Project Portfolio Management

Know the Key Elements of IT Portfolio Management Here

IT portfolio management focuses on the strategic goals of your organization. It is built based on inputs from various departments like finance, senior management, business partners, and managers. In this article at Keyedin, Henry Bennett shares 4 key elements that make up an IT portfolio management.

Essential Details of IT Portfolio Management

Basically, IT portfolio management is a top-down approach where opinions of external stakeholders are also required for a productive conclusion. Not centered around a single project or individual, all collectively share the responsibility of a portfolio’s failure or success.

IT portfolio management ensures that IT is aligned with the business side of the company. Moreover, it facilitates resources, funds, infrastructure, and processes to get optimized results from each project. Let’s find out the key elements of IT portfolio management below:

Registry of All Projects: The first step of IT portfolio management is collecting project details of the entire organization in a single place. The details should include the name of the project, timeline, cost, business goals, ROI, and business advantages.

Finding Out Strategic Goals: Create a list of projects in the annual planning cycle as per their cost estimate, ROI, business value, risks, etc. The project that fulfills your company’s business objectives the most gets prioritized.

Classification Tasks and Sorting Based on Urgency: Sorting and classifying projects based on strategic goals helps to allocate funds to the relevant ones. When the project meets this criterion, sort it based on the value it is bringing to the business.

Controlling Portfolio: Many enterprises establish a program management office (PMO) to diligently monitor the progress of individual projects. All the updates from project managers are uploaded on the main database. The report goes to the project portfolio management team (PPMT) and then to the involved stakeholders. For easy comprehension of the project progress, businesses use RAG status—Red (Help!), Amber (Caution), Green (Good).

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