If you are a project portfolio manager and you have to deal with implementing new strategies and technologies that successfully manage all your company’s projects, then you know that sometimes you are faced with a lot of pressure. You have to meet certain expectations and keep in mind every member of your team and what his or her role is going to be. Because we want to help you out, we are going to provide you with 5 project portfolio management (PPM) tips that you can apply for a successful result.
5 Portfolio Management Tips to Keep in Mind
1. Collect All Project Ideas
If you don’t want to limit your own creative potential and that of your team, you should make sure you’ve gathered several project ideas. All of them should fit the strategy you have in mind. It’s always great to have more than one option. That’s because you should be able to compare and ultimately eliminate those that are not what your company needs at the moment. Especially if you have limited resources, you might have to learn to prioritize. Only pick projects that are truly related to your strategy and which will help you succeed.
2. Allocate Resources
After you’ve decided what projects are worth giving a shot, you also have to consider the amount of resources, both human and financial, that you can afford to allocate to each of them. Some might be more relevant than others, which would make them a priority. You have to be careful not to exceed the budget. Keep in mind all the possible costs that may arise in time. Even if the project idea is still just a PowerPoint presentation, you have to think beyond that. Plan how you’re going to put the idea into practice.
3. Train Project Managers
A great project manager is vital when it comes to the success of a certain project. That’s because he or she is the one coordinating it. Since you want all your projects to be successful, you have to make sure all the project managers you’re going to work with are equipped to handle their tasks. Help them develop their skills and train them as much as possible before entrusting them with an important project. That way, you will minimize the chances of the project failing.
4. Provide Every Project Manager with a Starting Kit
Even if most projects are extremely different, they all have to go through certain steps. Since you need to organize everything to the letter, we advise you to devise starting kits for every project manager to follow. You can include the steps that he or she has to take and some tips and tricks. Also think of examples of similar projects that have been a success.
5. Manage the Progress
The fact that you’ve entrusted project managers with certain tasks, doesn’t mean that you don’t have to stay involved in everything that happens with the projects that you’ve worked on implementing. You have to be able to quantify the progress and make any changes necessary. The business is constantly evolving, and you have to learn to adapt.
We hope these 5 portfolio management tips have provided you with an useful overview of the tasks you have to tackle as a project portfolio manager.
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