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IT Project Portfolio Management
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IT Project Portfolio Management
For a complete listing of the Artech House Effective Project Management Series,
turn to the back of this book.
IT Project Portfolio Management
Stephen S. Bonham
a rtec h h ouse . c om
Library of Congress Cataloging-in-Publication Data
Bonham, Stephen S.
IT project portfolio management / Stephen S. Bonham.
p. cm.—(Artech House effective project management series)
Includes bibliographical references and index.
ISBN 1-58053-781-2 (alk. paper)
1. Information technology—Management. 2. Project management.
I. Title. II. Series.
T58.64.B65 2004
004’.068’4—dc22
British Library Cataloguing in Publication Data
Bonham, Stephen S.
IT project portfolio management.—(Effective project management series)
1. Information technology—Management 2. Project management—data processing
3. Strategic planning
I. Title
658.4’04
ISBN 1-58053-781-2
Cover design byYekaterina Ratner
© 2005 ARTECH HOUSE, INC.
685 Canton Street
Norwood, MA 02062
All rights reserved. Printed and bound in the United States of America. No part of this
book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the publisher.
All terms mentioned in this book that are known to be trademarks or service marks
have been appropriately capitalized. Artech House cannot attest to the accuracy of this information. Use of a term in this book should not be regarded as affecting the validity of
any trademark or service mark.
International Standard Book Number: 1-58053-781-2
Library of Congress Catalog Card Number: 2004046248
10 9 8 7 6 5 4 3 2 1
To my Dad, Charlie, and to my dear wife, Olivia
.
Contents
Preface .......................... xiii
Acknowledgments .................... xix
1 Introduction to IT PPM .................1
1.1 MPT . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.1.1 Financial Investments .................2
1.1.2 Project Investments ..................6
1.2 IT Project Management...................9
1.2.1 Variable Schedule. . . . . . . . . . . . . . . . . . . 10
1.2.2 Variable Cost/Budget . . . . . . . . . . . . . . . . . 12
1.2.3 Variable Functionality/Scope/Quality . . . . . . . . . . 12
1.2.4 Risk . . . . . . . . . . . . . . . . . . . . . . . . 13
1.3 Portfolio Selection . . . . . . . . . . . . . . . . . . . . 16
1.3.1 Maximization . . . . . . . . . . . . . . . . . . . . 16
1.3.2 Strategic Alignment . . . . . . . . . . . . . . . . . . 17
vii
1.3.3 Balance . . . . . . . . . . . . . . . . . . . . . . . 19
1.3.4 Resource Allocation. . . . . . . . . . . . . . . . . . 20
1.4 The IT PMO . . . . . . . . . . . . . . . . . . . . . . . 21
1.4.1 PMO Rollout . . . . . . . . . . . . . . . . . . . . 27
References 29
Appendix 1A: IT PPM in Action—Government Regulations . . . . . 33
1A.1 Basel II . . . . . . . . . . . . . . . . . . . . . . . 33
1A.2 Clinger-Cohen Act . . . . . . . . . . . . . . . . . . 34
1A.3 Sarbanes-Oxley Act . . . . . . . . . . . . . . . . . . 34
2 Strategic Alignment . . . . . . . . . . . . . . . . . . 37
2.1 Corporate Strategy . . . . . . . . . . . . . . . . . . . . 37
2.1.1 Problems . . . . . . . . . . . . . . . . . . . . . . 40
2.1.2 Solutions . . . . . . . . . . . . . . . . . . . . . . 41
2.2 IT Projects. . . . . . . . . . . . . . . . . . . . . . . . 42
2.2.1 Changing Directions . . . . . . . . . . . . . . . . . 42
2.2.2 Vector Analysis. . . . . . . . . . . . . . . . . . . . 43
2.2.3 Project A—Growth . . . . . . . . . . . . . . . . . . 45
2.2.4 Project B—Productivity . . . . . . . . . . . . . . . . 47
