Prioritizing the IT Project Portfolio
In today’s IT do more with less environment, IT managements must get involved with prioritizing projects for the organization to gain approval and funding for projects. According to “Portfolio Management: How To Prioritize and Manage Projects For Maximum Value” (2003), “One way to immerse the business feet first is through portfolio management. Using this process, technology and business leaders identify the goals of the business, and then use objective criterion to prioritize and manage projects to achieve the highest value from the IT portfolio”.
The student will select four of Riordan’s service request to build a project portfolio. The student will evaluate each service request against four criteria; the project drives or creates more revenue for the corporation, the project cuts the costs of doing business, the project is mandated by laws (federal, state, county, or local) or executive orders, and the competitor has undertaken a similar project. The student will also develop a scoring system by weighting each criterion.
Project Portfolio Management
According to “Project Portfolio Management” (2013), “Project portfolio management (PPM) is a set of business practices and a process that allows organizations to manage projects as a strategic portfolio, ensuring the alignment of programs and projects with organizational objectives” (para. 1). Management need to review portfolios and programs to determine if projects are saving on cost, where the money are being spent, set the stage for new projects, prioritize projects, and allocate resources throughout the projects while keeping a eye on the projects progression.
Riordan Manufacturing is an industry leader in the field of plastic injection molding. Riordan is a global plastics manufacturer employing 550 people with projected annual earnings of $46 million. The company is wholly owned by Riordan’s industries, fortune 1000 enterprise with...