Project Portfolio Component Failures Management
Identify and remedy or cancel project portfolio components that are failing or are out of control.
Improvement Planning
Practices-Outcomes-Metrics (POM)
Representative POMs are described for Project Portfolio Component Failures Management at each level of maturity.
- 1Initial
- Practice
- Rely on staff expertise.
- Outcome
- Basic oversight and control is available immediately.
- Metric
- Number of staff with experience in dealing with failures in project portfolio management components.
- Practice
- Leverage professional networks and emulate successes.
- Outcome
- Working practices that are known to be effective can be deployed quickly.
- Metric
- Number of approaches or methods adapted from outside the organization for dealing with failures in project portfolio management components.
- 2Basic
- Practice
- Develop project portfolio component monitoring so that its remit extends beyond scheduling to cover earned value and the use of revised estimates.
- Outcome
- Performance variances are more easily identified.
- Metric
- Number of views available on the status and health of project portfolio components.
- Practice
- Establish control limits that trigger updates — e.g. spend at more than 15% variance from plan.
- Outcome
- Variances outside tolerances are reported, and minor variations are dealt with at project or programme levels.
- Metric
- Number of control alerts being received in portfolio management from project portfolio components.
- 3Intermediate
- Practice
- Encourage reporting of corrective actions by project and programme managers.
- Outcome
- Portfolio management is aware of budget and or resource reallocations.
- Metric
- Number of corrective actions recorded in Project Management Information System (PMIS).
- Practice
- Act early when portfolio level interventions are necessary.
- Outcome
- Portfolio agility is enhanced and maintained.
- Metric
- The time between the identification of an intervention and its satisfactory closure (with interventions classified by portfolio and priority).
- 4Advanced
- Practice
- Automate the detection of control limit violations to assist in early detection and reporting of potential issues.
- Outcome
- Transparency, agility, and consistency are all improved.
- Metric
- Number and ratio of automated alerts to manually reported alerts.
- Practice
- Feed failure data back into the project management information system (PMIS) and update or revise tools and risk management processes accordingly.
- Outcome
- The management of project portfolio failures is improving.
- Metric
- Number of data entries relating to failure in the Project Management Information System (PMIS).Number of innovations driven by failure data analysis.
- 5Optimized
- Practice
- Use research-informed analytical techniques to improve the level of detection of failures and to minimize any associated portfolio disruptions.
- Outcome
- Failures are detected sooner and management of them becomes more effective.
- Metric
- Number of research-informed innovations in component failures management.
- Practice
- Continuously refine and improve controls relating to project portfolio components and the detection of control violations.
- Outcome
- A competitive position is attained and sustained in the management of project portfolio component failures.
- Metric
- Number of project portfolio component failures management processes, tools, techniques, or training.