The Enterey Blog

Let It Run: Project Portfolio Management

Posted by Tita Tavares on Thu, Nov 13, 2014 @ 03:06 PM

 PPM Enterey

Let It Run: Project Portfolio Management

When a crew team “gels”, a perfect finish is on the horizon. “Let it run,” is what every coxswain wants to call out as they skim across the line; driving towards favorable results. Just like the role of a coxswain is crucial to the synchronicity of the crew members, project portfolio management is important to project teams. Project portfolio management (PPM) equips businesses with the ability to centrally track the progress of all projects as a strategic portfolio. In parallel, a strong project management office (PMO) offers a competitive advantage, and also ensures all projects are in alignment with the organizational objectives.

Benefits of PPM Include:

 

Forecast

 

Clear understanding of project portfolio requirements frames a long-range plan to completely leverage resources, provides flexibility in maneuvering the budget across the portfolio, and helps create contingency plans to reduce risks.

Prioritize

 

Using prioritization principles ensures focus on projects that are well-aligned with organizational strategy.

Eliminate

Identifying low-value projects at an early stage in the project lifecycle decreases required resources and helps resolve potential budget pressure.

Track

Creating a metrics dashboard and progress reporting processes maintains adherence to business objectives while increasing productivity, on time performance, and ultimately improving the portfolio value.

Optimize

Defining and extending best practices across the business reduces inefficiencies and increases communication.  Automating workflows can also help create a consistent approach across the portfolio. 

Govern

 

Formal project portfolio oversight allows visibility into resource allocation and provides a unified view of the overall business within a specified framework of governance and control.

Although project portfolio management can create significant efficiencies when effectively implemented, initiating a PMO strategy can be overwhelming.

The first step is to assess the current state of projects. The next objective is to create integrated business practices and processes that enable a single portfolio framework, where all project teams and data points are unified in a formal organizational solution.  Notably, the most challenging aspect of PMO implementation is the change management involved in updating roles and responsibilities to create clarity and ensure adherence to the new processes.

One way to increase the success rate is to entrust the management of your PMO implementation effort to an experienced consulting group, like Enterey.  When the PPM is fully effective, the business can easily evaluate the overall portfolio, as well as individual projects, to ensure that resources are properly allocated, metrics are continually tracked, and the return on investments is optimized with rigorous adherence to the project portfolio management objectives.

The strategy of success is heavily reliant on a stable PPM. Get a plan in place and “let it run.” 

 

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Published by Enterey Communications Team

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Tags: Project Management, PPM