Project Portfolio Management

Challenge: A business division of a Fortune 100 financial services firm was challenged by inconsistent project execution, inadequate resource allocation for project governance and insufficient involvement by business constituents in IT projects. These challenges were further complicated by the need to increase the rate of investment into new business and IT capabilities to meet competitive demands. The firm sought assistance in assessing existing project and portfolio management capabilities, defining an initial approach for project portfolio management, and execution of the initial approach.

Solution: Celerity assessed the client’s current environment for project, program and portfolio management. The Celerity team then developed a multi-tiered framework for improving project and program management practices, and establishing appropriate governance structures to manage project execution and provide portfolio management capabilities. After obtaining buy-in from business and IT personnel, Celerity provided resources to assist with the development of project management and execution practices and the implementation of governance and portfolio management  functions. Over time, Celerity assisted the client with hiring and training of internal personnel to take over governance and portfolio management functions.

Results: The client was able to quickly establish the required project, program, and portfolio management functions. By establishing these functions, the business division was able to obtain the required two-fold increase in funding it needed to address competitive demands. The client has realized improvements in the prioritization of projects, project execution, and the results of investments in business and IT capabilities. The improved level of communication and collaboration allowed the organization to more effectively utilize budget and resources to address business goals. The success of this portfolio management framework has led to the adoption of these best practices at the enterprise level within the client.