Managing a Portfolio of Projects _ Metrics for Improvement

Abstract

Ali Touran, PhD, PE, F.ASCE; Reza Masoumi, PhD student æAbstract æIn this research, a portfolio is defined as a group of projects and/or programs managed by either a project manager or a project director. Considering time, budget and resource constraints, Construction Industry Institute (CII) best practices are currently not specifically applicable for managing a Portfolio of projects; however several of these could be tailored for use within a Portfolio of projects. Many best practices have been developed for project directors/project managers to manage individual projects; these project professionals need to know how to apply these best practices when they manage multiple projects. The major problem appears to be that current CII best practices, techniques, technology and processes are tailored more towards individual projects and not for a portfolio of projects. æThe objective of this research is to enhance the industry understanding regarding which perceived best practices have/have not been successful for managing multiple projects. Major issues and challenges related to the implementation of project-level metrics into the Portfolio-level decision-making will be identified. The findings will result in improved applications of the best practices (techniques, technology, tools, metrics and processes) to the Portfolio of projects to achieve enhanced Portfolio performance. æThe research team is a combination of 20 CII members from both contractor and owner companies and three universities; Northeastern University, Georgia Tech, and University of Florida. This research is supported with a grant of about $250,000 from the CII. The Construction Industry Institute, based at the University of Texas.