Portfolio management will take on a greater role as funding continues to tighten and the number of projects grows.
Portfolio management is more than a prioritization exercise. It is the culminating activity in competitive strategy where executives have identified the programs and projects that will turn their intentions into reality. We are witnessing more companies investing in IT and process improvement to get a better handle on all of the project-based investments occurring across their business. And they are tweaking — and in some cases overhauling — their portfolio management approach to make sure it is the best it can be. Many organizations will continue to develop a portfolio hierarchy at the division, business unit, regional, and corporate-wide levels. This will require substantive expertise in portfolio management principles and practices, and a healthy dose of diplomatic and political skills to get everyone headed in the same direction. Will PMI develop a certification in Portfolio Management? We shall see.
ESI International, a leading project management training company, recently announced the release of its top 10 trends in project management for 2013. The 2013 trends reveal that expert leadership is lacking in all areas of project management, portfolio management and program management.
“This year’s trends bring a murky problem into specific light,” said J. LeRoy Ward, Executive Vice President, ESI International. “Leadership skills are lacking within the project community, and until project managers learn how to properly lead teams and their projects, project execution will continue to be a problem.”