Project portfolio management, or PPM, is a strategic categorization of projects to track each of them and gain ROI better. Companies that have well-established project portfolio management have successfully completed 35% more projects. In this article at Teamweek, Ross Keefe discusses 7 ways you can improve PPM in your company.
PPM Duties, Problems, and Improvement Areas
While a project manager looks after one or two projects, a portfolio manager is responsible for an entire genre of projects. A project portfolio manager has several duties to perform:
- Ensure projects are optimized and attaining company goals as well as business objectives
- Handle new projects and resources and categorize them
- Supervise change management
Without a good PPM, projects deliver only 21% of business value. So, following are the ways to identify if your PPM is in troubled waters:
- Teams tackling multiple projects and failing to deliver results
- Aligned projects failing to fulfill commitments
- Scarce resource capacity causing delayed project delivery
- No clear vision
If you are facing such problems, the following are the ways to improve PPM in your company:
Understand Your Business Goals: PPM requires a fair understanding of company vision and goals. Communicate the same to the team members for better goal visibility.
Take the Top-Down Approach: To avoid duplication, burned-out resources, and project delays, prioritize projects that align the most with strategies.
Get Senior Management Buy-ins: 90% of high-performing enterprises have strong backings from the executive circle. Ensure you have executive support in every step of the way, in writing.
Establish a Decisive Implementation Team: Create an implementation team that will identify and points out the gaps in performance and policies at the right time.
Ask Relevant Questions: Ask relevant questions that will give you to-the-point answers. Ask about the challenges, dependencies, etc. to each project manager. Find out if the project is aligning with the strategy. If it a new project, figure out if you have the expected budget and resources to allocate.
Upgrade Plans: There is an initial plan at the start of each project. Acknowledge the new challenges, risks, and requirements as the project progresses and upgrade PPM accordingly.
The Right Software: Make use of technology to keep your sanity. Use project management software to manage multiple projects.
To view the original article in full, visit the following link: https://blog.teamweek.com/2019/07/project-portfolio-management/