Pragmatic portfolio management, 25th september 2012
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Transcript of Pragmatic portfolio management, 25th september 2012
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Pragmatic Portfolio Management25 Sept 2012
Martin Samphire and David Dunning, on behalf of the APM Portfolio Management (PfM) SIG
APM Portfolio Management (PfM) SIGAPM Thames Valley Branch
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APM Presenters
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Martin SamphireMIOD
Chairman of APM Governance SIG
Owner and MD – 3pmxl Ltd
Sectors – FS, police, defence, energy
David DunningCMC
APMG Registered MoP™ and
P3O® Consultant
CPS Director
(APM Portfiolio Mgmt SIG Committee Members)
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Agenda
� Introducing the PfM SIG and PfM background
� Portfolio Management concepts
� How to introduce / improve PfM
� PfM survey – some results and insight
� Group discussions – key insights from survey
� Q&A
� Summary and close3
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PfM SIG and background
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PfM SIG – some committee faces
Our passion - "To develop and promote the professional discipline of Portfolio
Management for the public benefit.“
…..Promoting, Influencing, Communicating, and Sharing best practice……
Achilleas Mavrellis
Defra(SIG Secretary)
Christine Rigby
AstraZeneca
StephenParrett
Right Change Consulting(SIG Chairperson)
Nigel BellHP
Martin Samphire3pmxl Ltd
DavidDunning
CPS
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Rebecca WestCity of London
Corporation
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Change Management
AssurancePeople
GovernanceProgramme
Management
Benefits Management
PMO
Portfolio Management
(PfM)
PfM SIG - interfaces with other SIGs
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Directing Change
2nd edition 2011
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Co-Directing Change
2007
Sponsoring Change
2009
Free to APM members at www.apm.org.uk/memberdownloads
PfM – strong link to governanceGovSIG – Publications to date
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APM PfM SIG focus for 2012
� Survey – update, analyse and provide
insights (more later)
� Enhance relationship with external bodies
to influence business leaders
� Spread good practice to APM members
and beyond – events, papers, website,
case studies
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PfM SIG – Join the Debate....� Come and join us to find out more!
– Link to PfM SIG area on APM website
� Become one of our Bloggers online...
� Do you have some interesting PfM learning, tools, techniques or a case study to share through a written article or presentation?
� Please do complete the survey at
www.surveymonkey.com/s/LB93F9C
� PfM “Fest” on 2 October
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PfM – some key concepts
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Which world do you live in?
� Business as unusual?
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� Business as usual?
Inconvenient
period of change
Current steady
state
Future steady
state
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The Black Death, PM and PfM
The Black Death has a parallel with project management….the signs of something going
wrong were well known and yet the same medicine was applied – Project March 2012
� Heavy investment in PM and change delivery framework, tools and skills
� Success rate for projects not improved
� Need new “medicine”
� Could that be more focus on Portfolio Management?
� Successful Portfolio Management leading to better Benefits Delivery?
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Change in context
Mission
Strategy & Objectives
Portfolio Mgmt –
Definition &
Monitoring
Operational
Planning & Mgmt
Programme and Project
Mgmt of authorised
P&Ps
Operational Mgmt
of on-going operations
(BAU)
Organisational and External Resources delivering tasks
Vision Portfolio Management
“Doing the right
projects”
Programme & Project
Management
“Doing the projects right”
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Projects
Programmes
Portfolio
Specific business benefits
Outputs
Achieve Strategic Outcomes
Portfolio Management ensures
“right projects and optimises
investment in change”
Positioning PfM
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Positioning PfM – Definitions
Making the right investment choices and effectively optimising scarce resources
(money – technology – infrastructure - people)
APM
The prioritisation,
selection and
management of an
organisation’s
projects and
programmes in line
with its strategic
objectives and
business priorities,
taking into account
its capacity to
deliver them.
OGC
PfM is a
coordinated
collection of
strategic
processes and
decisions that
together enable a
more effective
balance of
organisational
change and BAU
National Audit
Office
Prioritisation of all
an organisation’s
projects and
programmes in
line with business
objectives and
matched to its
capacity to deliver
them.
Cranfield &
Open University
Managing a
diverse range of
projects and
programmes to
achieve the
maximum
organisational
value within
resource and
funding
constraints.
