Especially large projects are susceptible to changes, often due to schedule challenges. The underlying causes may include difficulties in resource allocation of the right people or unforeseen personnel changes. Fortunately, a well-planned change strategy and effective change management can help adapt to the situation quickly. These 6 key aspects are crucial to keeping even large projects within budget and on schedule amidst a constantly changing environment.
1. Identifying Changes Early
In project management, it is crucial to identify and assess unexpected changes as early as possible. Project management tools, such as the Thinking Portfolio Project Portfolio, can detect deviations immediately and allow for quick responses.
2. Evaluate the Impact of the Change
Once a change is identified, its impact on the ongoing project must be assessed. The focus should be particularly on project schedules, budget, resources and risks.
3. Flexibility and Prioritization
Project management requires flexibility, which allows for effective prioritization. If a change in a single project threatens the goals of the entire project portfolio, it is important to be ready to respond quickly and if necessary, to pause or alter the direction of one or more projects. Prioritization can be done multiple times for a project, and when changes occur, it is necessary to make the right decisions.
4. Efficient Management of Portfolio Resources
Changes may require the rearrangement of resources at the entire portfolio level. If necessary, resources or investments should be able to be shifted from one project to another. A portfolio-level resource view is very helpful in this regard, providing a clear view from both the project and individual perspectives.
5. Communication and Reporting
Open and regular communication is essential in project portfolio management. Stakeholders need to be aware of changes and their impact on the overall project portfolio. Clear and up-to-date reports on changes and their management should be provided to management and the various project stakeholders.
6. Continuous Monitoring and Evaluation
Portfolio management processes must be reviewed and developed continuously. The effectiveness of change management strategies is regularly evaluated, and if necessary, they should be updated to meet new operational practices and various challenges and opportunities.
A clear change strategy and an effective change management process are therefore essential to keeping projects on schedule and within budget despite surprises and changes. Changes must be identified early, their impacts assessed quickly, and immediate responses must be made to surprises. Flexibility, prioritization, efficient resource management, and open communication are key factors in this. Continuous monitoring and evaluation of the overall project portfolio ensure that the portfolio remains aligned with strategic goals and can adapt to changing conditions.
Learn more about Thinking Portfolio’s Project Portfolio by downloading the Project Portfolio Whitepaper.
