To save your memories for longer we are going to start with a flashback series now. In the next days, we will summarize the speeches to remind you the best moments of the Conference.
In the first instance we would like to present you Keynote Speaker, Thomas Walenta, with his opening speech “Implementing change in organizations”.
Probably all of us have observed and experienced that organizations have to adapt to changes of their environment, which are induced by market, competition, technological, political, regulatory or other events. Some of these changes require immediate reaction, some can be handled by the existing operation as continuous improvements, but in between some are risks that require that mitigation measures are planned and implemented. The guiding through the speech was that Project Portfolio Management as a concept is helping organizations to deal with changes and risks related to their purpose and strategy. And it is about balancing the magic triangle of why, what and who. So how do current Project Portfolio Standards reflect the magic triangle for portfolios? There are some differences between PMI, APM, IPMA, ISO 21504, … but everything comes down to organisation’s strategic objectives, projects, programs, operations and optimal use of resources! That’s the key areas to manage change and to optimize.
He emphasized also that the purpose of an organization is to determine prioritization and selection criteria for the portfolio, if they are not jeopardized by pet projects or the hiding hand. Because principle of the hiding hand and pet projects distracts professional portfolio selection from happening and in the end de-value portfolio management.
Also benefits management is a key to the integration of strategy and implementation, not understood by many and best done thru programs. We can achieve this through a multi-staged Portfolio Selection process which results in the optimal set of projects.
To lead and influence we can not forget how important it is to understand motivations that drive our reactions. As a Portfolio Manager we have to remember about SCARF – Status, Certainty, Autonomy, Relatedness and Fairness aspects.
Thomas also recalled that now PMI’s talent triangle supports portfolio managers which skills to develop to be successful in implementing change. PMI’s new PM Competency Development Framework describes Portfolio Manager competence as well.
That was the perfect introduction to this year's conference. Thank you Thomas for that speech!