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Many organizations seek to set up and manage successful programs. The main focus is to ensure that the management puts everything into context. The paper would address the issue concerning the impact of the early and the front-end of Project Portfolio Management.
At the onset of any successful project or program, there is intense planning. The management tries all the means available to provide solutions (Poskela & Martinsuo 2009). The management needs to select the correct projects and ensure that there is a priority in the operations. One of the important procedures of Portfolio management success is the early and front end part (Heising 2012). People collect and forward ideas to the relevant authority. The ideas become the project proposals. It is the Ideation Portfolio Management (Patanakul & Milosevic 2009).
Potential Impact
The success of Project Portfolio Management relies on the initial planning and the commitment to the endeavours of the vision bearers (Heising 2012). If the generation of ideas happens in a planned and systematic manner, it can generate positive growth. It is a stage that requires a lot of money because of the research activities (Poskela & Martinsuo 2009).
The organizers need to realize that the ideation portfolio management comprises of five dimensions (Patanakul & Milosevic 2009). The first one is the strategic positioning of ideation. The top management must lay the foundation by inculcating the ideas into the vision of the program and the organization. Once it becomes part of the vision, it changes the structure of work in the entire system.
Others include the institutionalization of ideation and the mechanisms for integration. The integration part involves making the ideas become part of the core values of the organization. The organization may have to change course. Taking a new direction means the work environment would need some adjustments. It is also important to manage stakeholders’ needs (Jonas, 2010).
Every organization exists in an environment where there are perceived and actual needs. The shareholders expect growth in their investment and payment of dividends (Patanakul & Milosevic 2009). The community offers employment and requires the organization to engage in corporate social responsibility (Archer & Ghasemzadeh 1999). The ideation project management makes it a reality for all stakeholders to realize their potential and expectations. The ideation culture relates to the transformation of culture so that there is a quick adoption of the new system. There is a new way of relaying information and getting feedback. A new structure comes into force, and everyone has to adhere to it (Jonas 2010).
The front-end concept allows everyone to participate in the idea generation, selection and adoption (Poskela & Martinsuo 2009). But if there is good management of the concept through training and involvement, there would be a reduction in the kind of conflict that might occur (Archer & Ghasemzadeh 1999).
The prescreening of the ideas enables the decision-makers to evaluate the organization’s position and make plans for future engagements. The evaluation involves the economic return, the benefit to cost technique, and the risks.
References
Archer, N & Ghasemzadeh, F 1999, ‘An integrated framework for project portfolio selection’, International Journal of Project Management, vol. 17, no. 4, pp.207-216.
Heising, W 2012, ‘The integration of ideation and project portfolio management — A key factor for sustainable success’, International Journal of Project Management, vol. 30, no. 5, pp.582-595.
Jonas, D 2010, ‘Empowering project portfolio managers: How management involvement impacts project portfolio management performance’, International Journal of Project Management, vol. 28, no. 8, pp.818-831.
Patanakul, P & Milosevic, D 2009, ‘The effectiveness in managing a group of multiple projects: Factors of influence and measurement criteria’, International Journal of Project Management, vol. 27, no. 3, pp.216-233.
Poskela, J & Martinsuo, M 2009, ‘Management Control and Strategic Renewal in the Front End of Innovation’, Journal of Product Innovation Management, vol. 26, no. 6, pp.671-684.
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