Books by Michael Stratton
Editorial Reviews
Review
“Portfolio management is critically important, but often quickly dismi... more Editorial Reviews
Review
“Portfolio management is critically important, but often quickly dismissed as unnecessary ‘strategy overhead’. Applied in the right ways, with the right level of discipline, it can be an extremely insightful lens through which to see untapped sources of business value. Credit to the authors for shedding much needed light on both the art and science of project portfolio management, both strategic and operational.”
—Matt Wagner, Director, Strategy & Planning, Hewlett-Packard
“This is one of the most straightforward and easy to read books on Portfolio Management. It contains simple and relevant examples of how to organize and execute a PM process that will satisfy senior leadership's needs while streamlining the information and processes that are supported by the ‘trenches’.”
— Christine Cioffe, Vice President, Enterprise-wide Portfolio Management Merck & Co., Inc
“Project Management has been hailed as the foundation of modern business, but managing the organization’s entire portfolio of projects carries this discipline to the next level. Based on a wealth of hard-won experience, this book offers no-nonsense guides that can turn your organization into an enterprise-wide system for managing R&D programs, product launches, IT systems, new facilities, mergers, PR programs, change efforts, and any of the myriad other activities that challenge leaders in all walks of life. Essential reading.”
—William E. Halal, PhD Professor Emeritus of Science, Technology, & Innovation George Washington University, President, TechCast LLC
"'Project Portfolio Management’ provides valuable guidance on how organizations can optimize the return from their investments in change - not least in balancing process with the equally important dimensions of governance and changed behaviors."
—John Suffolk, HM Goverrnment CIO
“In order to ‘run IT as a business’, it is imperative to have portfolio management in the center of your strategy. This book acknowledges its importance and provides practical guidance for success!”
—Zackarie Lemelle, Vice President, IT Corporate Systems, Johnson & Johnson
“Doing the right things” is just as important as “Doing things right”. This book gives a practical guide on how to select the right projects (and those that we should abandon), ways to dynamically match the business demands to the capabilities of your organization, and finally ensure business results and benefits are harvested. Many of the Lessons Learned ideas are valuable gems gained from years of experience by practitioners of Portfolio Management.”
—David Ching, CIO, Safeway Inc.
“Thought-provoking contribution to a key strategic topic, anchored in the political realities of organizational behavior.”
—Andrew Bragg, Chief Executive, Association for Project Management
“Provides framework to blend culture, strategies, processes and technologies in the right proportions for the highest returns.”
—Mark C. Russell – CAO Grange Insurance
“This book helps illustrate the importance of a well defined process, for technology to deliver results.” -
—Michael Fergang - CIO Grange Insurance
Product Description
Written by ten successful project portfolio managers from companies including AAA, Boeing, Franklin Templeton, Johnson & Johnson, Safeway, and the UK Government, this easy-to-follow guide takes you through the project portfolio management process. It's based on what actually works, giving you a clear road map and the tools needed to determine the optimal mix and sequencing of projects in order to meet your organization's goals. The book begins by explaining basic PPM principles and why PPM is more critical than ever for business success. This introduction is followed by a story, tracking the experiences of a manager new to PPM as he discovers the issues that all of us face in trying to get traction with our PPM initiatives. In answering the questions our story raises, the book then details each step of the PPM process, using cases and examples drawn from the authors' first hand experience to help you address such key questions as:
Which projects should our organization invest in?
How can we optimize our organization's capacity?
How well are we executing the PPM process?
Can our organization absorb all the changes that our PPM plan requires?
Are we achieving all the expected benefits?
The authors are all members of the Enterprise Portfolio Management Council, a group of senior portfolio management executives dedicated to helping organizations develop their own portfolio management capabilities. Now you can benefit from their collective wisdom and experience, and duplicate their successful results within your own organization.
Papers by Michael Stratton
A common dilemma management faces in managing projects, programs and portfolios are the continued... more A common dilemma management faces in managing projects, programs and portfolios are the continued rates of failure of projects and programs within those portfolios. Numerous studies have been done on what constitutes project/program success and a review of this literature by Cooke-Davies in his chapter entitled “Project success” in The Wiley guide to managing projects (2004, pp. 106-109) led him to postulate that there were really three levels of success related to projects, which in turn reflected upon an organization’s success: (a) "Project management success -- was the project done right?" (b) "Project success -- was the right project done?" and, (c)"Consistent project success – were the right projects done right, time after time?"
