How to Do Project Portfolio Management
Project portfolio management can help your company make better use of its resources so you get projects done on time, have less-stressed employees and keep better track of your company's progress toward its goals. If you feel you have too many projects to keep clear track of them, project portfolio management can organize your company's resources so you can put them to their greatest use.
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Instructions
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1
Elect managers of the project portfolio management process. The managers should be department heads or others who are well aware of specific aspects of the business.
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List all of your current projects with brief notes about only the most relevant details, such as estimates of how long they will take, estimates of their cost and whether one project depends on the prior completion of another.
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Develop criteria for department heads to evaluate each project according to the resources it requires, the risks involved and the value the project has for your company's larger goals.
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Prioritize the list of projects and give the highest priority projects the most support. Check for projects that don't contribute as much to the company's larger strategic goals and consider dropping them.
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Gather the management team at regular, predetermined intervals to monitor the progress of each project.
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Re-evaluate the project portfolio periodically to reassess the status and priority of each project.
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Tips & Warnings
Use software such as Oracle's PeopleSoft Portfolio Management or Primavera's P6 to automate the whole process or to manage an especially large portfolio.
