Project Portfolio Management

12 Factors Successful Project Portfolio Managers Keep in Mind

Jan Schiller has worked with various project portfolio managers in her lifetime. Through long discussions and close observations, she has found out similarities in their routine. In this article at PMWorld 360, Schiller discusses 12 factors successful project portfolio managers keep in mind.

What Project Portfolio Managers Do

Good habits are like exercises, they improve your lifestyle. There are habits that boost your career too. Following are the 12 factors successful project portfolio managers keep in mind:

  1. Making a Move: To achieve the desired goals, project portfolio managers should find out challenges, prioritize them as backlogs, and mitigate them soon. You can further redefine these challenges or risks during the project lifecycle.
  2. Lean Inventory: Store only what is needed in the inventory. Come to a common agreement with the team regarding its upkeep. Do not mix project work with support tasks.
  3. Leveling Up with the Sponsor: Project portfolio managers must always strive for sponsor buy-ins till the end of the project. Ensure that you maintain transparent communication throughout the journey.
  4. Reporting Structure: Ideally, project portfolio managers should report to sponsors. They are more concerned about the strategies you create for the project. If that is not the case, you should discuss this with the upper management.
  5. Portfolio Status Mapping: The project statuses in your portfolio must be precise. It becomes easier to distribute resources, budget, and other quintessential project gears reasonably.
  6. Crisp Reporting: Give the exact information with which sponsors can make quicker decisions. Save the details for the extended report.
  7. Defining Roles Clearly: Project portfolio managers must clarify roles that each member should be playing in the project lifecycle.
  8. No Guesswork: Do not fill up areas, roles, tasks that you are just guessing. Do not empower wrong behaviors.
  9. Shared Understanding of Strategy: You should include everyone in your vision so that people get to align their tasks as per the strategy.
  10. Understanding Terms: While a program or project strives to fulfill one of the goals, a portfolio delivers all the goals. Though monitoring and managing are part of the leadership package, good leadership inspires the team. A portfolio deals with projects but does not perform support work. However, it can enable an idea to become a project. So, project portfolio managers should have everything in between in the inventory.
  11. Silence Is Not Always Peaceful: If sponsors do not offer any opinion in the meetings, it is a bad sign for the project. Coax them to obtain information early.
  12. Expecting the Unexpected: There is never a dull day in an active project. Always prepare to face snags in the project lifecycle that you need to solve.

To view the original article in full, visit the following link: https://www.pmworld360.com/blog/2019/01/31/12-habits-of-an-effective-project-portfolio-manager/

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Indrani Roy

Indrani Roy is currently working as a Content Specialist for CAI Info India. She has knowledge in writing blogs, product descriptions, brand information, and coming up with new marketing concepts. Indrani has also transcribed, subtitled, edited, and proofread various Hollywood movies, TV series, documentaries, etc., and performed audio fidelity checks. She started her career by articulating a knowledge base for an IT client, and, eventually, went on to create user manuals and generate content for a software dashboard. Writing being one of her passions, reading books is naturally her favorite pastime. When not lost in the world of letters, she is a foodie, movie buff, and a theater critic.

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