Project Management Institute

Making the cut

To survive during difficult economic times, organizations must more efficiently and carefully allocate their resources, which often translates to streamlining investments, scaling back employee time, and cutting projects. This article discusses how organizations can reduce their volume of projects--and fund only those that can potentially generate the greatest value. In doing so, it overviews the basics of managing portfolios of projects, describing a holistic approach to portfolio management that integrates risk analysis into the overall strategy. It explains how German industrial giant Siemens manages projects via its PM@Siemens approach, outlining how Siemens has improved its approach so that it can handle the challenges of operating during the marketplace's current downturn. It then identifies the factors that are now influencing corporate go/no-go decisions on funding projects. It also details some of the methods that organizations are using to select projects that will help them achieve value--while mak
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