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The PMBOK®  Guide defines Project Portfolio Management as "The centralized management of one or more portfolios, which includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work, to achieve specific strategic business objectives." As always with definitions from the PMBOK®  Guide, they are straightforward, dry, to the point and they give you a good idea what the term is all about. But they are usually also lacking in regards to telling you much about how Project Portfolio Management is performed out in the world.

But that's where The PM Podcast comes into play. We bring you the real life experience and explanations about Project Portfolio Management with one of the big names in Portfolio Management: Terry Doerscher from www.planview.com.

Terry recently published "Taming Change with Portfolio Management", a book that he wrote together with Pat Durbin. I have taken this book release as an opportunity to bring Terry on the show to look into the basics of Project Portfolio Management. You'll hear his definition, the 4 core portfolio management information structures, how portfolio management enhances the value we deliver to our organizations and more.

Win a copy of Terry's book: Go to our Facebook Fan Page at www.facebook.com/pmpodcast find the announcement of this book giveaway and simply add a quick comment (Deadline to participate extended to July 21 2010).

Here are the winners of our PDU Podcast giveaway. The PDU Podcast is our sister podcast which helps PMP® and PgMP® credential holders earn at least 1 PDU every month. All you have to do is to watch the video webinars and you have just earned a PDU. You can find it at www.pducast.com. And the winners are

• Premium Listener: Keith Hopkins from Fullerton right here in California
• Free listener: Ilias Biris from Espoo in Finland

Congrats to both of you

Oh... and just in case you are now completely confused about the difference between The PDU Insider and The PDU Podcast... The PDU Insider is a newsletter in which I give you inside tips about earning PDUs. And The PDU Podcast is a videocast where you can watch webinars and earn PDUs.

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Part 3. This episode of The PM Podcast is a 4-part webinar presented by Andreas Heilwagen on the topic of risk management.

The previous two parts have looked at risk management critical success factors and how we can use these to better manage the project, leading (hopefully) to a more successful outcome.

He stipulates that it is a critical success factor for your project success. We look at a definition of Risk Management, present the value that it offers to your projects, go through the processes offered by The PMBOK® Guide, take a look at the free risk management templates [Update: the template website is no longer available, so we removed the link] offered by Andreas and the look into the success factors that will make your internal risk management approach a winning activity.

Remember, risk management in agile projects draws on the same principles and processes. As with all project management processes, you can tailor them to best fit your environment.

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Part 1. This episode of The PM Podcast is a 4-part webinar presented by Andreas Heilwagen on the topic of risk management. He stipulates that it is a critical success factor for your project success. We look at a definition of Risk Management, present the value that it offers to your projects, go through the processes offered by The PMBOK® Guide, take a look at the free risk management templates [Update: the template website is no longer available, so we removed the link] offered by Andreas and the look into the success factors that will make your internal risk management approach a winning activity.

Whether you are working in a predictive environment, a hybrid project delivery environment, or considering risk management in agile projects, you'll find tips and tricks to learn from and implement in this webinar.

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Part 2. This episode of The PM Podcast is a 4-part webinar presented by Andreas Heilwagen on the topic of Risk Management. In Part 1 we looked at risk management critical success factors and we're continuing that topic today.

He stipulates that it is a critical success factor for your project success. We look at a definition of risk management, present the value that it offers to your projects, go through the processes offered by The PMBOK® Guide, take a look at the free risk management templates [Update: the template website is no longer available, so we removed the link] offered by Andreas and the look into the success factors that will make your internal risk management approach a winning activity.

Risk management strategies for agile projects might feel a little different from what is being discussed here, but you'll still be able to apply the principles of risk management to your work, whatever kind of delivery environment you work in.

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Part 4. This episode of The PM Podcast is a 4-part webinar presented by Andreas Heilwagen on the topic of risk management.

Each part of this webinar is looking at risk management critical success factors. Andreas says that the effective management of project risk is a critical success factor, and I can see why. We look at a definition of Risk Management, present the value that it offers to your projects, go through the processes offered by The PMBOK® Guide, take a look at the free risk management templates [Update: the template website is no longer available, so we removed the link] offered by Andreas and the look into the success factors that will make your internal risk management approach a winning activity.

Agile project risk management isn't something we go deep into specifically, but risk management is a universal concept. You will be able to take the ideas here and apply them to your agile team environment, if you are using agile methods.

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Let's continue our look at How to become a project manager.

