What IT specialists call IT Portfolio Management is actually a thorough program of action
which may be called a Project Configuration. It basically involves management of various
resources in development of a strategy so that the project team is able to reach for
desired goals and objectives of the project. But to say a project simply falls under IT
Portfolio Management over simplifies the IT field to the point of misunderstanding. IT is
in itself a very diverse and multidisciplinary area of knowledge, so IT Portfolio Management
may require input from specialists from different areas in IT.
In IT Portfolio Management, the project team needs to manage cost and time constraints well
too. In addition, the team may find it hard to match projects, proposals and operational
activities with the end goals they have set.
To succeed, the project team should identify the specific IT projects which are really
needed, then focus their attention on those. Planning must be aligned with project details.
The team should then take control over specific issues, processes, resources, risks and
dependencies that could affect the project or are related to the project somehow.
If unplanned changes occur, the IT personnel should be proactive in either correcting these
incidents or controlling them so that the project stays on track and on schedule.
If the IT Portfolio Management effort is successful, then decision makers and stakeholders
alike will see how valuable IT and IT personnel are to the organization and its functions.