MDCM is one of the largest medical device contract manufacturing companies in the world, and has been running since 1972. In this paper B case will be examined and the main focus offf the apperrr will remain on the steps involved in developing a portfolio of IT projects aligned with a company's strategic objectives.
A project office typically performs any or all of the following six project management functions: project support; selecting and supporting project management software tools; implementing and maintaining project management processes, standards, and methodologies; providing project management training; providing project management consulting and mentoring; managing and developing project managers The MDCM, a relatively small, yet high-end and strategic group, connects executive vision with the work of the organization. While the MDCM may perform traditional project office functions, it's expanded strategic functions include: assessing and promoting project management maturity; creating a project culture; integrating processes and systems enterprise-wide; ensure enterprise-wide project quality; managing resources across projects and portfolios; and project portfolio management.
The last function, project portfolio management, is perhaps the single most important responsibility of the MDCM. These tasks include:
Linking corporate strategy to programs and projects. The MDCM is responsible for ensuring that projects reflect the strategic goals established by top management.
Project selection and prioritization. The MDCM mixes and matches projects based on their relative levels of priority and relevance. The interdependencies among projects can only be seen from the perspective of the MDCM.
Linking strategy to projects is revolutionary thinking in some organizations. The concept of having someone in the organization look at the strategic objectives with respect to ongoing projects is still new in many organizations. The good news is that organizations are now establishing Strategic Project Offices to correct this oversight.
Portfolio management begins with the selection of the portfolio. The MDCM is the "voice of the projects" on the executive-level steering committee that must decide which of the many opportunities to pursue with a limited amount of resources. The decision of which projects to authorize is complex and depends on a number of factors, such as return on investment, fit with the current portfolio, desire to introduce a new product line, availability of resources, and many others.
The selection process involves identifying opportunities; assessing the organizational fit; analyzing the costs, benefits, and risks; and developing and selecting a portfolio. Portfolio management is concerned with fit, utility, and balance. If done effectively, portfolio management will ensure optimum use of people and resources.
Almost every organization uses this thought process to build a portfolio of projects. The organization may first identify opportunities; then assess the organizational fit; analyze the costs, benefits, and risks; and finally develop and select a portfolio. It is the methods and techniques employed that differ.
Balanced Score Card
Both structures share same objectives. As a Business, a project seeks for profitability & customer satisfactionthrough application of proven processes as well as constant improvement though learning skills. So why not to use in Project Management the same best practices develop ...