Identification and management of pitfalls during the implementation of project portfolio management in the South African Reserve Bank

Abstract

The purpose of this study is to establish a structured approach to identifying and addressing the most damaging pitfalls or negative risks that may potentially hinder the successful implementation of a strategic initiative in an organisation. By using a combination of checklists acquired from literature, post-project reviews and interviews conducted with experts and project stakeholders, one may identify those pitfalls that may realise during the implementation of project portfolio management in the South African Reserve Bank (the Bank). The assessment of these pitfalls provides a prioritised pitfall list. Response plans to address the high-level pitfalls give the project team the required information to avoid, mitigate, transfer or accept the pitfalls. Monitoring and control processes can be used to appropriately track and address the pitfalls if and when they occur. The approach used in the study can be applied to projects in organisations, similar to the Bank, planning to implement a strategic initiative that will have an impact on the larger organisation.