation, Inc. (PPI) is a technology deployment training and consulting firm. Established in 1996, PPI has provided services to clients on three continents and 15 countries. PPI works closely with each client to provide a customized service. Frequently the training and consulting are combined to create action learning programs where the students immediately apply the lessons learned into actual projects in the organization. PPI has worked with industrial clients, commercial clients, government clients and non-profit clients. While there has always been an emphasis on effective project management, the nature of the projects has changed over time. The company now has focus areas in product development of high-tech products, process improvement in manufacturing and service business lines, organizational digital transformation, and leadership at all levels.