Information Technology Investment Management Act of 2011

Information Technology Investment Management Act of 2011 -  Expands the responsibilities of agency heads with respect to the acquisition of information technology (IT) to require: (1) the development of an IT management and development program; and (2) the posting on agency websites of cost, schedule, and performance information regarding an agency's major IT investments.

Requires the Director of the Office of Management and Budget (OMB) to ensure the effective operation of a website that provides monthly updated information on agency investment in IT projects.

Requires a Chief Information Officer of an executive department that is primarily responsible for an IT project under review to: (1) take specified actions, including conducting performance reviews and taking corrective actions, after determining that an IT project has significantly or grossly deviated (i.e., a cost, schedule, or performance variance that is at least 20% or 40%, respectively, from the original baseline); and (2) designate, in consultation with the agency head, the most costly and critical major IT investment projects as core IT investment projects.

Requires the Director of the Office of Personnel Management (OPM) to develop policy and guidance for agencies in developing programs to recognize excellent employee performance in the acquisition of information systems and information technology for such agencies.