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Project Portfolio Management

 

Project Portfolio Management is the process for effectively identifying, assessing, selecting, and managing the collection of projects. Project Portfolio Management teaches you how to judge which IT projects you should pursue, and which you should not. As a rule, you want to go after only those projects that will give you a solid ROI, return on investment. While that seems obvious, it can be difficult to deduce whether any given project will have a sound ROI.

 

Benefits of Effective Project Portfolio Management:

 

  • Improved strategic goal attainment through effective project prioritization
  • Improved visibility of progress results through project portfolio oversight
  • Optimization of available resources based on organization's true capacity
  • Minimization of risk
  • Increases in the "bottom line" through disapproval or cancellation of inappropriate projects 

 

Project Portfolio Management Software: Project Portfolio Management software can help you make sure you get a solid return on investment from your IT spending. A large reason IT value measurement is so helpful is that it allows you to truly seeing what you're getting from your IT dollars. Once you know this, you can make adjustments in your IT spending and planning accordingly.

 

You will constantly be faced with many IT projects, from which you will have to choose. In order to make those choices wisely, you need a way to analyze which projects will do the most for your company. Project Portfolio Management software can handle this analysis for you. Many IT projects are quite expensive. This doesn't mean they shouldn't be tackled, since the benefits of some IT projects far outweigh these costs. You simply need a way to know in advance which projects will give you the greatest return on investment, so you can concentrate on those specific projects. If you choose the right software program, it will analyze not only your project portfolio, but also your application portfolio. It is likely that you are not using the most efficient application package on your employees' computers. By using software to analyze that package, you can adapt it so it becomes far more cost effective.

 

Project Portfolio Management is about more than running multiple projects. Each portfolio of projects needs to be assessed in terms of its business value and adherence to strategy. The portfolio should be designed to achieve a defined business objective or benefit. Within almost all Project Portfolio Management systems there is a project evaluation process. This process is used to evaluate the projects at various points during their lifecycle. At the beginning of each stage, often called a 'gate,' the responsible party evaluates the business case, asking whether it is still relevant and able to deliver the defined organizational objectives. If the answer is no, then the project should be stopped. This way the organization can ensure that they stay focused on delivering a strategy, goal or other defined benefit and that resources are deployed where they will offer the best return.

 

When selecting a Project Portfolio Management, organizations should use criteria based on identified needs and organizational objectives. It is advisable to start small, introducing aspects of Project Portfolio Management one element at a time. Many commercial tools can seem overwhelming at first, simply because of the amount of functionality they offer.

 

These are the key features of a Project Portfolio Management system:

 

  • Project evaluation process or methodology
  • Cost and benefits measurement
  • Progress reporting
  • Communication of key project data e.g. executive dashboard
  • Resource planning
  • Cost and benefits tracking

 

Project Portfolio Management is about ensuring you have a group of projects focused on taking the business somewhere they want to go. It is about being able to respond quickly to changes in the environment. It is about short projects that give quick wins. It is about the business setting direction and then creating a series of steps to get there. The benefits Project Portfolio Management brings to the business are:

 

  • Faster response to changing conditions
  • More quick wins
  • Not having minor projects escalate into major undertakings
  • Focus on what will achieve the initiative rather than on the project itself
  • IT responsibilities centered on one business area rather than trying to compromise across several
  • Blending business and IT projects and treating both as contributors to the same goal
  • Portfolios can be constantly reviewed and altered if necessary to produce the highest returns based on changing situations
  • Management see the projects as groups of activities contributing to an initiative. They are not a series of unrelated work.

 

Project Portfolio Management is not a completely new concept. It is more an evolution of the efforts of IT management to align with the business. It is a way of helping business prioritizes within a pragmatic framework. It links neatly with a Project Office where the Project Office is focused on identifying and managing dependencies between portfolios. Of major benefit however that Project Portfolio Management is allows flexibility to meet changing circumstances. It is focused on quick deliverables, and solutions that are totally targeted to achieve a particular outcome.

 

Project Portfolio Management is the art and science of applying a set of knowledge, skills, tools, and techniques to a collection of projects in order to meet or exceed the needs and expectations of an organization’s [investment] strategy. Project Portfolio Management is a process that includes decision-making, prioritization, review, realignment, and reprioritization. The emphasis is in management of strategic content of projects at the aggregate level (= at the level of collection of projects).


When you, as a project manager, accept responsibility for a project, you accept the schedule, timeline, deadlines, resources, and expectations set out at the start. Now you can make sure you're asking the right questions for each project by utilizing the tools, checklists, and information from projectmanagementsurvival.

Now you can manage your risk project according to best practice standards. You'll have the details and plans in place to handle whatever arises during a project's duration—setting appropriate expectations for timelines, milestones, and deliverables. And, ensure success for each and every project with resources on:

  • Ensuring you have the necessary equipment and resources available
  • Properly documenting all project activities
  • Identifying staff skills by roles needed
  • Putting quality controls in place
  • Identifying and estimating indirect costs
  • Documenting and prioritizing requirements
  • And much more

Start and end each project on a positive note—order your Templates and Tool Kits for Project Managers today!

Explore the templates and toolkits HERE

  
   
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