ISO 21504, “Project, programme and portfolio management – Guidance on portfolio management,” has just been released. This new 1st Edition provides you with a standardized approach to managing what’s called “portfolios.” This is a centralized management technique for the processes, methods, and technologies of project management. It is a high-level view of the project-based activities within an organization and allotment of resources to handle those tasks.
Portfolio management is a relatively new concept, developed in the early 2000’s as a way to identify smiliarities between a wide range of projects, allowing for identification of traits, prioritizing, and so on. It’s a top down approach to better manage a wide range of projects and similar activities within an organization. As a management tool, it’s designed to help identify redundancies, risks, and opportunities. However, it should not be confused with project management, since it is the management of a number of projects rather than of the project itself.
What will you gain by purchasing the ISO 21504? The standard is designed to help you deliver organization value. It does this by providing guidance in the following areas:
- The principles of portfolio management
- The prerequisites for portfolio management
- Managing portfolios
- Governance of portfolios (Informational Annex A)
Who should be using ISO 21504? The standard has been written for executives and senior managers, for decision makers involved in this type of work, for the teams and individuals implementing and managing portfolios, and project and program managers and other stakeholders.
If you’ve determined that portfolio management can help you resolve corporate issues and mitigate risks by identifying the fastest and most fiscally responsible way to organize the various projects within your company, then the ISO 21504 is for you. It provides you with a series of actionable items to organize and evaluate your portfolio structure. And it provides you with the steps to assure your portfolio management structure is providing your organization with real value.
How will you get your copy of the ISO 21504? You’ll use an authorized distributor like Document Center Inc. Order at our webstore www.document-center.com. Here is a direct link for the order page for ISO 21504. It is available in paper format or for pdf download. Want to include it in your Standards Online multi-user service? Check in with our staff by phone (650-591-7600), fax (650-591-7617) or email (info@document-center.com). We’re your Standards Experts!