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Positioning PfM – Some SIG Perspectives
‘Portfolio Management ensures the ‘right’ projects & programmes
are selected and managed for success….’Portfolio Management SIG 2011
‘All Projects
Succeed’APM Vision 2012
Supports timely decision making
and re-orientation of in-flight projects &
programmes so that strategic benefits
are optimised
Avoids projects being seen as the province of a specific department –
decisions based upon business not ‘local’
criteria
Identification of Projects & Programme that are
strategically alignedand add value Those not strategically aligned
are not started or cancelled as early as
possible
Ensures visibility of all projects & programmes
and their interdependence and enables tracking and
focus to ensure success. Provides better
engagement with staff
Supports effective and optimised allocation of
resources to better enable the highest priority ‘right’
projects and programmes to succeed
Ensures management of risk at the collective
level increasing success of the ‘right’
projects & programmes and a link to business
risk management\
Supports robust governance of change
across the whole landscape of change / projects
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Positioning PfM – Integrated Cycles
UnderstandStrategic fit
PlanPortfolio strategy
& delivery…The baseline…
BalanceE.g. Overall risk,
return, coverage etc
PrioritiseRanking criteria
CategoriseFor easier
decision making
Organisational
Energy &
Willingness
Definition Delivery
InputResults:
Influencing Strategy
Outputdelivering Strategic Outcomes
Performance(Verify – Clarify –
Check – Respond)Diagram based on the Portfolio
Management cycles in OGC
Management of Portfolios (MoP™)
Benefits MgmtMaximise Portfolio
performance
Financial MgmtAlignment with financial
business cycles
Risk MgmtMitigation …& opportunity…
Stakeholder
EngagementMaintaining
support for delivery
Resource
Mgmt
Management
ControlTemplates, Assurance
GovernanceClarity for decision
making
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Demand Management Process
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3pm
Project Lifecycle
Performance KPIs
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Portfolio definition – categorise
Identify alignment with strategic objectives – segment where possible into categories of similar type
Strategic
Investments which are
critical to sustaining
future business strategy
High Potential
Key Operational Support
With tailored investment criteria
Investments which may be
important to achieving
future success
Investments on which the
organisation currently
depends for success
Investments which are
valuable but not critical to
success
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Portfolio “filter”
Portfolio Plan
BAU Work
Vision
Current State
Programmes and Projects
StrategyMission
Consensus?
Poorly understood
Priorities agreed?
Poor control
processes
ResourcesNot Integrated
Not what expected
Positioning PfM - where can it go wrong?
Business Strategy Changes
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Business
Performance
Benefits
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Key principles for success
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� Senior management commitment– Senior champion and clear roles / accountabilities
– Active engagement - Fast decision making
– Rewards and recognition alignment
� Alignment with governance framework– Portfolio direction group / Investment Committee
– Portfolio Progress Group / Change Management Committee
– PPM Forum – project progress
� Alignment with strategic objectives– Portfolio segmentation
– Prioritising (weighting, rating, pair-wise comparisons, decision conferencing
– Link benefits to strategic objectives – value led
� Use of a portfolio office– Process and standards, support, challenge, assurance, reporting, lessons
– Evidence
� Energised culture– Collaborative working, proactive communications, learning and improving
Adapted from OGC MOP
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Positioning PfM – The Benefits of PfM
� More “right” programmes / projects
� Removal of redundant, duplicate, poorly performing projects
� More effective implementation of programmes / projects –consistent approaches and improved dependency management
� Better resource utilisation and collaborative working (both projectrs and bau)
� Holistic risk management
� Enhanced transparency, accountability and governance
� Improved engagement and communication between senior management and staff
� Greater benefits realised (and that support strategic objectives)
Reference: MoP™ Office of Government Commerce, 201122
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PfM – how to introduce and improve
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Vision…What is our expected future state?
Requirement…How does it piece together?
Readiness…Have we checked we can do this?
Approach…Opening, mid & end game?
Roadmap…How do we get there?
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Problem Outcome Benefit
Resource management – unsuitable model for
managing going forwards
• Central place – for resources, skills,
plans.
• Process for long term planning and resource allocation.
• Update cycle to control allocations for plans ‘in flight’
• More efficient use of resource pool.
• Ability to be more agile • Reduce the cost of managing issues resulting from
ineffective resource management. • Increase delivery certainty from greater timescale
predictability
Lack of visibility of work in flight / approaching
and lack of visibility of timescales.
• Central place for plans and other
project controls. • Common reporting portal. • Replace current manual reports with
more automated / on demand report solutions.