2.2.5 Lessons . . . . . . . . . . . . . . . . . . . . . . . 48
2.3 Strategic Frameworks . . . . . . . . . . . . . . . . . . . 49
2.3.1 Alignment . . . . . . . . . . . . . . . . . . . . . . 49
2.3.2 Portfolio Selection and Tracking . . . . . . . . . . . . 51
2.4 Reengineering Cumulative Digression . . . . . . . . . . . . 53
2.5 Summary . . . . . . . . . . . . . . . . . . . . . . . . 55
References 55
Appendix 2A: Case Study—Royal Caribbean Cruises—Microstrategies 57
3 Portfolio Flexibility . . . . . . . . . . . . . . . . . . 59
3.1 Risk and Methodologies . . . . . . . . . . . . . . . . . . 60
3.2 Flexibility . . . . . . . . . . . . . . . . . . . . . . . . 61
3.3 Initiative Methodologies . . . . . . . . . . . . . . . . . . 62
3.3.1 Phase 1—Understand the Problem and Its Context . . . . 65
3.3.2 Phase 2—Risk/Option/Cost Analysis. . . . . . . . . . . 65
viii IT Project Portfolio Management
3.3.3 Phase 3—Presentation and Project Preparation . . . . . . 73
3.3.4 Phase 4—Metric Mapping . . . . . . . . . . . . . . . 75
3.4 Project Methodologies. . . . . . . . . . . . . . . . . . . 76
3.4.1 Pitfalls . . . . . . . . . . . . . . . . . . . . . . . 78
3.4.2 Audit Points . . . . . . . . . . . . . . . . . . . . . 79
3.5 Summary . . . . . . . . . . . . . . . . . . . . . . . . 83
References 85
Appendix 3A: Case Study—Artesia BC—Flexible Balanced Scorecard . 87
4 The IT Portfolio Management Office. . . . . . . . . . 89
4.1 Defining IT PMO . . . . . . . . . . . . . . . . . . . . . 89
4.1.1 Project Offices . . . . . . . . . . . . . . . . . . . . 89
4.1.2 IT PMO Requirements . . . . . . . . . . . . . . . . 90
4.1.3 Tailored PMOs. . . . . . . . . . . . . . . . . . . . 92
4.2 Virtual PMO . . . . . . . . . . . . . . . . . . . . . . . 93
4.2.1 Committees . . . . . . . . . . . . . . . . . . . . . 94
4.3 PMO Structure . . . . . . . . . . . . . . . . . . . . . . 96
4.3.1 Large, Project-Centric Companies. . . . . . . . . . . . 96
4.3.2 Smaller or Less Project-Centric Companies . . . . . . . 102
4.4 Organizational Change . . . . . . . . . . . . . . . . . . 104
4.4.1 Impediments . . . . . . . . . . . . . . . . . . . . 104
4.4.2 Benefits . . . . . . . . . . . . . . . . . . . . . . 104
4.4.3 Governance. . . . . . . . . . . . . . . . . . . . . 107
4.5 Summary . . . . . . . . . . . . . . . . . . . . . . . . 112
References 113
Appendix 4A: Case Studies—HCA and Harrah’s—Virtual IT PMOs . 115
4A.1 Harrah’s . . . . . . . . . . . . . . . . . . . . . . 115
4A.2 HCA. . . . . . . . . . . . . . . . . . . . . . . . 115
5 Architecture Management . . . . . . . . . . . . . . 117
5.1 The EBA . . . . . . . . . . . . . . . . . . . . . . . . 121
5.1.1 Supply and Demand . . . . . . . . . . . . . . . . . 121
5.1.2 Constraints and Enablers . . . . . . . . . . . . . . . 124
5.1.3 Business System Modeling . . . . . . . . . . . . . . 125
Contents ix
5.2 The EIA . . . . . . . . . . . . . . . . . . . . . . . . 131
5.3 Implementing EIA . . . . . . . . . . . . . . . . . . . . 133
5.3.1 The EAM Team . . . . . . . . . . . . . . . . . . . 133
5.3.2 Technical Process Reengineerings . . . . . . . . . . . 135
5.4 Summary . . . . . . . . . . . . . . . . . . . . . . . . 136
References 136
Appendix 5A: Case Study—Safeco—Aligning IT and Business
Architectures . . . . . . . . . . . . . . . . . . . . . . . . 138
Appendix 5B: Case Study—Toyota Motor Sales USA—Flexible
IT Architecture. . . . . . . . . . . . . . . . . . . . . . . . 138
5B.1 The Architecture Committee . . . . . . . . . . . . . 139
5B.2 Flexible IT Architecture . . . . . . . . . . . . . . . . 139
6 Asset Management. . . . . . . . . . . . . . . . . . 141
