Is your company doing the right projects? 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 that other projects that could add value get delayed or worse do not get started. The overall impact on the business can range from a product getting delayed going to market, to the company reporting a loss for the given financial year! 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!
Portfolio Management is a framework that allows companies to put in the needed controls to ensure that projects are strategically aligned and that an effective governance structure is implemented to ensure that every project gets evaluated in a uniform fair manner, hence ensuring that only the right projects are initiated.
A company has limited resources and it is critical that these resources are only used for projects that are aligned to the company’s goals; this is strategic alignment.
Checking that the project is possible; that the required documentation is being generated and sign off at the various phases of the project lifecycle; 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, get in touch with our team of experts today.