Surging market competition demands transparency over the project outlook. Organizations require a profound approach, like project portfolio management (PPM), to remain productive.
In this article at PMWorld 360, Francesco Pecoraro explains PPM as the most organized resource for managing and evaluating multiple project proposals. It can help organizations enhance their ability to handle various projects at the same time.
What Else is Necessary?
To implement PPM, organizations must adopt a positive attitude and a new approach to achieve success. Senior management must have an agile mindset to drive the implementation of new processes.
It is critical to pick a reliable framework to evaluate project proposals to gain benefits of PPM. Find projects that align with your organization’s strategic priorities. Follow the top four frameworks to observe your interdependent management tasks:
At this phase, understand the tasks and identify a portfolio advocating your company’s strategy. Observe all the activities that can develop the project portfolio, like evaluation, prioritization, and selection of the projects and proposals. Each of them must align with your strategic plan. You can boost the prospects of project portfolio success by gathering relevant information and updates.
This phase focuses on the allocation of resources within the organization and ongoing projects based on your business strategy and portfolio structure. The objective is to find the ideal approach to utilize available resources, which is challenging.
It is an enduring process to evaluate and determine if the available resources are compatible with the portfolio structure. This phase focuses on managing multiple tasks to coordinate diverse projects in the portfolio. At this point, you can reallocate resources according to the strategic changes, if any. Update the management about the project status or other ongoing activities.
This phase is crucial in delivering activities that are a part of the project’s life cycle like portfolio development, managerial learning, and ensuring project success. This level integrates assessment and training of project evaluation and business outcomes.
Click on the following link to read the original article: https://www.pmworld360.com/blog/2020/05/06/choosing-a-framework-to-evaluate-project-proposals/