6.1 Inventories . . . . . . . . . . . . . . . . . . . . . . . 142
6.1.1 Static Inventories . . . . . . . . . . . . . . . . . . 143
6.1.2 Dynamic Inventories . . . . . . . . . . . . . . . . . 143
6.2 Enterprise Asset Management . . . . . . . . . . . . . . . 146
6.2.1 Financial Asset Management . . . . . . . . . . . . . 149
6.2.2 Operational Asset Management . . . . . . . . . . . . 155
6.3 Organizational Support. . . . . . . . . . . . . . . . . . 156
6.4 Summary . . . . . . . . . . . . . . . . . . . . . . . . 156
References 158
Appendix 6A: Case Study—BMC Software—Aligning Asset
Management. . . . . . . . . . . . . . . . . . . . . . . . . 159
7 Resource Management . . . . . . . . . . . . . . . . 161
7.1 Acquiring Resources . . . . . . . . . . . . . . . . . . . 163
7.1.1 Functional Managers. . . . . . . . . . . . . . . . . 163
7.2 Supporting Resources . . . . . . . . . . . . . . . . . . 167
7.3 Scheduling Resources. . . . . . . . . . . . . . . . . . . 168
7.3.1 Drum Resources. . . . . . . . . . . . . . . . . . . 169
7.3.2 Critical Chain . . . . . . . . . . . . . . . . . . . . 171
7.4 Outsourcing . . . . . . . . . . . . . . . . . . . . . . 172
7.5 Summary . . . . . . . . . . . . . . . . . . . . . . . . 175
x IT Project Portfolio Management
References 176
Appendix 7A: Case Study—Siemens Building Technologies,
Inc.—Automating Resource Management . . . . . . . . . . . . 178
8 Knowledge Management. . . . . . . . . . . . . . . 179
8.1 Success Levels . . . . . . . . . . . . . . . . . . . . . . 180
8.2 Externally Focused KM . . . . . . . . . . . . . . . . . . 182
8.3 Internally Focused KM . . . . . . . . . . . . . . . . . . 182
8.4 PMO-Supported KM. . . . . . . . . . . . . . . . . . . 184
8.4.1 Personal KM . . . . . . . . . . . . . . . . . . . . 185
8.4.2 Project KM . . . . . . . . . . . . . . . . . . . . . 185
8.4.3 The KM Team . . . . . . . . . . . . . . . . . . . 188
8.4.4 Organizational Support and Rollout . . . . . . . . . . 188
8.5 Summary . . . . . . . . . . . . . . . . . . . . . . . . 190
References 191
Appendix 8A: Case Study—KM at Five Companies . . . . . . . . 193
9 Portfolio Prioritization . . . . . . . . . . . . . . . . 195
9.1 The Prioritization Process. . . . . . . . . . . . . . . . . 196
9.2 Initiative Reviews . . . . . . . . . . . . . . . . . . . . 198
9.3 Project Audits . . . . . . . . . . . . . . . . . . . . . . 201
9.4 Portfolio Maximization . . . . . . . . . . . . . . . . . . 204
9.4.1 Metrics. . . . . . . . . . . . . . . . . . . . . . . 206
9.5 Balance. . . . . . . . . . . . . . . . . . . . . . . . . 211
9.5.1 Project Buckets . . . . . . . . . . . . . . . . . . . 211
9.5.2 Bubble Diagrams . . . . . . . . . . . . . . . . . . 214
9.6 Summary . . . . . . . . . . . . . . . . . . . . . . . . 217
References 217
Appendix 9A: Case Study—CitiGroup—IT PPM Software . . . . . 221
10 Organizational Support . . . . . . . . . . . . . . . 223
10.1 Marketing IT PPM . . . . . . . . . . . . . . . . . . . 224
10.2 IT PMO Rollout . . . . . . . . . . . . . . . . . . . . 226
10.2.1 Phase 1 . . . . . . . . . . . . . . . . . . . . . . 227
10.2.2 Phase 2 . . . . . . . . . . . . . . . . . . . . . . 233
Contents xi
10.2.3 Phase 3 . . . . . . . . . . . . . . . . . . . . . . 235
10.3 Bringing It Together and Making It Happen . . . . . . . . 236
10.3.1 Bridging IT and Business Functions . . . . . . . . . . 236
10.3.2 Balancing the Two IT PPM Directions . . . . . . . . . 237
10.3.3 Organizational Change . . . . . . . . . . . . . . . 240
References 242
Selected Bibliography . . . . . . . . . . . . . . . . . . 245
List of Acronyms. . . . . . . . . . . . . . . . . . . . . 249
