Project portfolio management can be like being a single bee in the middle of the hive. Everyone is everywhere all at once, clamoring for your time and attention. Carl Manello reminds us it’s not a good idea to try to deal with all requests at the same time. Instead, develop a system to assess the projects and rank them from most important to least.
PPM Helps Identify Low Value Projects
This will also help you get rid of those projects that aren’t really helping your organization after all. No doubt a few will sneak in every now and again. Define a set of criteria and use it to measure proposed initiatives before adding them to the portfolio. It can still be very difficult to choose between two extremely different projects, like an HR system upgrade and a customer-facing application, so make sure to really develop each criterion as much as you can.
Manello calls these criteria “levers” which will help you rank the projects from the most valuable to the organization to the least. Remember that deciding which projects to accept is only the beginning; the same level of organization must be practiced throughout for a smooth work flow and not a swarm of project activity.