Looking at these three factors denoting success, the questions of whether a particular project was done right and doing projects consistently is clearly in the hands of the project/program manager and their use of project management (PjM) processes, program management (PgM) processes, and key artifacts used in these processes. Whereas, the question of doing the right projects falls under the purview of a relatively recent field of study that has risen out of the project management discipline: portfolio management (PfM). The project/program manager plays a key role in each of the three disciplines, and in many cases, has a hand in the development and maintenance of the key artifacts used by the three disciplines.
This study provides practitioners and scholars with quantitative research to aid them in their study and use of the PfM, PM and PgM processes, artifacts, and execution of roles within the three sets of processes. This study also begins to fill the gap that currently
exists in the literature, especially with regard to quantitative research-based studies on the intersection of the PfM, PM and PgM processes and artifacts.
Learn How to:
Develop tools to help project teams identify risk & perform risk analysis
Create... more Learn How to:
Develop tools to help project teams identify risk & perform risk analysis
Create risk impact analysis techniques to use for large and small projects
Identify common risk mitigations and contingencies for PMOs 2
Utilize Your Program Management Office to Mitigate Risk
Learn How To:
Explain key change management requirements and their application to project enviro... more Learn How To:
Explain key change management requirements and their application to project environments
Identify and mitigate typical barriers to effective change implementation
Create an effective organizational change management plan
As the 20th Century draws to a close we are seeing a growth explosion of activity and interest in... more As the 20th Century draws to a close we are seeing a growth explosion of activity and interest in Project Management (PM), Configuration Management (CM), and Systems Engineering (SE). These disciplines are a must for any successful project in the Defense and Aerospace industry. But what represents the most effective balance of these disciplines? Most importantly, can we as project managers survive in The Next Century without one or more of these disciplines and still meet our project’s goals?
Upon some evaluation of each of the three disciplines, it becomes clear that each brings with it several elements which serve as tools for managing a successful project; that is, project management in the purest sense. Experts closely aligned with these specific disciplines often impart such enthusiasm over their respective subjects that the message received by non-experts is often one of: “Gee, it looks like if I can only get some good (fill in the next words with your choice of: PM, CM or SE) in place on my project, things will go very smoothly and our project will succeed.” The question we will answer in this paper is: “What is really needed from these three disciplines for the project manager in The Next Century?”
This paper will examine the fundamental key tools of PM, CM, and SE on their own merit and “net out” those activities within each discipline which are shared by one or more of the other two disciplines. An attempt will be made to “place” each of the shared tools into a primary role in only one of the three disciplines. Those elements that are truly unique characteristics of a particular discipline are then identified. Finally, a brief discussion of the role and value of each element in effectively managing and executing a project will be presented. The paper will show that although it is somewhat useful to understand the relationship of PM, CM and SE as whole disciplines, the key to managing successful projects in The Next Century lies in understanding the relationship of the shared and unique core elements of each discipline and the most efficient and effective way to integrate these elements together to manage our projects.
Today's competitive business environment demands that production companies be able to effectively... more Today's competitive business environment demands that production companies be able to effectively and efficiently control change to their products. Project Management provides the project solution to planning, executing and controlling product change in the production company
.
Three primary forces drive the need to make change to a company's products or processes: (1) customers; (2) product and production improvements to gain a competitive advantage; and (3) revisions to regulatory agency requirements which govern various production industries. These changes consume resources and therefore must be properly managed for the production company to be profitable and to turn out a quality product. Each change becomes a project for the production company. Some changes are simple while others are complex integration undertakings.
Project Management is the key factor in the three-part equation for the successful operation of the production enterprise with regards to product change. The Project Management Body of Knowledge (PMBOK) defines Project Management as: "The application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project."
The other two factors in this three-part formula are: (1) a sound product structure; and (2) solid configuration management rules and practices. The formula is stated simply as: Project Management + Configuration Management + Product Structure = Successful Control of Product Changes in the Production Environment. This forms what I will refer to in this paper as the Triad of Product Change.
