Whew! Good news in the markets...finally. US President-Elect Obama announced his financial team, including his pick for Treasury Secretary, and the markets globally have responded favorably for two market days, especially in the USA. Finally! It is really about public confidence in the markets, and the POTENTIAL for a solution.

Speaking of a solution, I read an article today recommended by Mahala Renkey and Len O'Neal on our staff. It was a November 10 article on CIO.com, entitled Why Project and Portfolio Management Matter More at Recession Time. The article supports my post on November 19. I believe, from experience and from common sense, that PM practices have never been more important in our lives than right now. The article points out that "High project failure means you're wasting money, and there's even less tolerance for that in a down economy."  The article goes on to say that "...Portfolio management can help you zero in on the projects that are most worth their effort and scant budget dollars; while project management can help you execute those projects most efficiently."

Yes, I am all over that statement! However, I am concerned that the article points to using available proprietary software as a solution, rather than the discipline and the approach. It points to project and portfolio management software as the answer to solving problems associated with balancing a portfolio...rather than the rigor associated with an internal standard and discipline for managing the portfolio. Although you would expect that from CIO magazine, the statement troubles me.

It is the problem with having a software jockey piloting software without knowledge of the discipline. It happened in the architectural design profession as design software became available on desktop computers. It is not an effective approach. It leads to more problems. Project, program and portfolio management needs rigor, discipline and understanding before any software can be used.

And remember, we are not only facing a recession, but we started this profession with a global shortfall in the supply of competent, experienced project management professionals. When there is a gap in supply, it tends to create a vacuum and can pull in individuals who lack the discipline and knowledge to manage projects and programs well. Couple that with the software jockey, and we have a problem.

But let's hope that things are different now. The world is rallying for a solution. Let's hope they see success through the eyes of project management professionals.

More later.