Project Portfolio Management

What PPM Principles Should You Focus on During Current Crisis?

With 15 percent of the U.S. population facing unemployment, it is time to refocus on PPM principles. You need a framework that would support various departments with standards and best practices. Through that strategy compliance structure, you would be able to extend help to your employees, processes, and the work culture at large. In this article at PMO Advisory, find out the PPM principles that would empower you to sail through the current crisis.

PPM Principles and COVID-19

The pandemic has changed how businesses work. So, your operational priorities too should change. To leverage the changes, you need a strategy and the right time to set it in motion. By ‘prioritizing, monitoring, controlling, and resourcing’ the relevant tasks, you can achieve success. Here are the PPM principles you should pay attention to:

Improve Strategic Execution Capabilities

Work on your strategic execution framework to align well with the organizational business model. Understand where you lack in the project management practices. With PPM principles, you would be able to achieve excellence in your portfolio investments. Since the pandemic can disrupt your business model randomly, you must be adept enough to change course and align with the strategic objectives.

Bring In More Transparency

Trust is a necessity today, and you can achieve that through transparency in your dealings with the customers and stakeholders. Keep your employees posted about the new developments.

Measure Risk Capacity

One little change in the pandemic situation and your portfolio value can become null. Risk is a mandatory factor in these uncertain times. Factor that in when you plan.

Portfolio Investments Are Strategically Aligned

Businesses are coming up with new goals and strategies because the old ones have become obsolete, thanks to COVID-19. Set the PPM principles in motion by selecting those projects and programs that support organizational objectives.

Have Stakeholder Support

No matter how promising the project looks, it would never pan out if your stakeholders withdraw their support. The success of the portfolio is on the portfolio manager, irrespective of how bad the situation is.

Determine Resource Optimization

As businesses are laying off employees, you must decide who gets to stay. Be proactive and base your points on sustaining resources on valid, profitable facts.

Ready a Risk Culture

Enable your employees to embrace risk as part of their organizational culture. One of the PPM principles is to be flexible to shift gears and work demands whenever required.

Complications Should Not Disrupt You

Uncertainty is the new normal for businesses. Make that acceptable to people by bringing some method to the madness.

To view the original article in full, visit the following link: https://www.pmoadvisory.com/blog/portfolio-management-principles-and-the-current-environment/

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