Use portfolio management as a tool to create an overview and prioritize
“The practice of project portfolio management is somewhat messier and less rational than the decision-process centered frameworks would suggest”
It is important to approach portfolio management from an organizational perspective, since portfolio selection is political.
In many companies, managers (and middle managers) often initiate more projects than the operating layer can handle. In such a situation the service deliveries are not improved by requiring project managers to follow a specific project method. The projects’ frameworks must be adjusted to ensure that actions at project level have an effect. Useful changes must therefore involve the management through portfolio selection.
Governance and portfolio management involve three main aspects:
- Prioritization: who should prioritize what, why, when and how.
- Transparency: it should be clear who decides what and when, how the projects will be funded and what their aims are.
- Overview: there should be a clear overview of the programme and project portfolio and the overall status of the individual projects.
We have the right tools and can help facilitate the dialogue to ensure that your company is equipped to manage these three areas.
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