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5 Fundamentals of Project Portfolio Management

A lot of pressure comes with being a project portfolio manager. You are trying to align new tactics and maybe new technologies across your organization’s projects successfully, while ensuring resources exist to fill the precise roles required. In an article written for Growth Freaks, Amanda Knowles offers five tips on the fundamentals of project portfolio management:

  1. Collect all project ideas.
  2. Allocate resources.
  3. Train project managers.
  4. Provide every project manage with a starting kit.
  5. Manage the progress.

PPM Refresh

From the door, you do not want to set any limits on yourself or your team. Collect as many ideas for your project as you can. Not doing so could limit your own creative potential and that of your team. Of course, the ideas should align with the project strategy you’ve come up with. Having more than one option is beneficial because you will be able to analyze and remove those ideas that are not what your company needs right now.

After you have selected the projects, you must consider the amount of resources, both human and financial, that can be allotted to each of your projects. One project might take priority over others. You have to keep in mind all possible costs that may arise and act judiciously. Following that, you have to select the right project manager for each project. Each manager has to be equipped with the proper tools and training beforehand. Set them up for success.

Fourth, you must provide every project manager with a “starting kit”:

Even if most projects are extremely different, they all have to go through certain steps. Since you need to organize everything to the letter, we advise you to devise starting kits for every project manager to follow. You can include the steps that he or she has to take and some tips and tricks. Also think of examples of similar projects that have been a success.

Lastly, you have to manage the process. Just because there is a project manager in charge of the project doesn’t mean that you can go ghost. You must still be able to quantify the progress and modify as needed. You must adapt along with the business.

You can access the original article here: http://growthfreaks.com/portfolio-management-tips/

About Melissa Colon

Profile photo of Melissa Colon
Melissa is a staff writer for AITS, with a background in journalism. She has previously written for York Dispatch and York Daily Record.

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