Project Portfolio Management

Portfolio Rationalization: 10 Tips in Uncertain Times

Project portfolio rationalization helps modify projects to adapt to changing market demands and corporate goals. You analyze the resources you have against the projects you need to deliver in short and long-term perspectives. Calculating the constraints, you can decide whether to drop some devalued projects while prioritizing the high-yielding ones. In this article at PM Today, Noel Sobelman shares ten tips to perform portfolio rationalization effectively.

Performing Portfolio Rationalization

Cutting corners can save you for some months, but you must find organic revenues too. Here are the ways you can get a better direction in portfolio rationalization:

One-Level Decision-making

Usually, business units perform portfolio rationalization activities. Make it a point to talk about resource scheduling on the same level.

Reformating Innovation Goals

Market conditions are changing across the world and rapidly. Have answers to some business-impacting questions like remote work model feasibility, opportunity scope, and project prioritization.

Focused Deliberation

Work with minimal project support to avoid withdrawing resources later. Do not leave any project hanging. Support some fully and stop others now.

No Time for Pet Projects

Your organizations might have projects that are going on endlessly. Rinse off these projects to have more visible organizational goal setting and expectations.

Revisiting Revenue Goals

The majority of the customer-facing services received the most hit in this pandemic. To secure a better and consistent revenue, reduce travel and frontline activities.

3-Tier Project Ranking

Instead of making a priority list for projects, why do not you make three specific categories? Portfolio rationalization would be much quicker and more exact.

Breaking Away from Burdensome Projects

Is there a project that is costing you more than the profits it is generating? Instead of hoping to recover the lost money, redirect the resources, and shut it down completely.

Keeping Valuable Functions

Some functions have issues throughout the year, but it does not mean you must get rid of them. Reduce the resources, but do not let go of it just yet.

Funding New Projects

To secure the now, do not throw away your future. You need projects that are exploring new opportunities once the pandemic goes away.

Communication

Keep reminding your stakeholders about the goals you have. Boost employee morale so that all of you can survive the pandemic together.

To view the original article in full, visit the following link: https://www.apm.org.uk/blog/practical-advice-on-setting-up-and-managing-your-portfolio/

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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