Projects should not be treated as experiments where you can just afford to throw money and not expect results. They should be treated as business investments that are supposed to generate value for the business as soon as possible. The most successful organizations generally do that while some treat them as disposable investments that can be abandoned halfway. With the right project management philosophy and practice along with portfolio assurance services, it is possible to manage critical projects and take them to success so that you can realize the desired return on investment on the project.
The most successful project management involves the setting of high standards in the project conception and execution in order to ensure a higher probability of success. It involves instituting project governance and best practices that will steer your project through a more definite path that leads you to a project goal.
Good project implementation must involve setting in motion concrete plans as well as highly sophisticated procedures for building action plans; the reviews mechanisms for the project in all stages of implementation; expert examination of the project in order to ensures that all the deliverables are met; putting in place the systems that will allow the project owners or clients as well as the project directors to evaluate the risks in the project implementation and as putting in place the decision-making processes that will allow for management and the development of the investment project.
One of the critical factors when it comes to project implementation is having a sense of portfolio assurance. It is therefore important to institute a project portfolio assurance service in order to ensure the success of your project. A project portfolio assurance service will add a special value in the project implementation. A lot of organizations are running projects where they are struggling to deliver on the benefits and where the projects are seemingly not meeting their expectations. In many cases, the failure of a single project can even have a knock-on effect on other critical projects in the organization thus leading to organizational failure.
It is estimated that up to 25% of all the change management projects that companies institute are headed for failure. This is because these companies fail to take some details such as project assurance and gateway review into account. Another issue that many projects are likely to face is that even when they are completed, they deliver below par.
With a highly professional portfolio assurance service delivered by the best qualified and reliable PMO consultant, you will be able to drastically reduce the risks of project failure and considerably add on the business value from every project that you undertake. Professional PMO consultants can furnish you with very insightful, informed and independent advice that helps you steer your projects in the right direction. (To know more about Insurance, visit: http://en.wikipedia.org/wiki/Insurance)
Quality portfolio assurance services should be available for the entire life cycle of the project in order to ensure that the holes that could potentially lead to failure have been plugged in. This can start from the project conception stage to the final delivery of the project upon completion. When hiring a consultant, it is also important to work with someone who has a very good breadth of experience and knowledge and is versatile enough to offer unique insights on diverse aspects of the project.