Projects are the strategic route to achieve organizational objectives. Upgraded project execution and aligned corporate strategy are the keys to enhance performance. Portfolio management acts as a tool to ensure project alignment with the enterprise strategy. In this article at PMWorld 360, Dr. Glen Jones defines project management as a technique of transforming the business. It helps in delivering fresh products, technologies, or processes.
Strategies are the risk-calculated attempts to accomplish specific goals. A project team with a clear understanding of the procedure can efficiently control the emerging competitions.
Once you understand how portfolio management has evolved, helping your organization align with strategies become more comfortable.
Anticipating Future Needs
One of the prime reasons for understanding the evolution of the portfolio management techniques is that it helps you anticipate the future transformations. It places focus on the projects by offering value in the form of meeting business objectives. Regular portfolio steering reviews are the best ways to shortlist projects eligible to align with your company strategy.
A filter is put in place to ensure that a structured project selection process provides approved and funded value.
At present, when the world is strategizing innovative ways to deal with the economic crisis, portfolio management turns out to be the best governance tool. Smart investors use PPM to predict the real value of a project.
Portfolio management helps in boosting growth and progress. By measuring portfolio performance and risk management, and all fund allocation, maintaining alignment to the strategic objectives becomes easy. Project and program managers are liable to manage resources. So, portfolio management is a crucial aspect of corporate strategy in projects. It places focus on the project value through a structured selection process.
Click on the following link to read the original article: https://www.pmworld360.com/blog/2020/07/16/taking-a-portfolio-view/