Portfolio Planning 101

Kenneth has 14 years of healthcare experience in government and private industry. Over eight years of experience managing healthcare IT projects, operations, contracts, and personnel. His work experience includes project management, contracts and procurements, data analysis, claims adjudication, business writing, and business process modeling. Kenneth was certified in 2006 as a Project Management Professional.

  Portfolio Management   ProjectsAtWork  

Project portfolios present a challenge to project managers and PMOs. Established to meet an overall strategic mission with greater efficiency, instead, they often lead to confusion, with conflicting priorities, resource needs and timelines. Navigating this landscape before it turns to chaos requires foresight, ongoing evaluation and careful planning.

A Guide to the Project Management Body of Knowledge (PMBOK Guide) defines projects in a portfolio as being “grouped together to facilitate effective management of the work to meet strategic business objectives.” The projects in a portfolio are not directly related to each other in the way that projects within a program are related to each other. Portfolios can include a diverse listing of projects, and also often include a “wish list” of work that is not scheduled or funded yet.

When a portfolio manager or project management office manages a portfolio, the key challenge is to provide clear direction for the team or teams working on the projects. Portfolios can be a confusing landscape for teams to navigate, full of conflicting priorities, mixed up timelines, and projects that are not fully defined or understood by anyone, as the portfolio can become a landing place for just about any brainstorm or late night idea from sleep deprived project managers. The project manager must bring order to this chaos…

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