Managing a portfolio can involve processes that are very different than project management processes. Project managers need to be prepared--understanding these three areas will lead to a better performing organization.
One expert's definition of a portfolio turns the bottom-up concept on its head, defining a portfolio as “the vehicle by which an organization achieves its goals and objectives.” In other words, the portfolio comes first, and the programs and projects are broken out from it. Let’s walk through it in a little more detail...
There is no silver bullet that will allow us to remove all uncertainty, but we can apply some business intelligence practices to the concept of annual planning to at least increase our confidence levels and reduce the risks around the decisions that we make.
Resource management is the top business challenge for most senior executives. Having a hierarchical approach to resource management enables any organization to share unified information across the enterprise so that they can make smarter business decisions across all levels.
Project portfolio management tools are becoming more widespread and more powerful, but are we fully leveraging them as well as we might? There could be some exciting things possible if we combine a PPM database with a BI tool.
Why do enlightened companies work to develop better project portfolio management systems--but also implement approaches that dramatically limit their ability to actually select the right projects at the right time? In this two-part series, we will look at the project selection process from two different perspectives in order to identify some of the challenges they experience individually and collectively.