By Brian Hobbs PhD MBA PMP, Yvan Petit PMP
Undertaking Portfolios in Dynamic Environments: Organizing for Uncertainty is a finished file of analysis that addresses this crucial, emerging factor. Authors Yvan Petit and Brian Hobbs current the result of their research in a file that considerably advances the idea and in addition deals suggestions for perform. at present, these utilising venture portfolio administration are likely to concentrate on the choice, prioritization, and strategic alignment of tasks. Little realization is afforded the aptitude disturbances to undertaking portfolios comparable to new initiatives, terminated initiatives, not on time tasks, unsuitable making plans as a result of excessive uncertainty, and alterations within the exterior surroundings. but, those components may have hugely disruptive, even show-stopping impact. This examine seeks to reply to: How is uncertainty affecting venture portfolios controlled in dynamic environments?
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Extra info for Project portfolios in dynamic environments : organizing for uncertainty
However, “it can also arise from the unanticipated interaction of many events each of which might, in principle, be foreseeable” (p. 62). • Chaos: “Whereas projects subject to unforeseen uncertainty start out with reasonably stable assumptions and goals, projects subject to chaos do not. Even the basic structure of the project plan is uncertain, as is the case when technology is in upheaval or when research, not development, is the main goal. Often the project ends up with final results that are completely different from the project’s original intent” (p.
It comprises the value system, responsibilities, processes, and policies that allow projects to achieve organizational objectives and fosters implementation that is in the best interests of all the stakeholders, internal or external, and the corporation itself. (p. indd 11 4/30/12 1:53 AM More specifically, The Standard for Portfolio Management (Project Management Institute, 2008b) defines project portfolio governance as “a set of interrelated organizational processes by which an organization prioritizes, selects, and allocates limited internal resources to best accomplish organizational objectives” (p.
This leads to four possibilities (Cleden, 2009, p. 13): Known-Knowns (Knowledge): Refers to project data, predictable future states, and verifiable evidence. This is what we know that we know. Unknown-Knowns (Untapped knowledge): Includes untapped resources or unshared skills and information. This is sometimes called “reinventing the wheel” if we don’t know that we know and miss opportunities to benefit from existing knowledge. Known-Unknowns (Risks): These are identified risks which we know might occur but without knowing when they will occur or what their impact will be.