This technical paper will focus on the way in which Project Management provides the project solution for planning, executing and controlling product change in the production-oriented business. The parameters of the Production Environment are changes in the engineering design and manufacture of products.
This paper will explore the interrelationship of Project Management with configuration management rules and practices. In addition, it will discuss the role of Project Management and its relationship to a production company's product structure in the production environment. Consideration will also be given to the relationship of the product structure with configuration management to complete the study of the formula for successful control of product change in the production environment.
Discover how PMOs can be used to monitor and execute successful project plans
Master innovative... more Discover how PMOs can be used to monitor and execute successful project plans
Master innovative techniques for monitoring and controlling all enterprise projects using a successful PMO
Implement best practices for project success using PMO compliance and portfolio management methodologies
Applying Portfolio Management principles through implementation of a robust process is no easy ta... more Applying Portfolio Management principles through implementation of a robust process is no easy task in a corporate en-vironment. This is especially true in the unique area of corporate shared services where the business unit is not a profit center. This presentation will explore the steps in developing a sound process for managing a portfolio of investments and how it ap-plies to the challenging environment of the shared services business unit.
Making decisions about potential actions associated with investments can be a volatile and chaoti... more Making decisions about potential actions associated with investments can be a volatile and chaotic process for any company. Demonstrating the true value of the investment to the company is at the heart of these decisions. A key device in this decision process is the business case. Documenting the reasons for the investment, the options available and describing the value of the investment goes a long way toward obtaining the necessary decision and funding. Developing and analyzing business cases requires the use of effective tools such as Crystal Ball.
Applying Portfolio Management principles through implementation of a robust process is no easy ta... more Applying Portfolio Management principles through implementation of a robust process is no easy task in a corporate en-vironment. This is especially true in the unique area of corporate shared services where the business unit is not a profit center. This presentation will explore the steps in developing a sound process for managing a portfolio of investments and how it ap-plies to the challenging environment of the shared services business unit.
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Books by Michael Stratton
Review
“Portfolio management is critically important, but often quickly dismissed as unnecessary ‘strategy overhead’. Applied in the right ways, with the right level of discipline, it can be an extremely insightful lens through which to see untapped sources of business value. Credit to the authors for shedding much needed light on both the art and science of project portfolio management, both strategic and operational.”
—Matt Wagner, Director, Strategy & Planning, Hewlett-Packard
“This is one of the most straightforward and easy to read books on Portfolio Management. It contains simple and relevant examples of how to organize and execute a PM process that will satisfy senior leadership's needs while streamlining the information and processes that are supported by the ‘trenches’.”
— Christine Cioffe, Vice President, Enterprise-wide Portfolio Management Merck & Co., Inc
“Project Management has been hailed as the foundation of modern business, but managing the organization’s entire portfolio of projects carries this discipline to the next level. Based on a wealth of hard-won experience, this book offers no-nonsense guides that can turn your organization into an enterprise-wide system for managing R&D programs, product launches, IT systems, new facilities, mergers, PR programs, change efforts, and any of the myriad other activities that challenge leaders in all walks of life. Essential reading.”
—William E. Halal, PhD Professor Emeritus of Science, Technology, & Innovation George Washington University, President, TechCast LLC
"'Project Portfolio Management’ provides valuable guidance on how organizations can optimize the return from their investments in change - not least in balancing process with the equally important dimensions of governance and changed behaviors."
—John Suffolk, HM Goverrnment CIO
“In order to ‘run IT as a business’, it is imperative to have portfolio management in the center of your strategy. This book acknowledges its importance and provides practical guidance for success!”
—Zackarie Lemelle, Vice President, IT Corporate Systems, Johnson & Johnson
“Doing the right things” is just as important as “Doing things right”. This book gives a practical guide on how to select the right projects (and those that we should abandon), ways to dynamically match the business demands to the capabilities of your organization, and finally ensure business results and benefits are harvested. Many of the Lessons Learned ideas are valuable gems gained from years of experience by practitioners of Portfolio Management.”
—David Ching, CIO, Safeway Inc.
“Thought-provoking contribution to a key strategic topic, anchored in the political realities of organizational behavior.”
