How have you successfully managed project portfolios?

When we are talking about prioritization, we first need to define: 1o Clear understanding of the company's strategy and objective at all layers of the organization and creation of OKRs deployed at all levels; 2o Define which methodology will be adopted, such as: GUT, Prioritization Matrix, and so on. I particularly like using the Prioritization Matrix; 3o Definition of the criteria and leveling of their weights involving all the leadership that is directly involved as owner and selection of the portfolio. 4o People involved in the selection must understand that the portfolio belongs to the organization and not its functional area, therefore the portfolio must meet the organizational strategy and not the desire of a simple area.

?? In my experience, while the outlined criteria are crucial, there are finer aspects to consider. ?? Adaptability: Flexibility in PPM ensures readiness for market or stakeholder changes. It avoids stagnation. ?? Data-driven decisions: Incorporate analytics to guide choices. Ensure projects are chosen based on factual insights. ?? Stakeholder Communication: Continual dialogue with stakeholders guarantees alignment and reduces misunderstandings. ?? Balanced Portfolio: Not all projects should be high risk. Balance between innovation and safe bets is key. ?? Remember, success in PPM isn't about perfection but continuous adaptation to evolving organizational needs.

In my experience managing project portfolios, defining clear and relevant criteria is the foundation for success. Align these criteria with organizational goals, customer needs, and stakeholder expectations. Incorporate factors like strategic alignment, financial viability, feasibility, risk, impact, and urgency. Develop a scoring system and ranking method to objectively evaluate and prioritize projects. This structured approach ensures that the selected portfolio aligns with the overarching strategy and maximizes value for the organization.

In my project management is like managing a team at a more detailed level. For the successful completion of the project you need to be on top of every details about the project. It's important to break down the project into small small milestones that will help you build a solid foundation for a successful project. You also need to have clear vision & understanding of the risk involved during the project. You have to be the guiding path for each member involved in the project so that the project reaches the finish line by successfully completing all the milestones & passing through the hurdles.

I focused on aligning objectives with organizational goals, prioritizing projects based on strategic importance, and allocating resources efficiently. Risks were assessed and mitigation plans developed. Regular monitoring and reporting allowed for timely interventions. Periodic reviews ensured alignment with evolving priorities. Open communication with stakeholders was maintained to address concerns and maintain engagement. Flexibility was key, allowing for adjustments to meet changing business needs. Continuous improvement was emphasised, leveraging technology for streamlined processes. Overall, these strategies enabled successful portfolio management, optimizing project outcomes and contributing to organizational success.

Consider carefully which perspectives you need within your governance when designing your governance structure. In complex portfolios there are multiple voices to be heard, so make sure you have a mechanism for engaging and responding with each of them at the appropriate level.

In my experience managing project portfolios, aligning stakeholders is crucial. Engage senior management, sponsors, project managers, teams, and end-users to ensure a shared understanding of the portfolio's purpose, scope, and objectives. Clearly define roles and responsibilities, establishing a governance structure and reporting mechanisms for effective monitoring and control. This alignment fosters collaboration, minimizes miscommunication, and enhances overall portfolio success.

One of the bigger challenges to people new to portfolio management is to look strategically at the whole portfolio and it’s alignment to the goals of the business. Sometimes it may be necessary allow a project or programme within the portfolio to degrade in order for the entire portfolio to succeed. Strategic decision making can seem counterintuitive to new portfolio leaders, also justifying strategic decisions to those negatively impacted requires careful consideration and diplomacy

Balancing a project portfolio is crucial in Project Portfolio Management (PPM). Strive for a diverse mix of projects, covering innovation, growth, maintenance, and compliance. Assess interdependencies, synergies, and trade-offs among projects, impacting overall outcomes. Ensure ample resources—time, money, and talent—for effective portfolio execution. This approach optimizes risk, return, and resource allocation, enhancing the portfolio's overall success.

Flexibility is paramount in PPM. Regularly review and update your portfolio, drawing insights from project delivery and stakeholder feedback. Stay proactive in anticipating and responding to market, customer, competitor, regulatory, and technological changes. Be agile, adjusting portfolio priorities, scope, and resources as required. This adaptability ensures your projects align with evolving internal and external dynamics, enhancing overall portfolio resilience and success.

Continuous improvement is key in PPM. Document lessons learned, best practices, and success stories from portfolio management. Evaluate results against predefined criteria and objectives, fostering a culture of learning and adaptation. Celebrate and recognize achievements, acknowledging the contributions of the portfolio team and stakeholders. This iterative approach enhances the PPM process, ensuring ongoing refinement and success based on insights gained from experience.