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How can you balance short-term and long-term goals in your project portfolio?

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As a business administrator, you have to manage multiple projects with different scopes, deadlines, resources, and stakeholders. How can you ensure that your project portfolio aligns with your strategic objectives and delivers value in the short and long term? Here are some tips to help you balance your project portfolio and achieve your goals.

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Godfrey Oyasotie, DCP, MBA

Trust Advisory, AML/CFT, Deals Structuring, Regulatory Compliance, Fraud and Risk Mitigation.
Sushen Sharma

Senior Manager - Liability, Specialty & Surety Lines || Visista Insurance Broking Services Pvt. Ltd | Ex Bajaj Allianz…
Zarine Ghazaryan (MBA)

+ 14 k ?? ?? Con-ology world expert

1 Assess your current situation

Before you can plan your future projects, you need to evaluate your current ones. How are they performing in terms of quality, cost, time, and benefits? How do they align with your vision, mission, and values? How do they fit into your organizational structure, culture, and processes? You can use various tools and methods to assess your project portfolio, such as SWOT analysis, portfolio matrices, scoring models, or dashboards. The aim is to identify the strengths, weaknesses, opportunities, and threats of your project portfolio and prioritize the most critical and valuable ones.

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Godfrey Oyasotie, DCP, MBA

Trust Advisory, AML/CFT, Deals Structuring, Regulatory Compliance, Fraud and Risk Mitigation.
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Balancing short-term and long-term goals in a project portfolio is crucial for the overall success and sustainability of an organization. Here are some strategies to achieve this balance: Strategic Alignment: Ensure that each project aligns with the organization's overall strategy and goals. Prioritization: Prioritize projects based on their alignment with strategic objectives and their potential impact on the organization's goals. Portfolio Segmentation: Segment the project portfolio into short-term and long-term categories. based on their time horizon. Resource Allocation: Allocate resources effectively by considering the resource requirements of both short-term and long-term projects.

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Sushen Sharma

Senior Manager - Liability, Specialty & Surety Lines || Visista Insurance Broking Services Pvt. Ltd | Ex Bajaj Allianz GIC (LIII)
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Balancing short-term and long-term goals in a project portfolio involves: 1. Clear Objectives: Define goals for each project. 2. Prioritization: Align projects with overall strategy. 3. Resource Allocation: Balance resources for both short and long-term needs. 4. Flexible Planning: Use agile methods to adapt to changes. 5. Risk Management:** Assess and mitigate risks. 6. Communication: Foster collaboration and open communication. 7. Performance Metrics: Track progress using relevant metrics. 8. Innovation: Invest in projects that foster innovation. 9. Regular Review: Continuously reassess and adjust the portfolio. This approach ensures projects contribute to immediate needs while also serving long-term objectives.

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Zarine Ghazaryan (MBA)

+ 14 k ?? ?? Con-ology world expert
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Balancing short-term and long-term goals in a project portfolio is crucial for overall success and sustainability. Here are several strategies to achieve this balance: establish clear objectives, prioritize projects, allocate resources wisely, flexible planning and review, risk management, balance innovation and maintenance, communication and stakeholder involvement, monitor progress and key performance indicators (KPIs), scenario planning, adaptability and learning. By integrating these strategies, organizations can create a balanced project portfolio that addresses both immediate needs and future aspirations, fostering sustained growth and success.

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Clodoaldo Caetano

Head |Vendas e Lideran?a | Mentoria | Treinamento em Vendas | Gest?o e Desenvolvimento | Autor do livro VENDE-SE
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Para avaliar a situa??o atual é importante entender o passado. E para entendê-lo n?o se pode apenas visualizar os números ou situa??es. é necessário criar mecanismos para potencializar o que aconteceu de bom e reduzir/exterminar o que foi ruim. O passado n?o pode ser visto apenas pelo retrovisor e n?o pode se falar dele. A situa??o atual alavanca para o sucesso quando se tem bons mecanismos de avalia??o e de proje??o. E é claro toda a equipe deve estar em sintonia para ter sucesso nessa jornada.

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Amanda S.
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Fa?a um balan?o do seu cenário atual Antes de definir seus objetivos futuros, você precisa fazer um balan?o do que está acontecendo agora. Como seus projetos est?o se saindo em termos de qualidade, custo, prazo e benefícios? Como eles est?o alinhados com sua vis?o, miss?o e valores? Como eles se integram à sua estrutura organizacional, cultura e processos? Você pode utilizar diversas ferramentas e métodos para fazer um balan?o do seu portfólio de projetos, como análise SWOT, matrizes de portfólio, modelos de pontua??o ou painéis. O propósito é identificar os pontos fortes, fracos, oportunidades e riscos do seu portfólio de projetos e priorizar os mais importantes e valiosos.

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2 Define your objectives and criteria

Once you have a clear picture of your current project portfolio, you need to define your objectives and criteria for selecting and managing your future projects. What are the short-term and long-term goals of your organization? What are the key performance indicators (KPIs) that measure your progress and success? What are the constraints and risks that affect your project portfolio? You can use various frameworks and methodologies to define your objectives and criteria, such as SMART goals, OKRs, or balanced scorecard. The aim is to align your project portfolio with your strategic direction and create a common vision and language for your stakeholders.