• Reduce cost of reporting• Increase predictability for the business leading to less
time spent introducing changes• Improve reputation with the business
Incomplete approach to forecasting the forward load, unsatisfactory transition from possible to real plan
• Provide a portal through which work requests can be registered.
• Introduce planning standards for long terms and near term work.
• Review priority model to require alignment to strategy
• More predictability of project starts from greater visibility of resource demands now and into the future leading to more efficient use of resources
• Less management time spent resolving issues which could have been avoided.
• Enables more effective prioritisation – more if the important work is done.
Ineffective collaboration on project controls and no central configuration management approach for document
• Project Collaboration environment. • Document Library, common project
controls.• Cross project issue, risk, lesson
learned reports
• Less time managing documents, less issues resulting.• Less storage space needed. • One place to look for documents, less time searching
for the right version. • Better learning. • Less time spent assembling cross project reports
Ineffective Performance measurement and management
• Common progress cycle from common plan structures, supporting common metrics
• Less time spent capturing status. • Less time spent starting up plans and project controls. • More reliable planning leading to less issues to
manage. • Increased predictability leading to reputation benefits
and business time saving.
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Base CapabilityTools – planning tools, collaboration environments, reporting platforms, user capability. Architecture, installation, performance assurance, trained users following basic procedures for use, simple quality assurance checks.
Data – Databases and data stored, reporting data sources, basic quality assurance. Base data model defined, access controls, data aggregation and integration facilities in place.
In addition to the data and tools, basic usage guidelines and support will need to be provided.
People & Process Controls – definition of the right information needed at the appropriate moment of processes. The right management information, commonly used, and relied upon by the business. For example, business case documents, change registers, risk logs, etc.
Operation – execution of the appropriate processes and roles to deliver work. Common, joined up procedures carried out by people, where capability is not an issue.
Insight & ManagementReporting – definition of common reports delivered from common process using common tools & data.
Integration - Progress from manual data through to integrated reports linking related data stores (like planning and finance data), to snapshotting and data capture / trend analysis.
Collaboration – Common ways of sharing all kinds of information (Risk, Issue, etc.), linking of unstructured information.
Organisation & LeadershipOrganisation - The ecosystem which delivers projects and programmes. Tools and processes owned, support and governance in place, scrutiny and oversight of the portfolio active.
Leadership - Initial link between strategy & delivery visible, capability hiring approach in place, executive level use of information for decision making, strategy drives delivery and delivery of benefits informs strategy.
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� Recommend not to take on too much change at once. Enable ���� Improve ����Change
� Choose a sensible scope in each of the areas of Base Capability, People & Process, Insight & Management and Organisation.
� (Also - We might not need to do everything)
INSIGHT &
MANAGEMENT
ORGANISATION
PEOPLE & PROCESS
BASE CAPABILITY
Hig
her
ord
er
engagem
ent w
ith t
he
org
anis
ation
CHANGE – improvements possible with fundamental organisation changes
IMPROVE – capability benefits derived from basic building blocks
ENABLE – basic capability building blocks
in place
Fro
m c
urr
ent sta
te to
ultim
ate
solu
tion
SOLUTION COMPONENTS
TRANSFORMATION
• Consider the problem statements and the desired outcomes against each of the solution components.
• Do we need to consider tactical en-route to strategic solutions.
• Will the solution offered really help achieve the benefit expectation.
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Capability / Maturity enabled building blocks
• Depending on the circumstances, there are changes that it is sensible to make first,
and changes it is sensible to delay.
• It may be sensible to introduce some changes only after others have settled into
business as usual. For example, resource planning before resource management.
• It may well be that: • there are bandwidth constraints which will limit what can be led or absorbed by staff.• we cannot reach or influence the stakeholders until they have seen initial benefits.
