Managing More with Less: Handling Multiple Priorities (New Skills Portfolio)
We know why we like something. We know why something is better than all those other options. We also have our little rituals at work. Both, the order of the things we do and the way we do things. Unfortunately, the dispositions, procedures, and sequences we have might be neither the best or the most effective to get the job done. But like my morning ritual, even if we know that, it still seems wrong to do it any other way. And so we do it the way we are used to doing it. And it might be since the project portfolio practices set have become a routine.
Something we have to the way we do it since otherwise it would be wrong.
Or would it? Maybe even with my morning routine.
From selecting the projects to allocating resources. While for managers and employees simplicity seems to be the key, organization opt for the low cost. And the organizations just aim to reduce project delays. For example, imagine a situation where each manager is trying to get the best resources for their projects which can cause overutilization of certain resources and leave other dormant.
If one manager has a control over too many portfolios, their preferred resource management practices have a toll on the resources. Luckily, these value-action conflicts can be reduced by aligning the expectations using resource management, so the actions made would serve the same goals. The goals of the organization. In project-based organizations, the resources are what offer the competitive and financial edge.
Effective resource management should be viewed as a way to take care of those resources. And managers should be the carriers of these practices rather than someone out for their own interests. There has to be balancing, there has to be reallocating. After the initial scheduling, the tasks planned should be revisited. When a new project is added to the portfolio or when a whole new portfolio is added. Or even when nothing new happens, and the project is just approaching. If there are no cancellation policies when scheduling resources, managers tend to become excessively risk-averse and will not make decisions until the uncertainty is low enough.
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Which might even sound like a good thing. According to the Digital Project Manager , the goal of project portfolio management is to avoid working on projects of little value that drain resources. PPM relies on skilled project portfolio managers, who have several key responsibilities including:.
As mentioned above, selecting the right project to execute at the right time with the right resources is key to PPM. Taking a structured approach to project prioritization not only helps to align projects with strategic goal — projects are planned with a holistic view of the pipeline.
This helps to review each request objectively and comparatively. Secondly, the goal of PPM is deliver better projects by analysing the potential of proposed and current projects against strategic objectives. With regular reporting , you can identify problems with individual projects and quickly take action before the portfolio is disrupted.
A key performance indicator KPI is used to measure a specific metric related to business goals. A metric is a measurement of something, for example, project duration, and is used to track KPIs. If you are using project portfolio management software, check on what is included in the out-of-the-box reports. An example of high-level project tracking in a project office on SharePoint.
Portfolio KPIs are often divided into four key areas, with a range of associated metrics. Depending on your PPM software, you can use real-time reports, dashboards, metric tiles, and scorecards to monitor portfolio performance. Ideally, these reporting tools should include a drill-down option so you can review problem areas quickly. Portfolios are dynamic and should be prioritized along with changing business requirements.
PDF Managing More with Less: Handling Multiple Priorities (New Skills Portfolio)
The timing of the review depends on your organization, for example, you can make the review part of quarterly business planning. Here are five benefits you can expect when using project portfolio management software :. With so many project portfolio management software solutions on the market today, how do you know which one is the right one for you? When building your business case for project portfolio management software , review potential tools in the following four areas.
Start with portfolio capabilities, with a focus on increasing control and visibility for senior executive. Work management and collaboration capabilities are particularly useful for project team members, who want to contribute meaningfully to the success of a project. They need a tool to view team-member focused reports, efficiently manage their work, and connect with others working on the project. Finally, the solution should support your current project management maturity levels with the option to grow in time.
Organizational project management capabilities are particularly important for project management champions, who are tasked with implementing and continuously improving project management practices in an organization. As you begin to evaluate project portfolio management software, senior management may ask about the cost of buying versus the cost of building a solution internally.
This is a common objection to purchasing new software and is a logical question if you have an in-house development team. After all, it is reasonable to expect these individuals to have the skills, knowledge, and time to build the solution according to your specific needs. However, organizations who build their own software solutions frequently find it is cheaper and quicker to buy a solution tailored to their needs. Moreover, these solutions typically ship with maintenance, training, support, and continuous upgrades — areas that an internal team with multiple commitments are unlikely to service.
SharePoint is used by over , customers in , organizations worldwide , increasing the likelihood of existing infrastructure in your organization. Leveraging this existing infrastructure will reduce the impact on IT resources. Building project sites in SharePoint creates a single source of data for better reporting and increased visibility.
Everything from project plans to tasks, documents, and reports can be stored in a standardized way in one place. When extended with software like BrightWork , organizations can use SharePoint to:. With SharePoint, you can create a project hierarchy, with sites and subsites, to mirror organizational structure. Finally, underneath that, there are project sites to manage the individual initiatives in each department.
In addition to project management templates, BrightWork includes three templates for portfolio management on SharePoint :. The configurability of SharePoint is key to project portfolio management.
3 Steps to Effective Project Portfolio Management Process - Ganttic
With BrightWork, organizations start with the pre-configured templates that are applicable to their current project maturity levels. This 9-step process is a good place to start your journey. What does your business want to achieve and when? What solutions or internal transformations are needed to reach these goals? What do senior stakeholders and executives expect from current projects?
Ideally, you should identify one or two champions to spread the word throughout the organization. Next, build a small team to help with data collection and analysis, software evaluation, and so on.
Look for any obvious issues, such as duplicate projects, interdependencies between projects, high-risk projects, and over-allocated resources. Identify projects aligned with strategic goals and assess the likelihood of completing these projects. Prioritization is key during this stage. Remember the strategy review from Step 1? Using this information, ask:.
The Complete Guide to Project Portfolio Management
At this stage, start defining and documenting key processes, particularly for project request management. Successful PPM begins with the right projects so spend some time on developing an objective ranking system. Finally, outline how project portfolio performance will be measured and reported on. Before introducing the new portfolio and processes to the whole organization, share your results with key stakeholders. Refine and updated as needed using their feedback. With the support of senior management, develop a roll-out program.
Remember to provide training, templates, and general advice to teams to increase user adoption. Using the performance measurement plan from Step 5, review your portfolio from strategic overall portfolio results and tactical health and performance of individual projects perspectives every few months. Table of Contents Click on any chapter to jump directly to it.
Chapter 1. What is Project Portfolio Management? Chapter 2. Why do I need Project Portfolio Management? Chapter 3. Reporting on Project Portfolio Performance.