—Andrew Bragg, Chief Executive, Association for Project Management
“Provides framework to blend culture, strategies, processes and technologies in the right proportions for the highest returns.”
—Mark C. Russell – CAO Grange Insurance
“This book helps illustrate the importance of a well defined process, for technology to deliver results.” -
—Michael Fergang - CIO Grange Insurance
Product Description
Written by ten successful project portfolio managers from companies including AAA, Boeing, Franklin Templeton, Johnson & Johnson, Safeway, and the UK Government, this easy-to-follow guide takes you through the project portfolio management process. It's based on what actually works, giving you a clear road map and the tools needed to determine the optimal mix and sequencing of projects in order to meet your organization's goals. The book begins by explaining basic PPM principles and why PPM is more critical than ever for business success. This introduction is followed by a story, tracking the experiences of a manager new to PPM as he discovers the issues that all of us face in trying to get traction with our PPM initiatives. In answering the questions our story raises, the book then details each step of the PPM process, using cases and examples drawn from the authors' first hand experience to help you address such key questions as:
Which projects should our organization invest in?
How can we optimize our organization's capacity?
How well are we executing the PPM process?
Can our organization absorb all the changes that our PPM plan requires?
Are we achieving all the expected benefits?
The authors are all members of the Enterprise Portfolio Management Council, a group of senior portfolio management executives dedicated to helping organizations develop their own portfolio management capabilities. Now you can benefit from their collective wisdom and experience, and duplicate their successful results within your own organization.
Papers by Michael Stratton
Looking at these three factors denoting success, the questions of whether a particular project was done right and doing projects consistently is clearly in the hands of the project/program manager and their use of project management (PjM) processes, program management (PgM) processes, and key artifacts used in these processes. Whereas, the question of doing the right projects falls under the purview of a relatively recent field of study that has risen out of the project management discipline: portfolio management (PfM). The project/program manager plays a key role in each of the three disciplines, and in many cases, has a hand in the development and maintenance of the key artifacts used by the three disciplines.
This study provides practitioners and scholars with quantitative research to aid them in their study and use of the PfM, PM and PgM processes, artifacts, and execution of roles within the three sets of processes. This study also begins to fill the gap that currently
exists in the literature, especially with regard to quantitative research-based studies on the intersection of the PfM, PM and PgM processes and artifacts.
Develop tools to help project teams identify risk & perform risk analysis
Create risk impact analysis techniques to use for large and small projects
Identify common risk mitigations and contingencies for PMOs 2
Utilize Your Program Management Office to Mitigate Risk
Explain key change management requirements and their application to project environments
Identify and mitigate typical barriers to effective change implementation
Create an effective organizational change management plan
Upon some evaluation of each of the three disciplines, it becomes clear that each brings with it several elements which serve as tools for managing a successful project; that is, project management in the purest sense. Experts closely aligned with these specific disciplines often impart such enthusiasm over their respective subjects that the message received by non-experts is often one of: “Gee, it looks like if I can only get some good (fill in the next words with your choice of: PM, CM or SE) in place on my project, things will go very smoothly and our project will succeed.” The question we will answer in this paper is: “What is really needed from these three disciplines for the project manager in The Next Century?”
This paper will examine the fundamental key tools of PM, CM, and SE on their own merit and “net out” those activities within each discipline which are shared by one or more of the other two disciplines. An attempt will be made to “place” each of the shared tools into a primary role in only one of the three disciplines. Those elements that are truly unique characteristics of a particular discipline are then identified. Finally, a brief discussion of the role and value of each element in effectively managing and executing a project will be presented. The paper will show that although it is somewhat useful to understand the relationship of PM, CM and SE as whole disciplines, the key to managing successful projects in The Next Century lies in understanding the relationship of the shared and unique core elements of each discipline and the most efficient and effective way to integrate these elements together to manage our projects.
.
Three primary forces drive the need to make change to a company's products or processes: (1) customers; (2) product and production improvements to gain a competitive advantage; and (3) revisions to regulatory agency requirements which govern various production industries. These changes consume resources and therefore must be properly managed for the production company to be profitable and to turn out a quality product. Each change becomes a project for the production company. Some changes are simple while others are complex integration undertakings.
