Did you approve the project portfolio after assessing its budget or based on resources’ requirements? If you are working in an organization where the budget is the king, remember, money does not guarantee project portfolio success. So, what leads to PPM’s success? In this article at PMWorld360, Jan Schiller explains that money is just one of the resources you will need in achieving PPM’s success. The author also explains that business leaders must avoid the temptation to launch the project portfolio before knowing how well resource capacity aligns with its budget.
Key Components of Success
To be successful with project portfolio management, you must know where your people are working and what more you can do with available capacity. You do not need sophisticated tools to track your resources. However, you need strategies to align the resource information (department/division, location), competencies (skills and levels), and resource development opportunities.
Determine who is going to perform the work. “Money won’t structure or plan your project portfolio, create your dashboard, define the result, manage the projects that implement the solution, or produce the result,” explains Jan.
You must have procedures, applications, and training to share relevant information for decision making, portfolio analysis, project status, and project prioritization. Further, you must manage change at both the organization and project levels. A corporate change management discussion may be a great way to introduce the PPM solution and get everyone on board.
Now, discuss with your team members the following:
- Who feels challenged and rewarded by the road ahead?
- Who has a passion for your strategy?
- Are they available or working on multiple projects?
Remember, your project portfolio will crumble if your resources are not available when you need them. Therefore, headcounts will undoubtedly provide you with a clue about whom you can include based on skill sets or ability to contribute to a project portfolio.
To read the original article, click on https://www.pmworld360.com/blog/2020/12/14/money-alone-cannot-promise-project-portfolio-success/.