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Burlington, MA (October 25th, 2004) - "Between 40 and 80% of IT projects fail in the sense that they are late, over budget or useless." says Vin D'Amico, Founder and Principal of DAMICON, specialists in safe, secure IT systems and technical writing. "Much is written about managing IT projects but little is written about managing a collection of IT projects." He explains how to look at this challenge from an entirely different direction in the 2005 Handbook of Business Strategy.
"Every company manages projects," explains D'Amico, "but are they managing the right projects?" The only way to know is by creating a project portfolio. Manage the entire collection of IT projects like an investment portfolio. Some projects will do well and some will not. Some are high risk. Some are conservative. Overall, the portfolio should perform well enough to meet corporate goals and objectives.
D'Amico goes on to say, "Project portfolio management enables companies to assume control over their IT projects and deliver measurable value to the business community."
Effective portfolio management is impossible without a clear definition of corporate strategic goals. "If the corporate direction is changing or uncertain for any reason, IT has no choice but to focus on short-term, quick payback projects." says D'Amico. "If the corporate strategy is clear, IT can charge ahead and deliver tangible, long-term results by forming a portfolio management team and prioritizing initiatives."
At least once a quarter, evaluate and modify the project portfolio. "Needs change, priorities shift, and projects get off-track so the portfolio requires frequent adjustments." advises D'Amico. "Quarterly is the maximum adjustment interval and semi-quarterly or monthly is better."
"Projects still need to be individually managed by a focused project manager." says D'Amico. "The goal of porfolio management is make sure that the right projects are getting done by the right people at the right time. When these factors come together, the chances of success improve dramatically."
To read the full article, "Manage Your IT Projects Like an Investment Portfolio" visit the resources page.
Vin D'Amico is Founder and President of DAMICON, your ADJUNCT CIO. He is an expert in IT Disaster Response Planning, Network Security Policies, and Freelance Technical Writing. DAMICON services firms throughout New England.
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