"Great idea - let's do it."
Fateful words that launch yet another project on its way.
The team's a little hard to find as they all seem to be engaged on other projects; the Sponsor pulled a face when handed more work and the Line-Manager positively scowled at losing yet more people from the day-to-day running of the business. If all this sounds uncomfortably familiar then it is time to step back and review the Project-Portfolio.
Here are just some of the reasons why tight Project-Portfolio Management is essential.
- It offers the opportunity to understand the quantity and nature of all changes and their current status.
- It ensures that the business does not undertake too much change, but instead controls and co-ordinates the pace and number of projects.
- Close management identifies duplication, overlaps and relationships between projects, thus preventing wasted resources.
- It keeps project aligned to the strategies they are there to support.
- By ensuring that essential standards are adhered to, errors and issues are rapidly detected.
- You will be able to make informed decisions on how best to spend available resources across all functions.
- Sound management releases resources to the projects which will the greatest return.
- You will be able to protect long-term projects as short-term reactive projects fight for attention and resource.
Project-Portfolio management ensures that the implications on existing projects of new projects being introduced and/or mandated by the parent company or through legislation are understood.
A good management team focuses the business leaders on change and the future, as opposed to the past and the present.
Accurate data on any project is available on request.
You will know whether a business or functional strategy is on track for delivery. Conversely you will also know when a project is not able to deliver planned benefits.
Establishing a Project Portfolio
- Confirms the value of, and the need for, all existing projects.
- Makes transparent any gaps and issues with how current projects are being run.
- Helps to overcome the situation where the departure of project personnel spells the death of the project they were sponsoring or leading.
Managing a Project-Portfolio is critical, as it represents all that is between the current status of the business and its desired future state.
To find out more about our Project-Portfolio workshop click here