So how can I use my PPM to mitigate risk? Lisa Erickson-Harris explains...

I wouldn’t be alone in telling you that investment in IT is still a good bet in 2009. Many are even saying that technology will play a strong role in the economic recovery. In my opinion, this could very well be the case. Research data collected by EMA as recently as October, 2008 shows no dramatic decreases in IT budgets to date. Of course, this may or may not change as we head further into 2009.

Yet, it is undeniable the economy is struggling and as IT professionals¾key players in the overall business team¾it is important to contribute to the larger picture of the business where sacrifices are being made. Scrutinizing IT investments is one very smart way to operate IT as a business within a business. Project and portfolio management (PPM) solutions and supporting processes are definitely a part of this picture.

When the economy and business climate is tumultuous, businesses need to stay focused. PPM can help to bring that focus to IT and provide the visibility and insight needed to keep important projects and initiatives on track. Without effective project management, many efforts start out in good stead, but fall inevitably to the wayside when a more pressing priorities come along. But a project management program pretty much eliminates excuses as long as the people running the program bring on board all the key stakeholders. Projects get done, efficiencies are created, and innovation plans put into place. In short, PPM helps IT sharpen its priorities and get the job done.

In its simplest of forms, PPM provides visibility for tracking and managing new and existing projects within an organization. It mitigates heavy demands on staff resources with projects and initiatives that compete for the same budget dollars. It’s an easy topic to grasp if you merely look at the basic functionality required to manage projects. This “basic” functionality includes projects, schedules, resources allocated, status, and actual versus project budget allocations. PPM tools provide all of these capabilities, but they can do much more. If used well, they can be a CIO’s best friend for keeping IT on track with business objectives.

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