Project portfolio management (PPM) is an effective way to help manage an organization’s strategic objectives and deliver on what the organization wishes to achieve. This method of planning has proven to become a dynamic foundation that can help a company achieve long-term goals that would have otherwise been difficult to meet.
By following the 5 steps below, managers can properly prepare for their company’s endeavors:
1. Definition: Define what PPM means for your company. Of course, we have defined what PPM stands for, but that doesn’t mean it can’t be specialized to fit your organization. You must determine how project portfolio management can be applied to your game plan and how it can benefit.
2. Structure: It is essential to align your PPM with your current situation. This means that you likely can’t start your plan from scratch because it will create more problems than anything. If project managers have to adjust how they handle issues and carry out their tasks, then the entire dynamic will be confusing and difficult to handle.
3. Lifecycle: The approach must be realistic and reflect what your organization is capable of achieving. You don’t want to set the bar too high and not be able to accomplish the goals that you have set. This is why some PPMs last longer than others; planning and execution are both really important things to consider.
4. Accountability: PPM does not happen overnight, but it won’t happen at all if there is a lack of commitment. The process is meant to happen over a long period of time, so patience is essential in this context. It also requires members of the team to focus on the end-result of PPM, so everyone is on the same page as to how important it is.
5. Consistency: Some portfolios may take longer than others, but that is expected with a thorough plan. Adjustments are expected along the way as well, but it’s important to keep your main goals intact so that you do not stray from the original goal at hand. Also, success can happen short-term if expectations are clear and visible to all members of the team.
Project portfolio management is an interactive way to ensure goals are addressed thoroughly and effectively. If it’s properly formed, the benefits can be immense and worth the effort.
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