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Clodoaldo Caetano

Head |Vendas e Lideran?a | Mentoria | Treinamento em Vendas | Gest?o e Desenvolvimento | Autor do livro VENDE-SE
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Você só terá sucesso quando da defini??o dos seus objetivos e critérios quando você tiver a participa??o de sua equipe. N?o estou falando de uma participa??o passiva, nada disso! Estou falando de um projeto em que todos se envolvem e também s?o responsáveis por parte ou o todo do projeto. Boas ferramentas de KPIs e OKRs, ajudar?o no planejamento, acompanhamento, controle e proje??es dos resultados.

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3 Align and optimize your project portfolio

After you have defined your objectives and criteria, you need to align and optimize your project portfolio to achieve them. How can you balance the trade-offs between the different dimensions of your project portfolio, such as scope, quality, cost, time, risk, and value? How can you allocate your resources and budget efficiently and effectively? How can you monitor and control your project portfolio performance and outcomes? You can use various techniques and tools to align and optimize your project portfolio, such as portfolio optimization models, resource leveling, or portfolio reviews. The aim is to maximize the value and benefits of your project portfolio and minimize the waste and inefficiencies.

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Prof. Dr. Michael Fuhlrott

Arbeitsrecht in Praxis (Beratung) & Theorie (Vermittlung)
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Aus meiner Sicht steht und f?llt alles mit dem Thema Ressourcen: Diese sind endlich, so dass eine Priorisierung unumg?nglich ist. Wie wichtig sind mir langfristige Ziele, wie (viel wichtiger) kurzfristiges Vorankommen? Im Eifer des Gefechts werden aus meiner Sicht zu h?ufig zu viel Energien auf kurzfristige Ziele gerichtet, da diese im Augenblick "dr?ngender" und akuter erscheinen. Hier ist es als Selbstkontrolle hilfreich, sich in regelm??igen Abst?nden die langfristigen Zielen vor Augen zu führen, damit diese nicht "verloren" gehen.

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Nabeel Baig

Seasoned IT Professional | PMP | MCP | ITIL | Digital Transformation Expert | IT Consultant | Dev-Sec-Ops Specialist | IT Audit & Governance | Cloud Technology Expert | Product Owner | System Architect | IT Strategist
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Prioritize projects which are aligned with both timeframes and are in sync with overall organisation goals. Communication and collaboration across teams are crucial for successful balance. Allocate resources strategically, considering immediate needs and future growth. Regular alignment of projects with evolving objectives and market conditions is the key to maximise profitability…

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4 Communicate and collaborate with your stakeholders

Throughout the process of balancing your project portfolio, you need to communicate and collaborate with your stakeholders. Who are the internal and external stakeholders of your project portfolio? What are their roles, responsibilities, expectations, and interests? How can you engage them in the decision-making and execution of your project portfolio? You can use various methods and channels to communicate and collaborate with your stakeholders, such as stakeholder analysis, communication plan, feedback loops, or agile practices. The aim is to build trust and transparency with your stakeholders and ensure their buy-in and support for your project portfolio.

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5 Review and adjust your project portfolio

Finally, you need to review and adjust your project portfolio regularly and adapt to the changing environment and circumstances. How can you measure and evaluate the performance and impact of your project portfolio? How can you learn from your successes and failures and improve your project portfolio management? How can you respond to the emerging opportunities and threats and adjust your project portfolio accordingly? You can use various tools and approaches to review and adjust your project portfolio, such as portfolio audits, lessons learned, or scenario planning. The aim is to ensure that your project portfolio remains relevant and valuable in the short and long term.

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Clodoaldo Caetano

Head |Vendas e Lideran?a | Mentoria | Treinamento em Vendas | Gest?o e Desenvolvimento | Autor do livro VENDE-SE
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Em segundos em sua vida, tudo pode mudar… No portfólio de projeto também. Por isso é t?o necessário ter um acompanhamento diário para primeiro analisar se está no caminho certo e segundo para ver se necessita mudar devido a alguma circunstancia. Mais aten??o! N?o se pode mudar sem o aviso prévio e entendimento de todos os envolvidos, sen?o poderá ter problemas sérios com isso. Abra?os

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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?

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How can you balance short-term and long-term goals in your project portfolio?

1

2

3

4

5

6

1 Assess your current situation

2 Define your objectives and criteria

3 Align and optimize your project portfolio

4 Communicate and collaborate with your stakeholders

5 Review and adjust your project portfolio

6 Here’s what else to consider

Business Administration

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How can you balance short-term and long-term goals in your project portfolio?

1

2

3

4

5

6

1 Assess your current situation

2 Define your objectives and criteria

3 Align and optimize your project portfolio

4 Communicate and collaborate with your stakeholders

5 Review and adjust your project portfolio

6 Here’s what else to consider

Business Administration

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