Major financial institution rationalizes project budgeting process

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Project Portfolio Management:

Major financial institution rationalizes project budgeting process
Aligned Initiative Selection with Objectives and Increased Efficiency and Transparency of Planning Process

The executive management at a major financial institution was faced with making project planning decisions across departments that did not share a clear, organization-wide set of objectives. The manual, time-consuming process for planning lacked a standard methodology to allow planners to align initiatives with objectives, create an understanding of cross-initiative impacts and dependencies, and ensure visibility and reporting. Collectively, the five-month annual planning process was overwhelming the ability to make optimal initiative investments based on organizational objectives and current information about each initiative.