{"id":6483,"date":"2018-03-01T11:26:00","date_gmt":"2018-03-01T17:26:00","guid":{"rendered":"https:\/\/blog.planview.com\/?p=6483"},"modified":"2019-12-09T13:37:39","modified_gmt":"2019-12-09T19:37:39","slug":"turn-your-list-of-projects-into-investments-that-drive-value","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/turn-your-list-of-projects-into-investments-that-drive-value\/","title":{"rendered":"Turn Your List of Projects into Investments that Drive Value"},"content":{"rendered":"

As a PMO leader, have you ever looked at a list of projects in your company? I mean, really looked at them? The projects typically describe what is to be done, not necessarily the value<\/em> of doing them. Corresponding project charters and business cases often dive into a lot more detail regarding execution and may articulate the benefits from a financial perspective, but often lack strategic outcomes.<\/p>\n

Don\u2019t let the projects become a non-strategic to-do list for the PMO. Instead, make sure you are managing investments that drive strategy and add value to the business.<\/p>\n

Let\u2019s walk through a real-world scenario that may feel familiar. Projects often jump to the solution before clearly identifying the outcomes they want to achieve, regardless of the solution.<\/p>\n

Project example: Company A wants to \u201cImprove PMO Processes.\u201d<\/p>\n

Is that really<\/em><\/strong> the project? It\u2019s not. This project example starts with the solution rather than the problem.<\/p>\n

Ask yourself: Why would the business want to have the PMO improve their processes? Perhaps they feel that they invested their time and money on the wrong projects last year and that they weren\u2019t delivered on time or return for the investment made. Understanding what they are trying to resolve will help to define the desired outcomes. The business wants the PMO to help them make better decisions about where to invest their money, manage those decisions against capacity, and ultimately create business value faster via projects.<\/p>\n

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Yes, \u201cimproving PMO processes\u201d may enable those outcomes, but I recommend the project begin and remain grounded in the outcomes that add value to the business.<\/p>\n

Gartner calls this \u201cinferring strategy\u201d and suggests framing a strategy statement in the following format:<\/p>\n

\u201cIf we are going to improve the PMO processes to ensure that the right projects are being delivered fast, then we are supporting our corporate strategy of \u2026 \u00a0(fill in the blank).\u201d<\/p>\n

This is a fantastic exercise you can leverage when your organization struggles with top-down strategic planning or even just understanding what really<\/em> needs to be done.<\/p>\n

You may now rename your project from \u201cImprove PMO Processes\u201d to \u201cInvest in the RIGHT Projects and Deliver Them Faster.\u201d Then, you can confirm with the business that your project for the PMO is to:<\/p>\n