And because Josh and I realize that many of you may already have some seniority under your belt, we are also going to take this to the next level: How you can help someone  - maybe a junior project or even someone who is just now starting to think about going into project management - how to help this someone as a mentor and assist them with tips and tricks. So don't dismiss this discussion, simply because you are farther along in your career. Listen to it and use the discussion to help others.

Josh is the man behind PM Student and PM Student eLearning, which you can find at www.mypmstudent.com.

 

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Here is a question that I have received from quite a number of podcast listeners in the past few years: How do I overcome the Catch 22 situation of getting into project management, that in order to get assigned a project you need to have experience as a PM. And in order to get some experience as a PM you first need to have a project assigned. Is there a way around this? Project manager coaching and mentoring is a starting point, but that doesn't address the question of experience and how to gain it.

This and may other questions about how someone who is interested in becoming a Project Manager can get started in our profession are at the center of my discussion today with Josh Nankivel. You will hear how both he and I started our careers as project managers, what books to read, what training to get and what websites and social media for project managers are great places to start.

There are so many ways to niche down in project management. Your goal, for example, might be a role of project manager in SAFe agile teams, but before you can make that move, you need to get the basics right and gain experience that will let you ultimately take on your dream job.

Josh is the man behind PM Student and PM Student eLearning, which you can find at www.mypmstudent.com.

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At this year's PMI Atlanta Chapter's Professional Development Day, Tom Mochal, PMP (www.tenstep.com) presented a 2.5 hour long workshop. It was simply called "Successful Project Management" and was based on the premise that the days of the monolithic, complex, multi-year project are over. Tom says that they are just too hard to plan, manage and complete within expectations. He argues that the better approach is to break large initiatives into multiple smaller projects. These smaller projects are easier to manage and they each have a much better chance to be successful.

Of course, if each project was managed independently, the entire initiative would be at risk of losing focus and getting out-of-control. So... Enter the Program.

A program is the organizational structure that is established to coordinate and guide a large initiative made up of multiple related projects. The program provides an umbrella structure over the entire initiative and has the high-level visibility and continuity to guide all of the underlying projects toward overall success.

Shortly after the workshop ended, I had a chance to sit down with Tom and discuss his approach to project, program and portfolio management. And we even manage to sneak in some career advice for you as well.

W also announce a giveaway where one lucky Project Management Professional(PMP)® out there is going to win a copy of The PDU Podcast. The PDU Podcast is our sister podcast and you can learn more about it at www.pducast.com. It's a convenient way for PMP® and PgMP® credential holders to earn their PDUs through webinars that are delivered to you as a Podcast. Listen to the first 5 minutes of this episode to learn how to participate.

 

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On May 1st of this year I was in Atlanta, Georgia where I gave a presentation at the PMI Atlanta Chapter's 2010 Professional Development Day. I must tell you that I was blown away by the professionalism with which this event had been set up. As you walked in the building there were volunteers everywhere pointing out the way to walk and offering to help you. Check-in was a breeze and then it pretty much continued in this well-oiled-machine fashion throughout the day.

So I wanted to know... how do you plan, organize and execute such an event year after year?

I had my recording equipment with me and I got a chance to sit down with Charles Galoppe, who is the event's project manager and we were joined by Dean Gudlauski, VP of Marketing and Promotions for the PMI Atlanta Chapter.

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The most requested template from The PM Podcast series is a document offered by Sabrina Mancini in Episode 017. This template is intended to help you turn your job search into a project. unfortunately, Sabrina doesn't have this template anymore. Neither do I.

Do you have it?

If yes, then please send it to This email address is being protected from spambots. You need JavaScript enabled to view it. so that we can once again offer it on The PM Podcast.

Thanks!

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On May 1st 2010 I presented "The 4-week PMO" at the PMI Atlanta Chapter's Professional Development Day. This video gives you a few impressions from the event.

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A little while back Bill Duncan published an article on the importance of clearly (and I really mean clearly) differentiating between the terms scope and work.

Everyone seems to agree on the importance of scope, but there is much less agreement on what it is and where to find it. By focusing on a project’s “product” (whether tangible or intangible), project managers create greater clarity around the implication of all changes.

His reasoning was that by doing so you get greater clarity in regards to what changes on your project should be considered as scope changes, you improve your communication with your customer and by applying "discover-define-deliver" you add another layer of clarity.

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Earlier this month, the ASAPM (The American Society for Advancement of Project Management) released their latest standard. It's called "aPro: asapm Performance Rated Organization". You can find it at http://apro.asapm.org/.

