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Project Portfolio Prioritization
The Need for a Hands-on Mechanism
The role of projects as major drivers for strategy implementation has been appreciated during the last years; they can be seen as the crucial activity-oriented link between strategy and operational budgets. However, beside this development and a professionalization in single project management, the application of systematic and binding prioritization rules can rarely be found in practice. Especially under rapidly changing conditions, the selection of a certain set of projects is becoming a challenging task. In 2008 Telekom Austria decided to develop a new approach towards project portfolio prioritization.
1. Guiding Principles in Project Portfolio Prioritization
The following targets were defined upfront for the development process:
The approach has to provide systematic decision support for steering bodies, but it will not substitute management decisions by an algorithm.
The defined portfolio prioritization mechanism has to be applied in the entire group for all projects.
Portfolio prioritization has to be an on-going task within the entire portfolio management process.
The portfolio prioritization mechanism must be hands-on, without too much complexity for users and decision-makers.