As my professor once said that PMI has a 'fetish' with making complex diagrams for Portfolio management issues, introduction to to an organization from the scratch is not straight forward.
For small companies, this might be an over-kill. If they have a single
project, with a few stakeholders, and known risks, why go through the trouble
of establishing an elaborate portfolio management framework. Setting up and
perfecting portfolio management requires dedicated resources and the process
has its own ramp up time. Would new companies and start-ups have this luxury in
time and resources? Even for bigger companies, risk and benefit management can
be a very time-consuming process. The same time that can be used in the product
development phase rather than planning all aspects of portfolio management. For very big
companies, it might even be difficult to match and compare complex projects and
align them with the strategic objectives.
There is alternate thinking as in Ashbys law of requisite variety [2]
which states that a control system must have as many states as the system it
wants to control. If we want portfolio management to optimize the system based
on inputs of risks and benefits and reports, does it have all the information? Are all the risks and benefits already known? Or can they all be known?
Absolutely No !!!
References:
- https://en.wikipedia.org/wiki/Variety_(cybernetics)
- https://www.slideshare.net/jurgenappelo/complexity-thinking/118-Law_of_Requisite_VarietyAshbys_law
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