PPM is considered a very important process for companies and has potentially quite significant impact on overall corporate performance. An assessment of the importance of portfolio management was published in 1998 in Research-Technology Management journal, as abstracted in Figure 2.44. Importance of PPM was rated on a 1 to 5 scale from not to critically important. Five levels of management were surveyed in three specific areas (technology, production, and sales and marketing) and two higher levels, senior and corporate levels. Also, the top 20% of performers were compared with all businesses and the bottom 20% of performers. In every management category, top performing companies assessed PPM significantly much more highly (one whole level in the scale) than poor performers and even more than all businesses. Also, senior and executive management assessed PPM quite high. Technology management felt PPM was the most important among all managers, up to 4.6 (between critically and very important). The production and operations managers felt PPM was the least important, from somewhat to quite important .
The summary for planning, governance, and execution for products in R&D is a picture of the key elements that comprise R&D; Figure 2.45 displays them in an interactive integrated matrix. They need to be done to fulfill the strategy, on target (specifications), on time, in sequence, adjusted as necessary as the product matures and evolves, and performed by a team of staff in many distinct areas of the company. Twenty plus unique and different departments or project types need to be accomplished to result in product approvals and a product portfolio, as shown here. The acronym "PICTRS" fits well the summary of optimal planning, governance and execution through PPM, leadership, and organizational operations (P to the eighth power): P, plan; I, involve and implement; C, coordinate, and coerce if necessary; T, track; R, review and reenergize; and S, succeed and satisfy (team members, research
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.