| Who would want to see their millions reduce to | | | | your projects, selecting those that bring in the |
| peanuts overnight? Which business leader would | | | | most value and discarding those that don't. |
| like to deliver bad results? Which IT professional | | | | Classify and grade: It's quite natural to have |
| would like to see his/her brainchild go down the | | | | vastly different projects; the key is to categorize |
| drain? Not one, in our opinion. Yet that is exactly | | | | them accordingly. Many successful firms do this in |
| what countless people land up doing. So are we | | | | terms of the financial commitment demanded by |
| offering a quick fix solution, you ask? Not really, | | | | each project: large, medium or small. Ernie Nielson |
| but if you follow our tips on IT portfolio | | | | of the Brigham Young University has designed a |
| management, you could save your millions and | | | | model to scientifically grade IT portfolios, which is |
| your reputation. | | | | summarized here. The first thing to do is to zero |
| While an IT portfolio management exercise could | | | | in on a couple of appropriate strategies, for |
| take on different dimensions in different | | | | example minimizing risk or improving efficiency. |
| companies, it basically refers to making and | | | | Next, decide on key deliverables that will help in |
| managing an investment in an IT project or firm. | | | | the evaluation of these strategies. Studying other |
| Regardless of the size or composition of an IT | | | | firms that employed similar strategies can prove |
| portfolio, managing it well is of vital importance. | | | | to be of immense value. Also analyze the |
| Ask the bigwigs and they'll tell you the same thing. | | | | strategy from a feasibility point of view. A key to |
| Is there a way to do it? Indeed. A lot of guidance | | | | succeed in this business is to give everything a |
| is available at sites. To make it easier, we | | | | quick second thought. Is it possible to continue |
| propose some tried and tested portfolio | | | | with the project going by the criteria that you |
| management techniques customized to serve | | | | employed for evaluation or does it seem a lot |
| your needs in the booming IT industry. | | | | more demanding? Finally, grade your projects |
| Have an eye for detail: Well, you're gonna need it. | | | | accordingly. You could score it on a scale of 1 to |
| To make your IT portfolio successful, you have | | | | 5 or grade it 'A' through 'Z, it's your call. |
| to get all the data about all your projects neatly | | | | Monitor: Do what you what you would otherwise |
| organized. By this we mean the estimated time, | | | | do right at the end, at least ten times in between. |
| costs, sources, objectives of the projects | | | | Keep an eye out for your projects, meet |
| including the expected returns and benefits. | | | | regularly, discuss if the execution is as desired or |
| Nothing stays new in this industry for long, so | | | | needs any course correction. If you need to |
| keep updating and most importantly, keep an eye | | | | shelve a project that's not working for you, the |
| on the clock. This could seem like a steep climb | | | | earlier you do it, the less you lose. |
| uphill, but once there, the view will be | | | | Done right, IT Portfolio Management could help |
| breathtaking, we promise! | | | | change your outlook as a firm. Look closely at all |
| Decide business objectives: What are the | | | | that we have taken you through. Like any other |
| strategic objectives of your business? Compare | | | | initiative, this too requires a sincere attempt, |
| them with those of your projects. Remember, | | | | which means keeping an open mind and being |
| this is where you separate the gems from the | | | | ready to mingle (We mean teamwork of course). |
| stones, or even more difficult, choose between | | | | Give it a shot and enjoy the results! |
| two precious stones. So take a good look at all | | | | |