Project Portfolio Management
Develop a Project Portfolio Management Strategy
Time is money; spend it wisely.
- As Portfolio Manager, you’re responsible for communicating portfolio results and future capacity to your steering committee.
- Business and IT leaders need more accurate information on project status and resource availability to decide when to start and stop projects.
- You need to better understand the needs of the PMO and assess the costs and benefits associated with different tools and approaches to PPM.
- PPM is a practice, not a tool. Before succeeding with a commercial tool, you need to establish discipline and trust around reporting processes, which can be done using spreadsheets and other simple tools.
- Portfolio management is separate from project management. Think of it as the accounting department for time. Project managers report into the portfolio and are held accountable to it, but it isn’t simply an extension of project management.
Impact and Result
- Decrease the wasted portfolio budget by reducing the number of cancelled projects and other sources of efficiency.
- Establish the portfolio as the “one source of truth” for project reporting by increasing rigor around project status updating and reporting.
- Align project intake with resource capacity to improve throughput, quality of estimates, and stakeholder satisfaction.
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