Project Management is the key factor in the three-part equation for the successful operation of the production enterprise with regards to product change. The Project Management Body of Knowledge (PMBOK) defines Project Management as: "The application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project."
The other two factors in this three-part formula are: (1) a sound product structure; and (2) solid configuration management rules and practices. The formula is stated simply as: Project Management + Configuration Management + Product Structure = Successful Control of Product Changes in the Production Environment. This forms what I will refer to in this paper as the Triad of Product Change.
This technical paper will focus on the way in which Project Management provides the project solution for planning, executing and controlling product change in the production-oriented business. The parameters of the Production Environment are changes in the engineering design and manufacture of products.
This paper will explore the interrelationship of Project Management with configuration management rules and practices. In addition, it will discuss the role of Project Management and its relationship to a production company's product structure in the production environment. Consideration will also be given to the relationship of the product structure with configuration management to complete the study of the formula for successful control of product change in the production environment.
Master innovative techniques for monitoring and controlling all enterprise projects using a successful PMO
Implement best practices for project success using PMO compliance and portfolio management methodologies
Review
“Portfolio management is critically important, but often quickly dismissed as unnecessary ‘strategy overhead’. Applied in the right ways, with the right level of discipline, it can be an extremely insightful lens through which to see untapped sources of business value. Credit to the authors for shedding much needed light on both the art and science of project portfolio management, both strategic and operational.”
—Matt Wagner, Director, Strategy & Planning, Hewlett-Packard
“This is one of the most straightforward and easy to read books on Portfolio Management. It contains simple and relevant examples of how to organize and execute a PM process that will satisfy senior leadership's needs while streamlining the information and processes that are supported by the ‘trenches’.”
— Christine Cioffe, Vice President, Enterprise-wide Portfolio Management Merck & Co., Inc
“Project Management has been hailed as the foundation of modern business, but managing the organization’s entire portfolio of projects carries this discipline to the next level. Based on a wealth of hard-won experience, this book offers no-nonsense guides that can turn your organization into an enterprise-wide system for managing R&D programs, product launches, IT systems, new facilities, mergers, PR programs, change efforts, and any of the myriad other activities that challenge leaders in all walks of life. Essential reading.”
—William E. Halal, PhD Professor Emeritus of Science, Technology, & Innovation George Washington University, President, TechCast LLC
"'Project Portfolio Management’ provides valuable guidance on how organizations can optimize the return from their investments in change - not least in balancing process with the equally important dimensions of governance and changed behaviors."
—John Suffolk, HM Goverrnment CIO
“In order to ‘run IT as a business’, it is imperative to have portfolio management in the center of your strategy. This book acknowledges its importance and provides practical guidance for success!”
—Zackarie Lemelle, Vice President, IT Corporate Systems, Johnson & Johnson
“Doing the right things” is just as important as “Doing things right”. This book gives a practical guide on how to select the right projects (and those that we should abandon), ways to dynamically match the business demands to the capabilities of your organization, and finally ensure business results and benefits are harvested. Many of the Lessons Learned ideas are valuable gems gained from years of experience by practitioners of Portfolio Management.”
—David Ching, CIO, Safeway Inc.
“Thought-provoking contribution to a key strategic topic, anchored in the political realities of organizational behavior.”
—Andrew Bragg, Chief Executive, Association for Project Management
“Provides framework to blend culture, strategies, processes and technologies in the right proportions for the highest returns.”
—Mark C. Russell – CAO Grange Insurance
“This book helps illustrate the importance of a well defined process, for technology to deliver results.” -
—Michael Fergang - CIO Grange Insurance
Product Description
Written by ten successful project portfolio managers from companies including AAA, Boeing, Franklin Templeton, Johnson & Johnson, Safeway, and the UK Government, this easy-to-follow guide takes you through the project portfolio management process. It's based on what actually works, giving you a clear road map and the tools needed to determine the optimal mix and sequencing of projects in order to meet your organization's goals. The book begins by explaining basic PPM principles and why PPM is more critical than ever for business success. This introduction is followed by a story, tracking the experiences of a manager new to PPM as he discovers the issues that all of us face in trying to get traction with our PPM initiatives. In answering the questions our story raises, the book then details each step of the PPM process, using cases and examples drawn from the authors' first hand experience to help you address such key questions as:
Which projects should our organization invest in?
