Strategic portfolio management ensures that organizations are optimizing their resources to deliver strategic goals. Since the bar of operational excellence is rising higher every day, buck up before others outrun you. In this article at PMWorld 360, Francesco Pecoraro explains how you can utilize strategic portfolio management to back internal initiatives.
Perks of Strategic Portfolio Management
Strategic portfolio management deprioritizes work items that do not help you accomplish strategic goals. You can concentrate your talents and resources on a few projects to deliver extraordinary results. Once you have defined the portfolio with the most aligned assignments, establish metrics to monitor every progress. Here are a few aspects of strategic portfolio management that you must cater to:
Have a dedicated team of top management executives to look after the progress of the projects and programs in the portfolio. While a project or program manager ensures the right deliverables, a portfolio manager decides what you should consider as ‘right’.
Strategic portfolio management streamlines communication and collaboration channels between relevant stakeholders. It is beneficial for organizations to integrate business units or departments working in isolated initiatives.
“Portfolios are created to ensure projects and programs align with the strategy of the business.”
The success of a company derives from its people, culture, and processes. Strategic portfolio management ensures that you are committed to fulfilling the goals you have set out to achieve. Companies that have successful portfolio management processes gain a competitive edge by following the fundamental principles.
Remember the difference between portfolio management and its strategic counterpart. The former deals with collating similar projects and ensuring delivery. Meanwhile, strategic portfolio management enables portfolios and programs to achieve their business goals. Analyze and categorize the risks and opportunities in the portfolio. Deliver business value apart from the promise to produce better products and services.
To view the original article in full, visit the following link: https://www.pmworld360.com/blog/2019/12/19/how-to-support-projects-and-programs-with-strategic-portfolio-management/