Are your projects not being executed as expected? It would not be the first time, and effective project portfolio management (PPM) could be the solution. In an article, Vishal Sheth elaborates on the five crucial processes that will help an organization to embody the most effective PPM:
- Capture portfolio items
- Portfolio management
- Portfolio planning
- Project management
- Portfolio improvements
A Higher Level of Management
Capturing the big picture of what is going to be managed is the first step, because one needs a clear image of the goals in order to effectively reach them. Understanding how it is integrated into the business as a whole is also imperative since it needs to align with business strategy. When the picture is captured, it is time to validate all of the valuable propositions; this will lead to the selection of the right work.
The next process is planning. It is important to prioritize the strategy so that the optimal amount of benefits can be seen. Often, these benefits cannot be illustrated in financial terms, but they are identifiable and are just as important. Once the plan is established, the time has come to approve and fund the project. It is vital that the effectiveness is continually assessed throughout the project, and if changes occur, the project is adapted accordingly. The portfolio should be continually progressing towards achievable results.
It is important to note that these processes do not necessarily need to occur in order. However, they are all equally important and do need to happen at one point or another. A mature organization may even add more procedures to make the project even more phenomenal.
You can read the original article here: http://www.strategicsourceror.com/2015/09/5-key-processes-of-project-portfolio.html