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A wise man once said, Project Management is doing project rights. Portfolio Management is doing the right mix of projects. Depending upon how your organization is utilizing information technology will be portrayed in your organization’s project mix. Currently, we have a small project expense organization mix. Mostly upgrades and minor enhancements, some of it has to do with the economy and non-existent capital. Others can be viewed on how we have not yet achieved the term strategic business enabler. Some projects should be placed out into the pasture of long lost opportunities. Yet we continue to strive towards these endeavors.
Let’s talk about some of the common characteristics displayed and when a project should be terminated.
So if on your project dashboard, you notice 5 – 10 projects which should be killed what do you do? One suggestion is to have a project murder board, and for any of the poor performers have to have the sponsor justify the continued investment.
An easier item from a go-forward philosophy is to have project cancellation criteria right in the charter. It is easier to say based upon any of the above situations, that the project will be brought before governance for a value review. A part of this best practice to make the project manager accountable for triggering the review.
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Source by Elyse Nielsen
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