Help a fictitious company to manage its projects portfolio and understand in practice the decision making models to select the appropriate projects for the strategic business objectives.
The PMRank® workshop is a practical and innovative training about project portfolio management. Developed by Ricardo Vargas, the PMRank uses case studies, a set of varied criteria and decision making models such as the Analytic Hierarchy Process (AHP), which enable the participants to have the proper knowledge to decide the right mix of project composition to be undertaken.
The methodological basis of all the PMRank's work can be found on the Standard of Portfolio Management published by the Project Management Institute and on the MoP (Management of Portfolios) published by the UK Office of Government Commerce (OGC).
The PMRank workshop is designed for Executives, Strategic Planning Teams, Investment Planning Team, Project Managers and others involved in the selection of portfolio investments/projects. The workshop does not require experience in projects neither in portfolio management. All knowledge necessary for comprehension and participation in the workshop will be presented during the training.
How it works
During a one-day seminar, the participants are grouped into teams to support Tiger Screws, a fictitious screw and connector’s factory with global operations. Each team will seek for the improvement of the market company position and they must do so through the elaboration of a different strategic objective.
Upon receipt of the strategic map and its direction for the next two years, the participants will define and choose which set of criteria best represent the required strategic direction, in order to do so, they will compare and prioritize the criteria that will be applied to all potential projects.
At this stage of the training the multi-criteria decision models are presented and applied to the planned tasks. To ensure the process comprehension, the participants will make all the calculations of the Analytical Hierarchy Process (AHP) using only one data sheet of paper and a basic calculator.
Then, the criteria are applied to the potential projects to create their ranking and direct the process of choosing a portfolio. Because each team is told to use a specific direction, the ranking of each will be different, allowing discussion of the different results between the groups.
At the end of the projects ranking, "force-in/force-out" directions, resource and budgets constraints are presented and the portfolio is balanced.
Finally, the portfolio is monitored, controlled and adjusted based on market information, project results and new directions in order to ensure the continuous alignment between the portfolio and the business need (Business justification).