Address Business Alignment Challenges:
What is Project Portfolio Management and what are its objectives and initiatives?
Projects Porfolio Management is a structured and disciplined approach toward building a portfolio of projects best suited to support the goals and objectives of the enterprise. Such projects will exhibit the following characteristics:
Alignment with Strategies
Optimizing project selection is one of the top critical success factors for PMOs and project management professionals because it happens at the beginning of the project lifecycle and that’s where most of the leverage is in your project investments. You can execute and deliver on your projects flawlessly, but if you’re working on the wrong projects, none of that matters.
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Good Value and Benefits
In a business environment where all is about speed, projects have to be measured by time to market, time to value, and business benefit realization. One big execution risk for projects with longer cycle time is benefits obsolescence.
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Effective Use of Resources
If you don’t have the right resources with the right skills available for your highest value projects and they are not working at the maximum utilization rate achievable, all the collaboration and automation in the world is not going to move the needle.
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Why is Project Portfolio Management important?
Projects are strategic for any organization. Projects are the agent of change in an organization.
You need projects to:
Implement a strategic initiative
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Deliver a new service internally
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Bring a new product to market
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Enterprise portfolio management continues to evolve as an enterprise function that balances investments, priorities and resources. Organizations need integrated portfolio management more than ever to decide what to start, stop, continue, consolidate or change.
Gartner
"PMO Evolution for Digital Primer for 2020"
Lars Mieritz, Robert Handler, 24 January 2020
In many firms PROJECTS are a key source of ROI. Projects are investments and should be treated as such. Unfortunately, surveys from many sources continually show that most projects fail to deliver the expected benefits, putting a big dent in project- derived ROI. Traditionally, the blame for disappointing ROI has been directed at poor project performance. And it is true that many projects are delivered late, with budget overruns, reduced scope, and diminished profits. But what we have been learning over the past decade is that reduced ROI is at least as much the fault of poor project selection, and the dogged reluctance to dump failing projects. What we are finding is that it is not only important to do projects right, but also to do the right projects.
PPM Success: Use the right metrics! Read the project portfolio management fundamentals handbook by recognized expert Harvey Levine
Key Benefits of PPM
THE KEY BENEFIT OF PPM IS TO MAXIMIZE RETURN ON INVESTMENT.
How PPM is used by Sciforma customers….
Project and Portfolio Management for Selecting and Prioritizing projects for competitive advantage
How to improve project portfolio management?
Define your KPIs and establish your portfolio dashboard
Create a culture of prioritization within the company
Choose to hire project management experts
Use the right methods and tools for project portfolio management
Related resources :
What are project portfolio management software benefits?
Providing data visibility (instant, anytime, anywhere access) to speed up all processes
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Automating repeatable processes and facilitating collaboration
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Making better/faster decisions using analytics
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Where to begin?
Robust
Scalable
Out-of-the box
Easy-to-use
