Understanding the Role and Its Responsibilities
All project managers must be skilled in administrative tasks and be very diligent about deadlines. They should also have expertise in handling and scheduling available resources while keeping a sharp eye on the project budget. These skills come with experience. So, if you are planning to take up a project portfolio manager role, get basics of the role and its responsibilities right.
Defining Project Portfolio Management
Project portfolio management is the grouping and executing of existing or future projects or programs as per standard processes, methodologies, and tools so that it is easier to monitor, implement, and manage them. You must analyze the feasibility of initiating or continuing a project based on its alignment with the company’s goals. These projects or programs also need to fulfill the expectations of end users, stakeholders, resources, and related influencers. As per Bob Buttrick, a project manager, a project manager must implement a project in the best way possible and a portfolio manager must enable these best projects to perform well.
Role of a PPM Manager
As a project portfolio manager, you should be handling multiple projects and ensure that they are aligned with the company objective to derive business benefits optimally. The main difference between your role and that of a project manager is, a project management role demands to oversee one or two projects within a specific deadline settled by you in coordination with the customer, project sponsor, or stakeholder.
As a PPM manager, you can earn anywhere between $62,638 and $145,972 per annum. It means the average wage of a project portfolio manager is $89,690. You should be responsible for supervising scheduling, progress, and execution by making use of IT solutions, standards, and best practices. You must create, formalize, and monitor the ethics and processes so the projects or programs meet client requirements in terms of time, cost, and scope.
Hansen has also shared additional links to help you get the foundation in project portfolio management right before taking up this role.
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