Fit, Utility, Balance
Implementing Project Portfolio Management helps ensure you undertake the right size, shape, mix and risk profile of projects. The main principles of this being:
- Fit – initiatives needs to be aligned with the organisation’s strategy, strategic or operational plans
- Utility – the usefulness of each initiative needs to be assessed in terms of its value, business commitment, ‘deliverability’ and risk
- Balance – the project portfolio needs to be balanced in terms of risk, timescale, resourcing, funding, organisational change and duration. At this stage clear prioritisation is also required
Monitoring and tuning
Then once the portfolio is in progress it is crucial that it is monitored effectively and any corrective action required is taken early on e.g. re-allocation of resources, re-prioritisation of projects, or stopping projects altogether.
A Project Portfolio Management framework
Alongside the principles of portfolio management, organisations need to establish a coherent framework for managing their portfolio. This should include:
- Pipeline management – identifying and assessing planned and future initiatives
- Resource management – planning and ensuring optimum use of staff
- Schedule management – assessing when and how an initiative can be delivered
- Delivery management – management of the initiatives currently being delivered
- Exception management – taking informed decisions to instigate remedial action where necessary.
Advantages of portfolio management
We work with our clients to make sure they get a portfolio management framework and a set of processes that achieve:
- Increased value delivery through a strong balanced portfolio
- Better use of resources focused on higher value projects
- Greater visibility and control over major projects
- Increased flexibility around key decision-making
- Major improvements in benefits realisation.
Find out how we can implement project portfolio management in your organisation
We have experts on hand to discuss and advise how we implement project portfolio management.
Contact us or call us now on 01235 841594.
Project Portfolio Management ensures you do the most valuable, useful projects at the right time and with the right people
- Project pipeline management
- Resource management
- Schedule management
- Delivery management
- Exception management