My guest today Bill Duncan, who serves as the Certification Chair on the board of directors of the ASAPM. Many of you will recognize his name, as he was the primary author of the original PMBOK® Guide. But that's a story for another time. Today, we're discussing the purpose of the aPRO standard. We'll look at what organizations should consider being rated in this way, benefits and competitive advantage of this rating, how you actually get certified and much, much more.

 

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This episode of The PM Podcast was supposed to feature an interview with a representative from PMI to talk about the recently updated CCRS. That's their Continuing Certification Requirements System.

However, 24 hours before we were scheduled to do the interview we became the latest victim of Murphy's Law: I got a phonecall from PMI letting me know that my interview guest has a bad case of laryngitis. So he can't really participate in a spoken interview. So the #1 law in project management - Murphy's Law - strikes again to bring heartache, pain and tears to a project manager. Me in this case.

Well... that got me thinking about all the various laws that we have in project management. So we will be reviewing the following laws together: Murphy's Law, Boyles laws, Brownian Motion Rule of Bureacracies, Laws of computer programming,The Peter Principle, The Pareto'Principle, Old Engineer's Law, Gordon's First Law, Golub's Laws of Computerdom, Horstman's Law of Project Management, Klipstein's Laws, Ninety-ninety Rule of Project Schedules, Parkinson's Law, Q's Law, Vance's Rule of 2 1/2, The Student Syndrome, Parkinson's Principle of Non-Origination, Theory of the International Society of Philosophic Engineering, Brooks's Law and The Law of diminishing returns.

We also announce the winners of The PDU Podcast promotional giveaway.

Question of the Week: Did we forget to review any important laws and principles of project management? Please leave a comment and let us know!

 

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Now it gets interesting

Last week we learned about PM Simplicity from Sean Henriques. We talked about the basic building block of his approach to managing projects. Now it's time to look at how he uses and implements this approach on his projects. We begin with project initiation and end... you guessed it... with project closing.

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In this video, you'll hear more about The PDU Podcast, the easy way to earn 60 PDUs for your Project Management Professional (PMP)® renewal. In under 7 minutes, you'll learn how The PDU Podcast works and how you can easily earn your PDUs.

As a PMP, PDU Podcast episodes will help you develop your skills, improve your professional practice and also earn the PDUs you require in order to recertify at the end of your renewal cycle.

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In Episode 140 I spoke with Jerry Manas on how to manage complexity on projects. We discussed his general approach and then (in the premium episode) we looked at a case study and learned how Jerry actually does it. We saw here how he uses simplicity, clarity and focus not just in theory but on his projects.

But Jerry is not the only project manager out there who feels that we need more simplicity.

Sean Henriques MBA PMP, feels exactly the same way. In fact, he feels so strongly about it, that he went ahead and wrote The PM Simplicity Guide at http://www.scribd.com/seanhenriques/d/27897513-Project-Management-Simplicity and makes it available to everyone for free. Sean and I discuss the concepts and philosophies behind PM Simplicity and how you apply it on your projects.

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Do you have a PMP® or PgMP® certificate? Then this announcement will interest you!

As a PMP/PgMP you have to earn 60 Professional Development Units (PDUs) every 3 years. Here at The PM Podcast you can earn 15 of these PDUs for free. And starting on April 2nd 2010 we are going to offer The PDU Podcast at www.pducast.com. With this new podcast you will be able to earn 20 PDUs per year.

The benefits for you are obvious! You already know how to use a podcast and now with The PDU Podcast you can sit back, relax and let the PDUs come to you. Month after month.

Listen in for the details and get a 20% discount on The PDU Podcast.

 

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Today's episode is sponsored by the 7th Annual Project Management Conference for the Drug & Device Industry. The conference takes place from April 12-14 2010 at the Orlando World Center Marriott Resort & Convention Center in Orlando Florida. Learn all about cutting-edge tools and techniques to help you lead your team confidently and walk away with clear strategies for achieving project, program and portfolio success. To learn more, please visit www.iirusa.com/pdd.

I have a confession to make, and that is that I have moved over to the "dark side" of project management.

Don't worry - I'm neither wearing a black suite, cape or breathing apparatus, nor do I now call myself "Darth Cornelius".

But I have moved from being a Project Manager to the dark side and I'm now... a Project Sponsor. So let's take a look at my very first experience as a project sponsor and to keep it interesting we will hear from 10 other people what they love and hate about their own project sponsors.

Question of the Week:

Do we project managers make good or bad project sponsor? Please leave a comment and let me know!