Project Portfolio Management: Strategies, Models, and Governance

This report provides a comprehensive overview of Project Portfolio Management (PPM). It explores the definition and importance of PPM, emphasizing its role in resource allocation, project prioritization, and risk management. The report details how change managers can implement PPM effectively. It further examines governance components within PPM and their significance. The Kubler-Ross Change Curve, Kotter's 8-step model, and McKinsey 7S model are analyzed for their relevance in business and change management. The report includes references to academic sources and a video link on change management, offering a well-rounded perspective on PPM and its practical applications.

Project Portfolio
ManagementName of the Student:
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What is
PPM?Project Portfolio
Management
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 Project Portfolio
Management is the tool or
method that is used by an
organization to gain proper
view of the resource usage
and the project timelines
(Sanchez, 2015)
 It helps in analyzing the
project as well as the
portfolio trade-offs, risks and
performance.
 It helps in prioritizing and
selecting the right projects.

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Why PPM
Why an organisation need project portfolio
management?
PPM helps in:
• Ensuring credibility and increased
accountability to the company
stakeholders
• Enhancement of the ability of
making strategic and timely cuts
whenever needed (Teece, Peteraf
& Leih, 2015).
• Planning schedules and allocating
resources that are necessary for
making a project portfolio 3

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How could be
change of managers
used for the
implementation of
PPM?4

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Significance of Project Portfolio Management in
change management
• Enabling change and eliminating the
obstacles of growth and development.
• Providing sufficient support for
practical measures (Lieder, Asif &
Rashid, 2017).
• Producing additional benefits and
values to the customers and clients.

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• Providing cohesion for the
operating models.
• Supporting the success in the
ever evolving and multi
layered business environment
(Fernandez & Rainey, 2017).

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Implementation of
PPM
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 Setting proper expectations
 Re-defining technology
 Changing processes versus
customization
 Choosing integrations that
add value
 Effective project
management

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What are the some of
governance components in
project portfolio
management ?
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Project Portfolio
Governance
“The selection, prioritization,
and control of an
organization’s projects and
programs in line with its
strategic objectives and
capacity to deliver. The goal
is to balance change
initiatives and business-as-
usual while optimizing return
on investment.” (Joslin & 9

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Kubler ross model

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Relevance of Kubler-Ross Change Curve in Business
Denial
• It is the stage of shock and is basically short-lived
• at this stage, an individual puts on a temporary defense
mechanisms and they take time for processing some
distributing news
• One might exercise denial and might stay focused on
the past.
Anger
• In this stage, one finally “understands the depth of the
very situation.
• He or she might be very angry and look forward for someone
for blaming.”
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Relevance of Kubler-Ross Change Curve in Business
Bargaining
• In this stage, one starts to think about different ways for
postponing the inevitable
They try negotiating in the situation and make
compromise.
Depression
• In this stage, a person tends to feel sad, regretful, guilt
and many different negative emotions (Rosenbaum, More &
Steane, 2018).
• He or she often displays the signs of indifference and
reclusiveness.
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Relevance of Kubler-Ross Change Curve in Business
Acceptance
• In this stage, people realize that fighting is not going to
make the grief lessen.
• They start resigning to the situations and then accept it
wholly.
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Kotter’s 8 step model
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Relevance of Kotter’ s 8 step model in Business
Creating a sense of Urgency
• Identifying the potential threats and highlighting them
• Examining the opportunities that could be used through
effective interventions
• Initiating honest discussions & dialogues
• Requesting the support and involvement of industry people
and the customers and important stakeholders
Forming Powerful Guiding Coalitions
• Identification of effective leaders of change
• Formation of powerful change coalition
• Identifying the weak areas among the coalition teams
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Relevance of Kotter’ s 8 step model in Business
Developing a vision and a strategy
• Making sure that the change leaders could state the vision
in effective manner
• Determining the key values and definition of the final vision
Communicating the vision
• Communicating about the change in vision convincingly
• Honestly handling the Issues of the people
Removing obstacles
• Rewarding people to endorse change and support the
process
• Ensuring “that the organisational structure and
processes are in place and they are well-aligned with an
organisational vision.” 16

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Relevance of Kotter’ s 8 step model in Business
Creating Short-term wins
• Creation of short-term wins in the process of change.
• Creation of short term targets
• Rewarding contributions
Consolidating Gains
• Attaining prolonged improvement by the analysis of success
stories individually
Anchoring change
• Discussing about the success stories in relation to the
different initiatives of change
• Ensuring that change has become a key part of
organisational culture (Calegari, Sibley & Turner, 2015) 17

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Mckinsey 7s model
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7 Factors
Hard S Soft S
Structure Style
Strategy Staff
Systems Skills
Shared Values

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The backward brain cycle video- Learning to change
Watch:
https://youtu.be/MFzD
aBzBlL0

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Steering committee- an components in project
portfolio management
• Picking the right people
• Informing them about the
project
• Setting clear rules and
goals
• Scheduling follow-up
meetings whenever
required.
• Making communication and
debriefing priority.

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References:
• Sánchez, M. A. (2015). Integrating sustainability issues into project management. Journal of
Cleaner Production, 96, 319-330.
• Teece, D., Peteraf, M., & Leih, S. (2015). Dynamic capabilities and organizational agility: Risk,
uncertainty, and strategy in the innovation economy. California Management Review, 58(4), 13-
35.
• Tidd, J., & Bessant, J. R. (2018). Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
• Lieder, M., Asif, F. M., & Rashid, A. (2017). Towards Circular Economy implementation: An agent-
based simulation approach for business model changes. Autonomous Agents and Multi-Agent
Systems, 31(6), 1377-1402.
• Fernandez, S., & Rainey, H. G. (2017). Managing successful organizational change in the public
sector. In Debating Public Administration (pp. 7-26). Routledge.
• Joslin, R., & Müller, R. (2015). The relationship between project governance and project
success. International Journal of Project Management, 34(4), 613-626.
• Patanakul, P. (2015). Key attributes of effectiveness in managing project portfolio. International
Journal of Project Management, 33(5), 1084-1097.
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References:
• Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
• Williams, M., & Braddock, M. (2019). AI Case Studies: Potential for Human Health, Space
Exploration and Colonisation and a Proposed Superimposition of the Kubler-Ross Change Curve
on the Hype Cycle. Studia Humana, 8(1), 3-18.
• Rosenbaum, D., More, E., & Steane, P. (2018). Planned organisational change management:
Forward to the past? An exploratory literature review. Journal of Organizational Change
Management, 31(2), 286-303.
• Small, A., Gist, D., Souza, D., Dalton, J., Magny-Normilus, C., & David, D. (2016). Using Kotter's
change model for implementing bedside handoff: a quality improvement project. Journal of
nursing care quality, 31(4), 304-309.
• Calegari, M. F., Sibley, R. E., & Turner, M. E. (2015). A roadmap for using Kotter's organizational
change model to build faculty engagement in accreditation. Academy of Educational Leadership
Journal, 19(3), 31.
• Cox, A. M., Pinfield, S., & Rutter, S. (2019). Extending McKinsey’s 7S model to understand
strategic alignment in academic libraries. Library Management, 40(5), 313-326.
• Hofman, M., Spalek, S., & Grela, G. (2017). Shedding new light on project portfolio risk
management. Sustainability, 9(10), 1798.
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