The most important part of project portfolio management is selecting the right set of portfolios to manage. The portfolios a company chooses define the work they do, the products they make and the direction they are taking in the marketplace. In this article, we will define what a project portfolio really is and how to establish one in a company.
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Some organizations try to streamline the process of developing business cases and end up missing great opportunities. But turning ideas into realistic, executable plans should, in fact, be a complex journey, from screening to rationalization to approval. Here are essential steps to make the time and effort worthwhile.
When implementing a portfolio management system, leaders must create both a vision and a value proposition for the accompanying changes, describing how these changes, whether environmental or structural, will integrate with the overall strategic planning and management cycles.
Too many organizations don’t connect the dots between strategy and the need for the organization to pursue an informed, aligned and enlightened approach to the implementing of those strategies.
One approach to improve project management maturity is through a project management community of practice, an informal group of PM practitioners who share advice, tips, techniques, lessons learned and promote relevant topics in the project and program management domain.
On new development projects, uncertainty harbors opportunity. The challenge in evaluating each opportunity’s potential value is to replace vague assumptions with informed, quantifiable probabilities. Project portfolio management tools and techniques can help.
Low client satisfaction scores. Inadequate project success. Internal coordination problems. Such problems can be found in many organizations. However, how many organizations find ways to deliver significant improvement in all three areas?
How do organizations need to adapt to the creation of a portfolio management function?
Establishing a “program approach” allows leadership to control performance across multiple projects to achieve maximum efficiency and ensure alignment to strategic goals. The “Intelligent Project Management” model (iPM) provides a fully integrated approach utilizing smart controls, greater visibility of performance data and ensuring people have the right capabilities to support delivery.
Every organization goes through constant change. It is anticipating that change and adopting current methods and practices that will maximize value and success.