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E-book: The Four Pillars of Portfolio Management: Organizational Agility, Strategy, Risk, and Resources

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Portfolio management consists mainly of making decisions about which initiatives to undertake, which initiatives not to pursue, and which resources are to be allocated to which portfolio component. At least, that’s how it is most commonly presented in textbooks and courses. Indeed, it is all of that, but it is also so much more. Portfolio management is, of course, about making these decisions, but, more accurately, it is about making them with the goal of creating value for an organization’s wide population of stakeholders, both internal and external. This value is not only expressed in financial terms but also in social terms. The portfolio should create value for all stakeholders, who thereby support the portfolio organization and enable it to sustain itself. Portfolio management is about the realization of strategic vision, achieving a purpose, and developing an intelligent way of using resources to benefit stakeholders. This requires the ability to find a balance among the different dimensions of portfolio governance and among the constraints constantly shaping and reshaping the business environment. This is what portfolio management is truly about; this is what organizational management is about. The Four Pillars of Portfolio Management: Organizational Agility, Strategy, Risk, and Resources takes readers on a journey navigating the dimensions and constraints to be balanced and integrated as part of the portfolio and organizational decision-making process. By balancing the requirements of strategic alignment with the exposure to risk and by reconciling resource demands with capability, a portfolio manager can develop and sustain an organization despite the constant and dynamic evolution of the business environment. This book explains how to manage portfolios that create the agility all organizations require to survive and thrive.
Dedication vii
Contents ix
List of Figures
xiii
Foreword xv
Acknowledgments xvii
About the Author xix
Chapter 1 Introduction
1(2)
Chapter 2 Context of Portfolio Management
3(28)
2.1 Differences between Projects, Programs, and Portfolios
6(2)
2.2 Uncertainty, Ambiguity, and Complexity
8(4)
2.3 The Portfolio Management Governance Model
12(5)
2.3.1 Establish the Organizational Strategy
13(1)
2.3.2 Assess the Organizational Capabilities
14(1)
2.3.3 Analyze Current Set of Activities and Initiatives
14(1)
2.3.4 Forecast Future Commitments
15(1)
2.3.5 Reconcile Resource Allocation with the Organization's Capability
15(2)
2.3.6 Analyze Performance Data
17(1)
2.4 The Organizational Context of Portfolio Management
17(9)
2.5 Various Perspectives of Portfolio Management
26(5)
2.5.1 Time and Performance
26(1)
2.5.2 Decision Making
27(1)
2.5.3 Delivery and Strategy
28(1)
2.5.4 Portfolio Management Agility
29(2)
Chapter 3 The First Pillar: Organizational Agility
31(26)
3.1 What Is Organizational Agility?
31(1)
3.2 Organizational Inertia
32(1)
3.3 Factors of Inertia
32(4)
3.3.1 An Organization: Such a Thing Does NOT Exist
32(1)
3.3.2 Resistance and Limited Ability to Change: The Sponge Effect
33(1)
3.3.3 Organizational Entropy
34(1)
3.3.4 What Creates Entropy and the Illusion of Mastery?
35(1)
3.4 How to Overcome Organizational Inertia?
36(9)
3.4.1 Simplicity and Parsimony
36(1)
3.4.2 Optimizing the Organizational Structure
37(2)
3.4.3 Developing Cooperation
39(2)
3.4.4 Breaking the Traditional Model of Uniqueness of Accountability and Encouraging Collaboration
41(4)
3.5 Triggering a Collaborative Mindset Within the Organization
45(5)
3.5.1 Establish an Appropriate Incentive System
46(1)
3.5.2 Expand the Field of Accountability
46(2)
3.5.3 Reward Collaboration, Make It Worthy, and Make Individualism Unprofitable
48(1)
3.5.4 Communicate and Spread Your Strategic Objectives and Your Strategic Vision
49(1)
3.6 The Role of the Project Management Office in Portfolio Management and in Organizational Agility
50(7)
Chapter 4 The Second Pillar: Your Organization's Strategy
57(38)
4.1 Defining Your Strategic Horizon
58(4)
4.1.1 Measuring Organizational Inertia
58(2)
4.1.2 Calculating Your Strategic Horizon
60(2)
4.2 Constructing Your Strategic Vision
62(9)
4.2.1 Aiming at Value
63(1)
4.2.2 Strategy and Governance
63(2)
