Strong portfolio management can help companies to thrive. In fact, project portfolio management ensures that organizations work on the right projects according to their strategies.
Project portfolio management is the ability to eliminate silos, obtain awareness, and improve decision making. This is possible because project portfolio management provides portfolio managers with an updated view of all projects of the company.
What do organizations need to do?
To implement effective project portfolio management, organizations need to focus their energies and resources on improving key competencies, such as demand management, project management and program management.
To adopt project portfolio management, organizations have to determine how much organizational maturity is required to meet their expected goals. Attaining portfolio management maturity is a step by step journey. After defining it, it is important to involve key stakeholders in order to evaluate and validate that maturity.
Furthermore, organizations can benefit from reaching a certain maturity level. In fact, after reaching the right maturity they can develop portfolio management practices and make decisions that help them succeed.
What are the roles involved?
Executives, along with the CEO, set the organizational strategies. Then, they communicate these strategies to all business managers.
Portfolio managers have to align all existing and new programs and projects around those strategies. In addition, they need to ensure the successful delivery of the programs and projects of the portfolio by prioritizing the required resources (people, materials, etc).
Moreover, to implement project portfolio management successfully, key stakeholders have to make funding decisions considering the alignment of programs and projects to the overall strategies defined.
Keep in mind
Most of the time, portfolio management success depends on the information collected at the portfolio level. For this reason, it is vital to make decisions according to the information and data coming out from an accurate portfolio analysis.
Portfolio management can help companies to thrive by allowing them to focus on the most important and strategic projects and programs.