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PPM 101: Monthly Reviews
Tom Mochal, PgMP, PMP, TSPM is the president of TenStep, Inc., a methodology development, consulting and training company. Tom won the Distinguished Contribution Award from the Project Management Institute for his work spreading knowledge of project management around the world. He is a speaker, lecturer, instructor and consultant to companies and organizations around the world.
Portfolio managers must monitor and review the project portfolio on a regular basis, from business cases to resource availability, to make sure that work will proceed according to plan. This includes evaluating work in progress and revalidating or re-forecasting future efforts.
Done right, project portfolio management can do a lot of good for any organization. But it’s not easy, as many companies, large and small, have discovered. In PPM 101, an ongoing series by veteran project management consultant and author Tom Mochal, we focus on the fundamentals for organizations that are just getting started on the PPM path.
When you are managing work as a portfolio, you must create an overall staffing plan to achieve all of the work that is expected from your department. You don't want to be in a position where a major project ends and you are not sure what to do with the available resources. Likewise, you do not want a client department to begin a major initiative only to discover that your portfolio does not have the resources available to support it.
The initial Portfolio Staffing plan represents the best estimate for completing all of the work authorized for your portfolio. However, the portfolio managers must also review and reforecast the overall portfolio schedule on a regular basis.
The portfolio managers should meet on a monthly basis to …
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