PM War Stories #7 - Project Portfolio Management: Finding the balance between finishing scheduled projects and pursuing new ideas

Download PMW_0007_PPM.mp3 (20.5MB)

Many organizations are faced with the reality of balancing their portfolio of projects.  Depending on the level of investment of time and money, both projects and their associated stakeholders are continuously competing for face time to meet their own agendas.  Interestingly enough, senior project managers have expressed concerns comparing the ROI calculation of new projects versus those later into their lifecycle.  In fact, new projects at the beginning of their cycle are calculated at the 75%+ ROI in contrast to the more mature projects estimated at a 10%-15% ROI.  It’s no wonder that project portfolio management as a discipline and the emergence of PMOs have gained momentum in recent years in project-centric organizations. 

For industries in which the development of new products is the life line of their organizations, PPM methodology has always been a critical component to their business.  This is especially true for organizations in Consumer Packaged Goods industry that may have dozens of products at one time at different stages in their development.  Every product is treated as a project, and with the complexity of each product the time and resources invested have challenged organizations in their ability to separate the good from the bad that lies within their portfolio of projects.

In this episode, we look at new product development in the CPG industry and we will feature a new segment entitled “Technology Corner.”  Based on emails from listeners Technology Corner will feature IT project case studies and provide insights to their successful delivery. Initially the Technology Corner will make periodic appearances in our monthly shows. If it is well received, we will add it as a regular installment.
                           

Our show is divided into 3 segments:

In part 1, we will go Roaming with the Salty Dogg and explore whether new really is better by exploring a case study in new product development.

In part 2, we will be talking to industry insider, Hugh Woodward, who has over 35 years of project management experience in manufacturing, construction and IT.  Hugh will be sharing with us his war stories and insights of project portfolio management in the consumer packaged goods industry and the challenges of choosing between investments in scheduled or existing projects and new ideas.

In part 3, we will talk with Randy Banks in our first installment of the Technology Corner. Randy is a Chartered Accountant and a Certified Project Management Professional with over 20 years of business experience. Today Randy will be sharing his experiences in rescuing an Enterprise Resource Planning systems or ERP project.

We hope you enjoy the show and encourage you to send your questions, issues, and war stories.

Music Notes

1. The opening of the episode – "montreal stand up" by Lil JJ
2. Interview with industry insider – "Soda Pop Bop" by ItchieCat
3. Technology Corner – "CORNER" by Alex Cebe
4. The outro and closing of the episode – "Troubled" by Mark Haney and The Buzzards