项目组合管理实务z英文版.pptx

项目管理者联盟, MYPM.NET Project Portfolio ManagementAn Introduction November 2002BeijingContentEmergence of Project Portfolio Management (PPM)Portfolio Management in Financial MarketOverview of PPM PPM, Process and TechniquesThe Emergence of Project Portfolio Management1952, Modern Portfolio Theory (MPT), Harry Markowitz, Journal of Finance, Portfolio Selection1990, Harry Markowitz shared Nobel Prize, dominant approach used to manage risk and return within financial markets1981, F.Warren McFarian, Portfolio Approach to Information Systems, HBR, to employ a risk-based approach to the selection and management of IT projects.1990s, a broader use of ideas of portfolio management 1998, John Thorp, The Information Paradox. Portfolio management was used to manage risk and maximize return along a number of dimensions.Present, portfolio management as central elements of good investment managementPortfolio Management, the overall pictureFocus(Strategic Planning )Select(Portfolio Management)Manage(Project Management)Source: PM Solutions, Portfolio Management, Dianne BridgesContentEmergence of Project Portfolio Management (PPM)Portfolio Management in Financial MarketOverview of PPM PPM, Process and Techniques Don’t put all your eggs in one basket. The Old Philosophy about PortfolioRisk aversion seems to be an instinctive trait in human beings.Return and Risk in Financial Market20181614121086420smallcompanystockscapital appreciationlarge company stocksgrowth of incomeexpected returnintermediate-termgovernmentbondslong-termcorporate bondslong-termgovernment bondsT-billsinflationstabilityof principalincome0 6 12 18 24 30 36standard deviation (%)The Role of Combining SecuritiesThe expected return of a portfolio is a weighted average of the component expected returns.two-securityportfolio riskinteractiverisk= riskA + riskB +The Role of Combining SecuritiesThe total risk of a portfolio comes from thevariance of the compon