文档介绍：Project Portfolio Management An Introduction 李俊伟 November 2002 Beijing
项目管理者联盟,
Content
Emergence of Project Portfolio Management (PPM)
Portfolio Management in Financial Market
Overview of PPM
PPM, Process and Techniques
2
The Emergence of Project Portfolio Management
1952, Modern Portfolio Theory (MPT), Harry Markowitz, Journal of Finance, Portfolio Selection
1990, Harry Markowitz shared Nobel Prize, dominant approach used to manage risk and return within financial markets
1981, 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 management
3
Portfolio Management, the overall picture
Focus
(Strategic
Planning )
Source: PM Solutions, Portfolio Management, Dianne Bridges
Select
(Portfolio
Management)
Manage
(Project
Management)
4
Content
Emergence of Project Portfolio Management (PPM)
Portfolio Management in Financial Market
Overview of PPM
PPM, Process and Techniques
5
The Old Philosophy about Portfolio
Don’t put all your eggs in one basket.
Risk aversion seems to be an instinctive trait
in human beings.
6
Return and Risk in Financial Market
expected return
standard deviation (%)
capital appreciation
growth
of e
0 6 12 18 24 30 36
20
18
16
14
12
10
8
6
4
2
0
e
inflation
T-bills
intermediate-term
government
bonds
long-term
government bonds
long-term
corporate bonds
pany stocks
pany
stocks
stability
of principal
7
The Role bining Securities
The expected return of a portfolio is a
weighted average of ponent expected returns.
8
The Role bining Securities
10
two-security
portfolio risk
= riskA + riskB +
interactive
risk
The total risk of a es from the
variance