Is your company doing the right projects? A Senior Project Manager at The Project Foundry takes a look at this question, and the solution – Portfolio Management!
Many companies successfully complete projects that are not adding value to their company. This means other projects that could add value get delayed or worse. The impact on the business can range from a product getting delayed going to market, to the company reporting a loss! During this time of economic difficulty, it is essential that businesses focus on the right projects. How do you ensure you are doing the right projects? Portfolio Management!
What is Portfolio Management?
Portfolio Management is a framework that gives companies the controls to ensure that projects are strategically aligned. It provides an effective governance structure and ensures every project is evaluated in a consistent, objective manner. It ensures only the right projects are initiated.
A company has limited resources. It is critical that these resources are only used for projects aligned to the company’s goals. This is strategic alignment.
Checking the project is possible; the required documentation is being generated and signed off at the various phases of the project life-cycle, and having a formal meeting/process periodically involving the right stakeholders of the company to approve project initiation/progression; this is effective governance.
Portfolio Management is for any sized company that needs to ensure they are doing the right projects!
If you would like to hear more about how we can help with Portfolio Management, contact our team of experts today.