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Practise makes perfect

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Portfolio – Project Selection and Prioritisation

Portfolio – Project Selection and Prioritisation

As Portfolio / Program Manager, you will have lot of projects in your project backlog. As an effective Portfolio/Program Manager, you should prioritise the right project and select it for further planning and execution.

You need to prioritise projects by scoring/ranking projects on different prioritisation criteria. Some of prioritisation criterias that I recommend portfolio/program managers to prioritise projects are listed below :

  1. Strategic Alignment – You need to see if your projects is aligned to your organisation/department strategic goals and score it accordingly
  2. Financial Criteria – You need to see your projects ROI , Savings and Cost vs Benefit. Based on this , you can score the projects
  3. Risk Criteria – You need to also check how much risk is involved.

You can give different weightage and score for each of the above criteria and then prioritise your projects based on final scores.

This exercise will help convert your project list to prioritised project list. You can start planning and executing projects based on projects ranking in prioritised project list

Also, it is important to revisit the prioritised project backlog on monthly or quarterly basis to make sure you are working right projects which are high value to your organisation at that point of time

Author : Santosh Kumar Singh – Program & Product Management Professional

Program Management Project Management Articles Project Management Interview Questions Technical Program Management Technical Program Management - Interview Questions

Cost of Quality

Cost of Quality

 Cost of Quality is money spent during and after the project to avoid failures or because of failures.

Cost of Quality consists of two part

  1. Cost of Conformance
  2. Cost of Nonconformance

Cost of Conformance

Money spent during project to avoid failures. Cost of Conformance are listed below :

  1. Prevention costs – to build quality product . Example : Training , Document processes etc
  2. Appraisal costs – to access the quality. Example :Testing , Inspections

Cost of Nonconformance

Money spent during and after project because of failures. Cost of Nononformance are listed below :

  1. Internal Failure Costs – Cost due to failures found by project. Example : Rework , Scrap
  2. External Failure Costs -Cost due to failures found by customer. Example : Liabilities , Warranty work , Lost business
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What are vaious Risk Management approaches ?

Below are few approaches for dealing with the risks :

  • Avoidance: eliminate, withdraw from or not become involved. An example is deciding not to use a new or untested procedure that you’re concerned may not produce the desired project results.
  • Sharing / Transfer: outsource or insure. Suppose you choose to proceed with your plans to build a new $50 million facility (see the example in the preceding section). You can buy disaster insurance on the facility so the company doesn’t have to assume the full burden of a total loss if a hurricane destroys the facility.
  • Reduce / Mitigation: Either reduce the likelihood that a risk occurs, or minimize the negative consequences if it does occur.
  • Retention – accept and budget
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What are reasons software projects fall into trouble ?

Reasons software projects fall into trouble  :

Poor Planning:

Having a well-defined project plan avoids a project from falling into trouble.

Misaligned Expectations:

Understanding stakeholder’s expectation is a important factor for project success. Stakeholder’s expectation changes through out the project .

Ineffective Risk Management:

Proper Risk management avoids project failure and trouble.

Program Management Project Management Articles Project Management Interview Questions Technical Program Management - Interview Questions

Project Management FAQs – Scheduling

What is WBS ?

WBS (Work Breakdown Structure) is a structured way of breaking / decomposing

project in to various components.

What are various Project Planning steps ?

  1. Create WBS

  2. Create MS Project end export WBS to MS Project

  3. Update Resources

  4. Establish dependencies to all tasks

  5. Prepare Management and Coordination Section

  6. Level Resources and Optimize Schedule

  7. Critical Path

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