So here are the trends and developments I see influencing how we will all work next year:
I think the next big game changer in portfolio management will be big data. By analysing all of their available portfolio, programme and project data, organisations will be able to spot emerging trends and potential weaknesses before they happen, allowing more programmes and projects to succeed.
For this to happen though, organisations will need all of their programme and project data to be accessible to analysis tools, either from a central repository or from a consistent set of repositories.
Over the past few years there has been a stronger push towards clearly articulating the expected benefits of any project. I expect this to mature in the next year with organisations looking for continuous updates on benefits realisation throughout the lifetime of the project and beyond, actively using that information to determine which programmes and projects will continue to be funded and also as part of the process to prioritise new projects.
PMOs* will continue to evolve and will be expected to prove their value within the organisation. This will see them transition from being process shops to being more strategic and involved at a higher level within organisations. PMOs will also have to become much more hands-on in guiding the projects rather than continue to be re-active.
* PMOs have many names – take your pick from: Programme Management Office, Project Management Office, Programme & Project Management Office, Programme/Project Support Office.
Project Management Standards
I expect to see more organisations embracing project management standards. Whether this is PRINCE2, PMBoK or ISO 21500 or a combination thereof.
We will see an increase in the adoption of portfolio management practices with organisations aligning their portfolios to their organisational strategies. According to PWC , organisations that implement portfolio management experience improved performance in project and programme quality, scope, budget, time, and business benefits.
Overall there is a continued growth in project management practices especially in the Australasian government sector where current policy is putting pressure on agencies to do things smarter.
What are your thoughts on what trends will have the greatest influence on portfolio, programme and project management in 2014? Are we going to see an overall improvement in processes and practices, along with wider adoption of standards? And what will be the role of the PMO?