Project Portfolio Management

4 Tips to Align PPM with Business Strategy

One of project portfolio management’s (PPM) greatest gift is that it allows the project-driven organization to create a framework for decision-making within a project and an organization. Enterprises are now becoming more project-driven, and the need to ensure alignment between projects and strategy is essential for long-term success. In this article at PMO360, Francesco Pecoraro explains how companies must align project portfolio with business strategy to achieve long-term success.

Steps to Align Project Portfolio with Business Strategy

When companies decide to align strategy with a project portfolio, business leaders must consider two aspects. “The first thing to take into consideration is that all projects should be consistent with their business strategy. The second element is that the breakdown of the spending should reflect their strategic priorities,” says Francesco. Here are some steps that you must follow to succeed with PPM.

Determine the Project’s Impact on Company-Wide Strategy

As a business leader, you must make sure that every project provides a clear and undeniable value towards further company strategy in the long term. You must trace and document these values and, further, communicate them to all the stakeholders.

Adjust Project Strategy Whenever Necessary

Change is constant. Therefore, you must revisit the company goal, all available resources, each project within each program to ensure PPM remains aligned with business strategy. Investing money and resources in non-relevant projects demonstrates that your organization is not revisiting and adjusting to changes in the strategy.

Document Everything

Careful and complete documentation saves misinterpretation and misunderstandings. You must document the company-wide goals, how programs and projects align with goals, resource allocation, capacity planning, and everything that follows.

Communication is the Foundation for Success

Having a plan and documenting everything proves ineffective if no one knows about it. Further, there is no benefit in communicating information to the wrong people. Hence, you must communicate the information required with the right stakeholders promptly.

To read the full article, click on https://www.pmworld360.com/blog/2020/08/04/how-to-align-project-portfolio-with-business-strategy/.

Nivedita Gopalakrishna

Nivedita Gopalakrishna is currently working as a Content Specialist with CAI. She has more than eight years of experience in blogging, copywriting, and ghost-writing. Nivedita started her career as a reporter/sub-editor in one of the reputed newspaper organizations in India. She went on to pursue her career as a content analyst in an Indian-based company, Brickwork India Pvt Ltd. Nivedita has assisted several overseas clients with SEO-friendly content for B2C copies, blogs, product descriptions, newsletters, sales letters, e-books, and research papers. When she is not at her computer, you can find her either reading vintage novels or singing Indian classical music.

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