Here’s a primer on how to organize your IT portfolio management process in order to make informed decisions about current or planned IT investments.
Step 3: Gather the Data
Try removing subjectivity from non-quantifiable data elements, such as risk and alignment to mission, wherever possible. Establish rules for what constitutes high, medium, and low schedule risk based on probable impact to the delivery date. Also, gain consensus on these subjective values from key stakeholders and decision-makers to avoid the inevitable data-based disagreements in the final step.
Step 4: Make Decisions
This is the last and most important step. Present the data and empower participants to make informed decisions about each element in the portfolio.
For sharper context to the decision makers, it is best to present the data in graphical views, not tabular. Be sure to have detailed backup data readily available to support bar, pie and bubble charts. Executives love to challenge the underlying numbers. If you are well prepared and have the relevant data readily available, the rest of the IT PfM presentation will almost take care of itself.
About the Author
Eric Thomas is the founder and the managing partner at Vergys LLC, which provides strategic management consulting services to federal, public and private sector organizations. He has trained and consulted on the business of IT for nearly 14 years on topics including portfolio management, capital planning, project management and strategic planning.