Jun 13, 2011
The mandatory Capital Planning and Investment Control (CPIC) process used during the federal budget cycle can be a challenging and tedious procedure, but it provides the needed framework for prudent budgeting and planning, the lack of which could result in the acquisition of the wrong IT resources at the cost of millions of dollars. So much of the federal IT governance focus is on project execution and while excellence in project execution is a valuable asset in any organization, perfect execution doesn’t mean a project delivers any overall value to the organization. Before an agency embarks on a project and acquires the resources to carry it out, managers must ensure the project portfolio will support the strategic plan and advance mission accomplishment. Only then can they monitor for effective execution and assess for the realization of its intended benefits.
A solid portfolio management solution can assist federal agencies in their efforts to acquire and better manage the IT investments that will ultimately help improve delivery of high quality government services. A portfolio management solution ensures buy-in and strengthens accountability. It provides basis upon which the agency can assemble and review information that supports sound decision-making, and ensures an optimum return on capital investments. With a good portfolio management tool, agencies can streamline their OMB 300 and 53 submissions and gain confidence in their investments.