How to be successful in project portfolio management development (Read TOP 8 experiences)

1. Keep it simple!

Keep things simple, always try to find the key elements in each development phase and simplify it. The implementation of a typical strategic portfolio management operating model and tools takes around 100 days.

Development processes which tend to drag on are unlikely to yield positive results. According to our experience, the complicated way has never worked in practice.

2. Earn the support of the management

In the event that management aspires to develop their operative or tactical project management, they often skip participating in the development process while focusing on strategic matters.

You have to earn the support of the management. According to our experience, portfolio management has never been successful without the support of the management!

3. Development in phases

Utilize the operating models and solutions which suite the maturity of the organization. According to our experience, what works in one business unit may not work in the entire organization.

Portfolio management should guide the entire organization, not merely the needs of only one business unit or sector. According to our experience, different business units can have several project management tools, but the entire organization should only have one simple portfolio management solution.

4. Always from top to bottom

Project portfolio management is developed through strategy. We have discovered in practice that building project management from bottom to the top does not bring portfolio management to the level of strategic planning sought by the management.

Project management and portfolio management solve different problems, which is why their related operating models and processes should be distinguished from one another. The key interest groups of strategic portfolio management are the management and the decision-makers of the company.

5. Solve one matter at a time

When solving project portfolio management matters, it is good to keep in mind that you are not solving operative project management issues. If you aim at too many targets at once, it is very likely that the end result does not match the expectations and demands of the management.

6. Start with the operating model

By developing the project portfolio management operating model, you do not have to solve all project management practices.

You have to accept the fact that different business units may utilize different project templates and tools, but that the organization should have only one clear portfolio management model.

7. Utilize the experience

Project portfolio management often requires years of experience in business development. It is vital that you bring along the best experts of the organization and the most in-depth knowledge in the development. According to our experience, without the most skilled people, failure is likely.

8. Good tools require no training

Select a solution which requires no training as the support tool of portfolio management. The management can only spend a restricted amount of time per project in a month, and they cannot spare more than a few minutes for learning the support tool. According to our experience, good tools require no training.

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