Management of projects and portfolios is something that happens in every organization. Whether or not you take additional measures, new initiatives will continue to roll out and new software will be built. However, you should also know that more than 50 percent of all projects fail to a certain degree.
This happens mainly because companies do not pay attention to tools, processes, policies and structures applied on the portfolio. It has been found that organizations that pay more attention to these factors are more likely to succeed. To ensure that the success rate remains consistent if not too high, there are several factors that should be considered.
The success of any PPM relies on its leader. A PMO director is a dedicated professional who can lead projects and deal with successes and failures. A strong leader can increase the chances of success for a project portfolio by furthering the career of project managers and making sure that all tools and resources are being used efficiently.
The right document shells, templates, policies and processes that govern the PMO and the organization should be in place to increase its success rate. With repeatable and easy to use templates for similar projects, you can save a lot of time and can recognize the reasons for success and improve upon these features.
In any organization, the PMO should have enough visibility to prove that it will soon become an indispensible part of the company. In time, the PMO should also become the go-to point for any project related information, issues and undertakings. The PMO should ensure that all projects go through it and see that the internal organizations are equipped to handle these tasks.
A major success factor when it comes to PPM is executive backing. Regardless of your plan and the structure of the portfolio, it is very important to have the support of the executive and management team of the organization. This is where all the funding comes from and it is upto you to prove that your efforts are bringing your positive results.
Simply having a good leader or a plan is not adequate to ensure the success of your portfolio. It is also important to have experienced employees who know exactly how to handle different situations. Before you spend most of your time looking for qualified project managers, take some time out to put together a team of talented and experienced employees who have the potential and caliber to take your PPM methods to success.