Top-down View from Strategy to Portfolios to Project ManagementSep 10, 2022
Strategy management from the perspective of IT is to align with the business priorities and develop plans to reach a board or management team's target state. In this regard, we must find out how IT can develop plans or programs to support the business objectives and direction. Now, a list of IT projects that result from the strategy can form part of a portfolio.
Meanwhile, portfolio management is a strategic link between business investments and business outcomes. Let's take a look at this. Business executives might decide to invest x amount of dollars to get this y type of features and capabilities. They have probably projected that such a decision will lead to profitable outcomes. So, the portfolio is nothing but a list of projects aimed at supporting a company's strategic progress.
Without a doubt, strategy management can be simply looked at as ensuring that the right projects are executed. So what are the right projects? These are projects that align with the business objectives.
Strategic objectives or initiatives are turned into a list of projects comprising a portfolio. How does this relate to the projects? Project management ensures that each project is done right to facilitate favorable outcomes. Program management is nothing but a group, a big project which has sub-projects. You can call this extensive project a program.
Generally, many companies have this Project Management Office (PMO), which ensures the success of projects and expected value to the business. The picture above is a very good representation that will help you understand IT leadership's top-down view linking Strategy to Portfolio to Program to Projects.
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