• It is sensible therefore to plot out a sequence of change respecting these constrains:
INSIGHT & MANAGEMENT
ORGANISATIONPEOPLE & PROCESSBASE CAPABILITY
Key Business Issues Demonstrable Business Benefits
CHANGE
IMPROVE
ENABLE
Phase 1 Phase 2 Phase 3Not in Scope
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INSIGHT & MANAGEMENT ORGANISATIONPEOPLE & PROCESSBASE CAPABILITY
• Tools joined up with other tools
• Data integrity• IT strategy
alignment
• Interpretation not a gamble
• Processes relied upon by the
business• People capability
not an issue
• Flexible Insight to spot issues• Meaningful analysis on reliable
information from reliable process
• Supporting key business
processes
• Scrutiny and oversight of the
portfolio• Strategy drives
delivery and delivery informs strategy
• Future resource needs from strategy
CH
AN
GE
• Tools aggregate information easily
• People use tools & follow basic usage model
• Accuracy and reliability
• Common Information
• Processes joined up and operated
• People capable of following processes
• Common data schemes in different systems
• Common reports extended to integrated information
• Aggregated information for further collaboration
• Support and governance in place
• Exec level use of information for decision making
• Skill development / acquisitionIM
PR
OV
E
• Common planning & collaboration tools
• People have base tool capability
• Data Accuracy
• The right management information
• Common procedures
• Enough of the right people
• Common reports defined• Information sources
understood and manually worked together
• Common ways of collaborating around information
• Standard tools &processes owned
• Initial link between strategy & delivery visible
• Capability hiring approachE
NA
BL
E
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Transformation
Phase 3 Vision = CHANGE – deliver benefits beyond what is possible with improvement alone.• Design• Change
Phase 1
EnablePhase 3
Change
Phase 2
Improve
Design Change
Realise Benefits
S
Design Change
Realise Benefits
Design Change
Realise Benefits
F
Assessment
Initiation
Define
Identify • Identify – the problems to be solved• Assess – what the implication is• Define – the solution and the roadmap
Phase 1 Vision = ENABLE• Assessment• Design• Change
Phase 2 Vision = IMPROVE – build upon the capability enabled.• Design• Change
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PfM – survey and insights
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PfM Survey – Principles(*) Considered
� Proactive and visible senior management commitment
� Consistent and effective governance alignment
� Alignment of the Portfolio with strategic objectives
� Co-ordination through a Portfolio Office
� Energised change culture and associated behaviours
(*) Principles from: MoP™ - Office of Government Commerce, 2011
PfM Survey asked how each of these were perceived in organisations in terms of their Importance and Effectiveness
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Principle Importance Effectiveness
Alignment of the Portfolio with strategic objectives
63% 37%
Proactive and visible senior management commitment
57% 42%
Consistent and effective governance alignment 43% 27%
Shared change culture and associated
behaviours
29% 18%
Co-ordination through a Portfolio Office 28% 22%
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Reasonable
correlationSenior focus?
We don’t need PMOs? Poor show –
need to improve
Most important
No to culture change?
Principles(*) Rated
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PfM Survey – Challenges Faced
1. Gaining Board buy-in to a single agreed view of business objectives
2. Developing an initial portfolio
3. Getting portfolio management started
4. Securing and sustaining business unit management commitment
5. Prioritising and balancing the portfolio
6. Dealing with tensions between Portfolio and BAU/Operational objectives
7. Securing and developing people with the right portfolio skills/capabilities
8. Putting in place the right tools & techniques to support PfM
9. Delivering overall portfolio benefits
10. Setting up, and gaining compliance with, portfolio management processes
11. Achieving the goals set for a portfolio management function
12. Applying lessons learnt from regular reviews of PfM performance
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Challenge Rated
High
Interest
Developing an initial portfolio 40% 15
Gaining Board buy-in to a single agreed view of business objectives 37% --
Getting portfolio management started 36% 42
Securing and sustaining business unit management commitment 20% 38
Prioritising and balancing the portfolio 20% 58
Delivering overall portfolio benefits 18% 58
Putting in place the right tools/techniques to support PfM 18% 61
Dealing with tensions between Portfolio and BAU/Operational objectives 17% 46
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All their fault?
Top 3
topics
Little correlation
A long way to go in many areas, but significant interest in more debate/learning about how to improve performance
Are Challenges being met?
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Exercise – survey insights
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Exercise – objectives and process
� In groups
– Take a Portfolio Management Principle
– Discuss it’s importance
� Together
– Each group - Make a short ‘champion’ presentation
– Vote!
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Q&A and summary
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Summary
� Effective PfM is about delivering Strategic Objectives
� This implies:
– Executive ownership of the Portfolio
– Integrated governance and decision-making
– Commitment to the underpinning and active processes
� This requires:
– Objective > Problem > Outcome > Benefit mapping - value led
– Vision and roadmap
– Organisational will – active and fast decision making
– Change Programme to implement / improve
� Getting PfM right should result in:
– Clear links between strategy, plans and the change portfolio
– Optimisation of all change resources
– Better overall benefits delivery and strategic outcomes39
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For follow-up contact
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Martin [email protected]+44 7798 700314
David [email protected]+44 7767 803540