With the advent of everything going online, the generation now has umpteen options to choose from any product or service. The options are so many that they not only confuse you to pick the right one (there may not be a right one at all), but also deprive you of not picking up the product due to fear of owning a sub-standard one. This syndrome also has a name coined to it and is known with the acronym ‘FOBO’ – Fear of Better Options, says John Morrissey in an article published at Meisterplan.
The irony here is that with a number of options available one is unable to take a decision and make a choice. In consequence, we end up not making a purchase and lose out on the benefit of the options available to us. Social media plays a huge role in helping this syndrome grow.
FOBO in Business
With the systems being dynamic the planning cycles have become shorter. The things that are a priority today may change a month later. Being agile in approach is the need of the hour.
John further states that managers in such situations contemplate on taking action and wait in the hope that there’s a unicorn just right around the corner that could change things. He further suggests that one should try and be sane in this ever-changing technology and be comfortable in owning that there is only so much that you know. Here are ways in which we can approach this in Project Portfolio Management:
Being Pragmatic: In project portfolio management if you have a straightforward and practical framework for assessment, which is understandable for the users then there is more likelihood of them using it.
Simple: It is ideal that an objective framework is measurable, graphical and simple for ease of use.
Being Cut-Throat: Do not work on projects that don’t make much contribution to the multiple goals. Cut down on the timelines. Do not work on a project for years if it is not going to deliver.
Managing Discussions: You must spend time discussing what work needs to get done and not what has already been completed. The regular legislative and infrastructure updates don’t need to be discussed daily.
Making Informed Choices: You must make informed decisions by weighing your options and coming up with limited alternatives. Present this to the decision-makers and ease the decision process.
You need an approach and tools that are flexible to model your options and provide limited practical alternatives within project portfolio management. Although not the perfect decision, it will help you take informed choices by avoiding the incorrect route.
Click on the following link to view the original article: https://meisterplan.com/blog/how-to-make-difficult-portfolio-management-decisions/