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1、ProjectPortfolioManagement AnIntroduction李俊伟November2002 Beijing项目管理者联盟,MYPM.NETContentEmergenceofProjectPortfolioManagement(PPM)PortfolioManagementinFinancialMarketOverviewofPPMPPM,ProcessandTechniques2TheEmergenceofProjectPortfolioManagement1952,ModernPortfolioTheory(MPT),Harr
2、yMarkowitz,JournalofFinance,PortfolioSelection1990,HarryMarkowitzsharedNobelPrize,dominantapproachusedtomanageriskandreturnwithinfinancialmarkets1981,F.WarrenMcFarian,PortfolioApproachtoInformationSystems,HBR,toemployarisk-basedapproachtotheselectionandmanagementofITprojects.1990s
3、,abroaderuseofideasofportfoliomanagement1998,JohnThorp,TheInformationParadox.Portfoliomanagementwasusedtomanageriskandmaximizereturnalonganumberofdimensions.Present,portfoliomanagementascentralelementsofgoodinvestmentmanagement3PortfolioManagement,theoverallpictureFocus(StrategicP
4、lanning)Source:PMSolutions,PortfolioManagement,DianneBridgesSelect(PortfolioManagement)Manage(ProjectManagement)4ContentEmergenceofProjectPortfolioManagement(PPM)PortfolioManagementinFinancialMarketOverviewofPPMPPM,ProcessandTechniques5TheOldPhilosophyaboutPortfolioDon’tputallyour
5、eggsinonebasket.Riskaversionseemstobeaninstinctivetraitinhumanbeings......6ReturnandRiskinFinancialMarketexpectedreturnstandarddeviation(%)capitalappreciationgrowthofincome06121824303620181614121086420incomeinflationT-billsintermediate-termgovernmentbondslong-termgovernmentbondslo
6、ng-termcorporatebondslargecompanystockssmallcompanystocksstabilityofprincipal7TheRoleofCombiningSecuritiesTheexpectedreturnofaportfolioisaweightedaverageofthecomponentexpectedreturns.8TheRoleofCombiningSecurities10two-securityportfoliorisk=riskA+riskB+interactiveriskThetotalriskof
7、aportfoliocomesfromthevarianceofthecomponentsandfromtherelationshipsamongthecomponents.....org.TheRoleofCombiningSecuritiesexpectedreturnriskbetterperformanceAportfoliodominatesallothersifnootherequallyriskyportfoliohasahigherexpectedreturn,orifnoportfoliowiththesameexpectedreturn
8、haslessrisk.Thepointofdiversifica
