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How to be a successful PIC member

The Project Investment Committee (PIC or alike name) has a role and accountabilities beyond just approving and prioritizing projects. They are also accountable for the progressive improvement in project results.

This Guide enables PIC members to fulfill all of their roles through who they appoint as the Project Sponsor, how they track the success of projects and apply the lessons learned.

If the level of return from projects is not measured as increasing year-on-year, the PIC is failing. This Guide ensures they do not fail.
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The PIC sets the direction and tone for the project portfolio - whether the organization is serious about projects or only going through the motions.

The problem is that most executives do not know how to be effective PIC members. It is only a part time role so it does not get the attention it needs. This Guide fills the gap.

There are a series of roles that the PIC needs to perform and this Guide gives the parameters that they need to take into account and how to measure their own success. Some of the advice may seem obvious but is the type of ‘common sense’ that is not common!

Whereas the ‘Evaluation and prioritization’ guide focuses on the project approval process, this guide focuses on the improvement of the project delivery process from the top - so that you progressively increase the returns on the funds/resources invested. This is a critical role of the PIC.

How to be a successful PIC member

  1. Understanding the approval committee’s role and accountabilities
  2. How to appoint or approve the Project Sponsor
  3. How to monitor key project’s progress
  4. How to monitor your portfolio
  5. Understanding when to reassess projects
  6. How to monitor the ‘success’ of all approved projects
  7. How to govern the application of lessons learned from previous projects
  8. How to establish a project delivery capability program
  9. How to measure the PIC’s effectiveness and success
  • Governance team - to understand the role and measures of success of the Project Investment Committee 
  • PPMO - to enable you to support the operations of the PIC
  • Project Investment Committee - to know what to do and how to be effective
  • Board/Executive team - to ensure the PIC is being effective
  • Ensures projects have an appropriate Sponsor to take accountability for the realization of the value
  • Equips the PIC to manage the project portfolio with minimum work
  • Ensures the projects are tracked for their success post approval
  • Focuses the PIC on the progressive improvement of the firm’s project delivery capability
  • Allows the performance of the PIC to be measured

Coming soon