Project portfolio management is essentially a continuous process in which you select and manage the most conducive set of projects that have the maximum business value. The process demands dynamic decision-making on your part, enabling you to utilize your resources optimally and pay heed to projects that are in line with your business objectives. The timely and proper evaluation of this process is critical to achieving project success by creating value for your clients and customers.
If you wish to improve your project portfolio post-evaluation process, then here are a few tips to follow:
1. Create a portfolio dashboard with clear KPIs
Since a project portfolio consists of a motley of projects with their own goals, you will want an overview of all projects to make their management easier. This is where a portfolio dashboard can prove extremely effective. With all your projects accessible through one platform, you will be able to analyze their individual progress rate and take appropriate and timely actions. The anticipation of project delays, budget overruns, and risks becomes easier with a portfolio dashboard. Also, you should define clear KPIs for your dashboard and align your projects with your business objectives. Doing so can greatly improve your project portfolio post-evaluation.
3. Monitor at a micro level
Your organization should have a culture of micro-monitoring instead of micro-management to achieve project objectives more effectively. It’s natural for project managers to get engrossed in micro-managing every aspect of the project and lose sight of their mission. Try not to fall into that trap. At each stage of your project, make sure you are evaluating your project portfolio against the preset KPIs and ensure its strategically aligned with your business goals. When you micro-monitor, you will be able to direct your focus towards critical indicators with a reasonable level of involvement. Try to be vigilant instead of being interfering, and react only when it is necessary.
4. Get the help of experts
Lastly, you should hire an expert to conduct your project portfolio post-evaluation. Before that, you need to take stock of your current skills and resources that are working in your organization. Try to identify project portfolios that are most likely to succeed and winnow out processes that are likely to fail due to lack of expertise. So, it would be a smart move to get an expert onboard and leverage his or her skills and experience. Investing in talent that would fill the skill gap would definitely make your project portfolio management more successful and rewarding.
Make sure you follow these tips to keep your project portfolio management in proper shape and get the desired results.