4.2.3 Organizational Structures and Portfolio Structure: The Dog or the Tail?
65(6)
4.3 Constructing Your Portfolio's Strategy: Building the Opportunity Chain
71(17)
4.3.1 Stating the Initial Concept
71(4)
4.3.2 Who Are Your Stakeholders? How Do They Feel? The 4i's Model
75(4)
4.3.3 Expressing the Expectations
79(1)
4.3.4 Identifying the Needs
80(1)
4.3.5 Formalizing the Objectives
81(1)
4.3.6 Determining the Strategic Contribution of Each Candidate Component
82(1)
4.3.7 Constructing the Strategic Alignment Model
83(2)
4.3.8 Functional Analysis, Critical Success Factors, and Key Performance Indicators
85(3)
4.4 Integrating the Opportunity Chain throughout the Organization
88(7)
Chapter 5 The Third Pillar: Risk
95(26)
5.1 Specificities of Risk Management at the Portfolio Level
96(16)
5.1.1 Specificities in Risk Identification
97(3)
5.1.2 SWOT Analysis Explained
100(3)
5.1.3 Defining the Appropriate Risk Management Governance Structure
103(5)
5.1.4 Specificities in Risk Analysis
108(4)
5.2 Consolidating the Portfolio Risk Profile
112(5)
5.2.1 Assessing the Risks, Component's Risk Scoring, and Individual Profile
113(1)
5.2.2 The Portfolio Risk Profile
113(3)
5.2.3 The Initial Snapshot and Component Selection
116(1)
5.2.4 The Evolution of the Risk Profile
116(1)
5.3 Exploiting Opportunities; Or the Deadly Trap of Threat Mitigation---A Matter of Mindset
117(4)
Chapter 6 The Fourth Pillar: Resource Demand Planning
121(8)
6.1 Analyzing the Current Capability
121(2)
6.2 Anticipating the Needs in Resources for Current and Potential Components
123(4)
6.3 Reconciling Bottom-Up and Top-Down Perspectives
127(1)
6.4 Establishing a Regular Resource Demand Planning Process
127(2)
Chapter 7 Managing Your Portfolio
129(14)
7.1 Defining Your Portfolio's Roadmap
130(3)
7.2 Delivering and Managing Benefits, Value, and Performance Triggers
133(2)
7.3 Assessing Performance
135(2)
7.4 Tracking Risks Within the Portfolio
137(2)
7.5 Ensuring the Strategic Alignment
139(1)
7.6 Realigning and Pushing Your Strategic Horizon Forward
140(1)
7.7 Prepare the Next Iterations of Portfolio Management
141(2)
Chapter 8 Evolution and Future Developments in Portfolio Management
143(4)
Chapter 9 Conclusion
147(6)
9.1 Portfolio Management as an Organizational Maturity and Agility Trigger
147(2)
9.2 Developing the Appropriate Mindsets
149(1)
9.3 Benefits of Portfolio Management
149(2)
9.4 Portfolio Management Implementation, Success Factors, and Prerequisites
151(2)
Lexicon 153(4)
References 157(2)
Index 159
Olivier Lazar is an organizational architecture consultant, coach, and trainer, as well as a graduate with a masters degree and an executive MBA in strategy, project, and program management from the Lille Graduate School of Management and a graduate from the PMI Leadership Institute Master Class in 2013. Committed to the advancement of the profession, hes Managing Partner and COO at The Valense Palatine Group, acting Project Management Director at Altran Switzerland, a former president at the PMI Switzerland Chapter, and has hold various global volunteering leadership roles at PMI. With more than 20 years of Organizational Governance, Change, Project and Program Leadership experience, both on the operational and consulting perspective, Olivier has worked in a large scope of industries, from corporate finance to aerospace, and from E-business to pharmaceutical and energy where he has created organizationally agile environments fostering engagement, motivation and performance. Olivier accompanies organizations in their transition to higher levels of Maturity through in the rethinking of their structures and governance principles. Focusing on Value and Change Management, Olivier helps in delivering Organizational Transformation.
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