Strategic Project Portfolio Management
"Good prioritization is comparing every application to every other application according to the criteria. If the criterion is patient safety, then every application needs to be compared on that. That's hard work, but if you do that you wind up with something that has face validity. It's acceptable to everyone."
George Pagels, Chief Medical Officer, Saint Luke's Health System *
"Make sure that the IT department does not prioritize projects before they enter the governance process. Doing so could push projects down that should have a higher priority."
Judy Brown, CFO, East Jefferson General Hospital *
* Excerpts from HIMSS book "IT Governance in Hospitals and Health Systems"
Roger Kropft, PhD and Guy Scalzi, MBA
Challenges Faced By Many Healthcare Organizations
Over the past two decades we have assisted many organizations with IS Strategic Planning, PMO Implementation and IS Governance. With this experience we have found that a significant challenge for IS governance committees is the prioritization of projects and allocation of budgets.
How projects are introduced to an IS governance committee and the process for selection and prioritization is many times based upon informal organizational influences rather than using a structured process. Using a methodology developed with Six Sigma based techniques to assess a project’s organizational value and risk aligned with investment will help your IS governance committee with approval of proposed projects and prioritization in terms of timing for project starts.
Project Portfolio Management Maturity
The management of a portfolio of projects involves the selection, approval and prioritization of projects. Many healthcare organizations are at Level 1 in terms of project portfolio management (PPM) maturity.
Where is your organization currently positioned in terms of PPM maturity? Implementing a well-defined methodology with project evaluation tools will help your organization can reach Level 4 or Level 5 in a relatively short period of time.
Features of a Project Assessment & Prioritization Methodology
Utilizing Six Sigma and Lean measurement and analysis concepts we have developed a unique
Project Portfolio Prioritization Methodology specifically for healthcare organizations. An improved process with assessment tools and structured metrics for evaluating projects provides a means to rationalize project selection, approval and prioritization.
Our P3 Methodology includes 14 key metrics in the assessment tool that supports project prioritization modeling. These metrics involve business/clinical factors, regulatory considerations, value (ROI), project risk, and investment costs. Additionally, the set of metrics can be customized to fit any healthcare organization. Project prioritization analysis with a methodology and assessment tool results in a numerical ranking and graphical representation based upon the ranges of criteria for each metric.
Project Portfolio Management - Decision Support
Combining the structured P3 Methodology with analysis tools such as our P3 Prioritization Modeler you can realize improvement of project prioritization decisions by your IS governance committee. The process and tools add a higher dimension of quality to your overall project portfolio management and IS governance.
Benefits of Adopting the P3 Methodology
- Easily integrates with your existing Information Services governance processes
- Establishes a Repeatable Process for Ranking Projects in terms of Organizational Value and Project Risk
- Ranks proposed projects with a standard set of metrics selected by your organization
- Identifies proposed projects that are likely to have a high implementation risk
- Facilitates governance committee decisions for prioritization of new projects
- Improves overall prioritization of your Project Portfolio and allocation of financial and staff resources
Project Management - Doing Projects “Right”
The phases, processes and tools for assuring that projects and project managers are successful.
Project Prioritization - Doing the “Right” Projects
The method for leadership to evaluate and decide which projects are the most valuable for the organization.