About the Author . . . . . . . . . . . . . . . . . . . . 253
Index. . . . . . . . . . . . . . . . . . . . . . . . . . . 255
xii IT Project Portfolio Management
Preface
While consulting for a large company’s information technology (IT)
department, I was asked to help find a way to better manage the various
IT projects that were spread among all of its business units. The executives wanted me to research tools that would help them prioritize the
projects so they would know which ones were healthy contributors to
the corporate strategy and which ones could be axed. The market in
which they were selling their products was slowing down, and they
wanted to centralize corporate governance and trim unnecessary IT
projects. Because they also knew that some IT projects were critical to
the growth and ongoing operations of the company, they couldn’t simply eliminate a random sampling. Though we had experiences in IT
program management and executive information systems (EISs), we
had little experience in project portfolio management (PPM). After
some research, we realized that implementing a project prioritization
tool would be just the tip of the iceberg in providing a successful and
lasting solution to their problem.
This was a very project-centric company with over 250 ongoing IT
projects running at one time. The market was constantly forcing the
xiii
product line to change. Such pressures to decrease the life cycle and
increase the quality of their products directly affected how the executives wanted IT to improve the efficiencies of their units. This ultimately
made the company a prime candidate to adopt IT project-centric
management techniques. Combining such a need with the realization that the company had dispersed IT governance across all of
the business units highlighted the notion that this initiative would be
an organizational change exercise similar in scale to an enterprise
resource planning (ERP) or customer resources management (CRM)
implementation. As it turns out, the long-term solution to centralizing
IT project control was too much of a bite for them to take at
once—organizational change needed to come piecemeal if it was going
to succeed.
After being burned by past IT initiatives, business units felt comfortable in their decisions to resist new large-scale IT-sponsored
changes. To combat this complacency, IT professionals have learned to
present solutions that provide early wins to maintain support for the
long-term goals. Unfortunately, these early wins can come in the form
of “dog-and-pony shows” of “vaporware” just to maintain financing.
Therefore, how can an organization implement a solid long-term solution to managing their projects while providing short-term, concrete
wins for the executive sponsor and the business units?
IT PPM Versus PPM
PPM is a subject that has been around since the 1970s, when manufacturing companies saw how Dr. Harry Markowitz’s theories on financial
PPM could be applied to projects. However, when we started to
research PPM’s application to IT, we found that IT projects and programs sufficiently differentiate themselves from non-IT projects to warrant IT-specific PPM processes. Drug companies create a portfolio of
drug development projects to attack known diseases; construction
companies have a portfolio of contracts to build from a set of blueprints; and accounting firms have a portfolio of companies to audit
every year. These examples of project portfolios tend to be filled with
projects that best mitigate risk and increase return. If the business
xiv IT Project Portfolio Management