What's your process for evaluating and reporting project portfolio outcomes?

1 Define portfolio success criteria

Before you can evaluate and report the outcomes of your project portfolio, you need to define what success looks like for your organization. This means identifying the key performance indicators (KPIs) that reflect the strategic alignment, financial performance, customer satisfaction, and operational efficiency of your portfolio. You also need to establish the targets, baselines, and thresholds for each KPI, as well as the frequency and format of reporting. By defining portfolio success criteria, you can set clear expectations and standards for your portfolio management team and stakeholders.

2 Collect and analyze portfolio data

Once you have defined your portfolio success criteria, you need to collect and analyze the data that shows how your portfolio is performing against them. This involves gathering relevant information from various sources, such as project management tools, financial systems, customer feedback surveys, and operational reports. You also need to apply appropriate methods and tools to analyze the data, such as dashboards, scorecards, charts, and graphs. By collecting and analyzing portfolio data, you can gain insights into the strengths, weaknesses, opportunities, and threats of your portfolio.

3 Evaluate portfolio performance and value

After you have collected and analyzed your portfolio data, you need to evaluate the performance and value of your portfolio based on your success criteria. This involves comparing the actual results with the planned targets, identifying the gaps and variances, and calculating the return on investment (ROI) and value added (VA) of your portfolio. You also need to consider the qualitative aspects of your portfolio, such as the alignment with the vision, mission, and values of your organization, the satisfaction and loyalty of your customers, and the engagement and collaboration of your team members. By evaluating portfolio performance and value, you can determine the effectiveness and efficiency of your portfolio.

4 Report portfolio outcomes and recommendations

Finally, you need to report the outcomes and recommendations of your portfolio evaluation to your stakeholders. This involves presenting the key findings, conclusions, and implications of your portfolio analysis, highlighting the achievements, challenges, and lessons learned, and proposing the actions, improvements, and changes needed to optimize your portfolio. You also need to tailor your report to suit the needs, preferences, and expectations of your audience, using clear, concise, and compelling language and visuals. By reporting portfolio outcomes and recommendations, you can communicate the value and impact of your portfolio.

5 Review and update portfolio management process

As a bonus tip, you should also review and update your portfolio management process regularly to ensure that it is aligned with the changing needs and priorities of your organization and stakeholders. This means soliciting feedback from your portfolio management team and stakeholders, identifying the best practices and areas for improvement, and implementing the changes and enhancements to your portfolio selection, prioritization, and oversight process. By reviewing and updating your portfolio management process, you can ensure that it is agile, adaptive, and responsive to the dynamic environment.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?