Portfolio Management
Project Management is about doing the projects right, Portfolio Management is about doing the right projects.
Download our Portfolio Management Workshop Overview here
Achieving project success on time, on budget and within scope does not ensure that all projects meet the goals of the organisation. Portfolio Management is a process to ensure that your company spends its scarce resources on the work that is of most value to the organisation. The process helps to ensure that only the most valuable work is approved and managed across the company, and helps validate that the work being funded is the most important.
Similar to a financial portfolio, the project portfolio looks to improve the return on investment. This requires an understanding of the current value of the project portfolio to the business, and heavily relies upon the Business Case and ROI data (information that is often missing).
Benefits
A good Portfolio Management process will assist with the selection and balance of priority projects to meet business goals and provide essential executive support for decision making.
The value of project Portfolio Management can be summarised as:
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The process Portfolio Management relies upon gathering the appropriate information and then making strategic decisions about which projects the organisation will focus on. At the highest level the process can be summarised as:
Gather Projects List
Significant early benefits can be achieved by gathering a complete list of projects.
Evaluate Projects
Identify and align projects with strategic objectives.
Prioritise & Select Projects
Most organisations have more projects than they can successfully resource or fund.
Manage Portfolio
Support is provided by the PMO for executive decisions.
As with all business improvement projects there is a cost and a payback, only by considering this can you determine if it is a worthwhile investment. Regardless, the first step is to define the terms of reference and the scope of Portfolio Management for your organisation.
PM-Partners group Project Portfolio Management Services
PM-Partners work alongside your organisation to develop and implement portfolio management methods and practices in line with accepted global standards such as the PMI Standard for Portfolio Management (2nd ed)
PM-Partners also offer portfolio management education services. We are an APMG Accredited Training Organisation (ATO) for P3O, a PMI Global Registered Education Provider, and can provide individuals and organisations with assistance in all manner of training, certification and process development.
