As a part of a growing organization, you may be faced with handling multiple business projects at a time. To handle them efficiently, you could choose software or rely on personal expertise. Regardless of how you decide to manage your project portfolio, there are certain aspects of management that you should consider. If you have too many projects and limited personnel, time or money, you can manage your project portfolio by asking five important questions. These questions can help you maximize the value of your project portfolio and increase ROI.
1 – How can you maximize value and control risk factors?
One of the biggest key factors that make a project successful is handling risk factors the right way. You can maximize the value of the project by integrating business drivers like costs, returns, risks and strategies in one platform and objectively evaluate your choices. You can choose from many dedicated software to run simulations and generate tables and charts that help you make the right choice based on mathematical calculations.
2 – How can you track multiple projects together?
Tracking multiple projects can help you keep a grasp over each initiative and ensure that the right projects are getting priority. Tracking these projects can also help you channel resources in a smart and planned way to get the best out of each initiative in your portfolio.
3 – How you can prioritize budgets with business metrics?
Apart from relying on experience statisticians and your personal knowledge, you can rely on software that can help project ROI of your portfolio. You should create multiple budgets to ensure that the business metrics of each project are being met appropriately. You can create multiple business models and explore different combinations and constraints to get the best ROI from your project portfolio.
4 – How can you align them with project management?
A smart way to manage your project portfolio is to assign clear cut signs and symbols for important changes. For example, color coding and organizing files can help you keep track of both major and minor changes in the project and help you remain up-to-date. Assign a baseline that aligns with your project management guidelines and regularly compare your projects to ensure that they are working in accordance with the portfolio.
5 – How can you facilitate quicker results with better decisions?
You can create interactive charts and detailed reports on your progress to minimize time wasted in unproductive meetings. To get faster results, you must use unique methods to speed up the decision making process without compromising on making educated and informed choices.