Portfolio management is the next big trend to look out for in the project space. But how do you select projects for a particular portfolio? With several projects in hand, many organizations struggle to choose the right projects or programs for their portfolios. In this article at PMWorld 360, Francesco Pecoraro explains various methods that will help you select projects for your portfolio.
Tips to Select Right Projects for Your Portfolio
Choose Projects that You Can Sustain
Know your organization’s strengths and weaknesses. Additionally, do not forget your organizational culture. Sometimes the primary reason for the failure of new projects is that the organization’s culture does not support them. Therefore, you must establish mature project management practices and strategically aligned portfolios to sustain projects and increase the success rate.
Understand Your Portfolio’s Upper Limit
Don’t only focus on a portfolio’s goal but focus on the portfolio’s upper capability. The portfolio’s upper capability is often defined by budget, skills and knowledge, organization’s existing process, organizational agility, and its appetite for change. Additionally, you must determine the highest resource consumption period and plan for it.
Fix Your Mistakes Quickly
When the projects do not perform as you expected, how quickly do you correct them? Well, having shorter weekly or monthly milestones and project durations is better than longer ones. Further, analyze if you’re equipped to act quickly when the selected projects miss the weekly milestones? You must also set clear financial performance metrics and monitor them throughout the development and delivery processes. They help project managers kill a project quickly if necessary.
Once you’ve worked out which projects to include in your portfolio and which to leave out, find an excellent tool to manage your portfolios effectively. To learn more about selecting projects for your portfolio, click on https://www.pmworld360.com/blog/2020/06/16/how-to-select-projects-for-your-portfolio/.