How can we optimize our organization's capacity?
How well are we executing the PPM process?
Can our organization absorb all the changes that our PPM plan requires?
Are we achieving all the expected benefits?
The authors are all members of the Enterprise Portfolio Management Council, a group of senior portfolio management executives dedicated to helping organizations develop their own portfolio management capabilities. Now you can benefit from their collective wisdom and experience, and duplicate their successful results within your own organization.
Looking at these three factors denoting success, the questions of whether a particular project was done right and doing projects consistently is clearly in the hands of the project/program manager and their use of project management (PjM) processes, program management (PgM) processes, and key artifacts used in these processes. Whereas, the question of doing the right projects falls under the purview of a relatively recent field of study that has risen out of the project management discipline: portfolio management (PfM). The project/program manager plays a key role in each of the three disciplines, and in many cases, has a hand in the development and maintenance of the key artifacts used by the three disciplines.
This study provides practitioners and scholars with quantitative research to aid them in their study and use of the PfM, PM and PgM processes, artifacts, and execution of roles within the three sets of processes. This study also begins to fill the gap that currently
exists in the literature, especially with regard to quantitative research-based studies on the intersection of the PfM, PM and PgM processes and artifacts.
Develop tools to help project teams identify risk & perform risk analysis
Create risk impact analysis techniques to use for large and small projects
Identify common risk mitigations and contingencies for PMOs 2
Utilize Your Program Management Office to Mitigate Risk
Explain key change management requirements and their application to project environments
Identify and mitigate typical barriers to effective change implementation
Create an effective organizational change management plan
Upon some evaluation of each of the three disciplines, it becomes clear that each brings with it several elements which serve as tools for managing a successful project; that is, project management in the purest sense. Experts closely aligned with these specific disciplines often impart such enthusiasm over their respective subjects that the message received by non-experts is often one of: “Gee, it looks like if I can only get some good (fill in the next words with your choice of: PM, CM or SE) in place on my project, things will go very smoothly and our project will succeed.” The question we will answer in this paper is: “What is really needed from these three disciplines for the project manager in The Next Century?”
This paper will examine the fundamental key tools of PM, CM, and SE on their own merit and “net out” those activities within each discipline which are shared by one or more of the other two disciplines. An attempt will be made to “place” each of the shared tools into a primary role in only one of the three disciplines. Those elements that are truly unique characteristics of a particular discipline are then identified. Finally, a brief discussion of the role and value of each element in effectively managing and executing a project will be presented. The paper will show that although it is somewhat useful to understand the relationship of PM, CM and SE as whole disciplines, the key to managing successful projects in The Next Century lies in understanding the relationship of the shared and unique core elements of each discipline and the most efficient and effective way to integrate these elements together to manage our projects.
.
Three primary forces drive the need to make change to a company's products or processes: (1) customers; (2) product and production improvements to gain a competitive advantage; and (3) revisions to regulatory agency requirements which govern various production industries. These changes consume resources and therefore must be properly managed for the production company to be profitable and to turn out a quality product. Each change becomes a project for the production company. Some changes are simple while others are complex integration undertakings.
Project Management is the key factor in the three-part equation for the successful operation of the production enterprise with regards to product change. The Project Management Body of Knowledge (PMBOK) defines Project Management as: "The application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project."
The other two factors in this three-part formula are: (1) a sound product structure; and (2) solid configuration management rules and practices. The formula is stated simply as: Project Management + Configuration Management + Product Structure = Successful Control of Product Changes in the Production Environment. This forms what I will refer to in this paper as the Triad of Product Change.
This technical paper will focus on the way in which Project Management provides the project solution for planning, executing and controlling product change in the production-oriented business. The parameters of the Production Environment are changes in the engineering design and manufacture of products.
This paper will explore the interrelationship of Project Management with configuration management rules and practices. In addition, it will discuss the role of Project Management and its relationship to a production company's product structure in the production environment. Consideration will also be given to the relationship of the product structure with configuration management to complete the study of the formula for successful control of product change in the production environment.
Master innovative techniques for monitoring and controlling all enterprise projects using a successful PMO
Implement best practices for project success using PMO compliance and portfolio management methodologies