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Improving Portfolio, Programme, and Project Financial Control

The economic climate demands foresight and strategy when it comes down to every purchase or business cost, and it’s during these kinds of situations that the improvements made to programme, portfolio, or project financial control becomes paramount. This pdf by Colin McNally, Helen Smith and Peter Morrison examines the benefits of improved control and optimization. The white paper goes on to list a few best practices for creating and implementing changes, who must be involved, and how to maintain improvements once they are enacted. The white paper discusses each level of control (portfolio, programme, and project), explaining, for instance, the seven steps to help create the necessary skill sets of the executive board: The following seven steps are aimed at gradually building up the skill set required by the executive board and their senior managers to deliver a new kind of portfolio financial control.All decision-makers should be given training, mentoring and coaching on improving financial awareness, financial development and on enhancing their capability to challenge the financials of portfolios. The seven steps include:

  1. Creating the portfolio
  2. Cost estimation
  3. Investment decisions
  4. Peer responsibility implementation
  5. Improved reporting, governance and control
  6. Changing how reports work (and doing so intelligently)
  7. Financial management of risk, issue, and opportunity

The paper provides visual representations of key concepts and detailed explanations of processes referenced. It becomes evident that the value of strong, effective portfolio, programme, and project control goes far beyond doing what is expected, but doing what can actually drive revenue generation and overall company health.

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