This is an excellent article, especially the advise on portfolio management. To CFOs, project portfolios are like financial portfolios with similar goals and objectives. The differences are in the tactics and execution. But here, I have a one more advise for CFOs, based on my own experience reporting to essentially all the C-levels in my earlier employment. The fourth advise, which is applicable to all management, is be realistic with the organizational capability and capacity to achieve portfolio results. Everything else being equal, spend more on quality resources, especially those in key roles. On projects, perhaps the best way to mitigate risk is through talented people.
Te Wu’s Comment on the below article, “3 Things CFOs Should Know about Project Management“.
Mark A Langley for CIO writes: Project management — a structured approach to driving business results through a strategic focus on a company’s most important initiatives — is essential for any organization’s success. It’s also a powerful tool for CFOs, whether they act primarily as stewards of their organizations’ financial portfolio and assets, or additionally as strategic adviser to the CEO.
Yet CFOs rarely understand project management as a role, a profession, or an organizational competency that enables delivery of strategic initiatives. I speak from experience. When I was a CFO, I didn’t understand it either.
Research by the Project Management Institute shows that senior executives recognize the importance of strategy and its implementation, with 88% saying the successful execution of strategic initiatives will be “essential” or “very important” to their organizations’ competitiveness in the next few years (I can’t help but wondering what the other 12% were thinking). SNIP, the article continues @ CFO.com, click here to continue reading…