Think about all the projects you currently run in your company. This difference eventually leads to a situation where different managers and departments end up developing their own methodologies for managing projects.
After all, you can’t really use the same approach to manage a two-week, $5,000 project as you would to manage a year-long, $500,000 undertaking.
By identifying and separating them, you can standardize all your process and add/remove them to individual projects as necessary.
One of the core tenets of integrated project management is the sharing of knowledge and resources across similar projects.
In fact, a wide-ranging study conducted by the Hawaii East-West Center found that an integrated approach to project planning yields substantially better results.
I understand that this might not seem like a big deal when you’re a small company, but as you grow in size, you’ll find that the huge number of projects you manage creates a tremendous amount of knowledge.
This way, if there is any conflict about the project’s goals and expected outcomes, you’ll be able to spot them before you even start the project.
This can save a ton of resources, particularly when you’re handling complex projects.
But by grouping the projects into a portfolio, you can organize them in such a way that they can use the 3D printer at the same time, saving you time and money.
This grouping together of different projects is called a portfolio. Some ways to organize these portfolios are: This study published in the International Journal of Project Management outlines an integrated approach to project portfolio selection. Do you jump straight to the planning phase, or do you invest resources to first fully understand the requirements? You might jump straight to creating the project plan only to find that the stakeholders are not in agreement, or the objectives aren’t clear to all parties.