This article from the Project Management Institute talks about how the source of failing projects is often a troubled portfolio. A thriving portfolio depends on an array of projects that are collaborative and intertwined. A hostile portfolio environment can stem from a company’s lack of education on portfolios; a mass of projects do not make a portfolio. When a project is in trouble it is best to analyze the health of your portfolio.
Good signs your portfolio is troubled:
- You are facing troubled projects repeatedly
- More than 30 percent of your projects are troubled
- Lack or no support by senior management
- Unclear strategic goals
- Lack of objective selection and prioritization criteria
- Poor guidelines and structure
- Lack of standardized project and portfolio management processes
- Resource allocation issues
- Poor key performance indicators (KPIs)
Knowing that your portfolio is troubled is only half the battle; you have to know how to fix it. Much of the responsibility falls on the executives and the portfolio managers. Executives need to assign ownership and a system of checks and balances to the portfolio. The portfolio manager should place processes and guidelines in place that clearly outline the steps for project investments. For more suggestions take a look at the original post.