How can you successfully manage project portfolios?

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Managing multiple projects at the same time can be challenging, especially if you have limited resources, conflicting priorities, and diverse stakeholders. Project portfolio management (PPM) is a skill that can help you align your projects with your strategic goals, optimize your resource allocation, and deliver value to your organization. In this article, we will share some tips on how to successfully manage project portfolios.

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Eloisa Javier, MBA, PMP

Director, Application Management Services

1 What is PPM and why is it important?

PPM is an essential process for selecting, planning, executing, monitoring, and evaluating projects that support your organization's vision and objectives. Through PPM, you can define and prioritize your project portfolio based on strategic criteria and expected benefits. Additionally, you can balance resources across projects according to their needs and risks. Monitoring and controlling project performance, quality, and outcomes with relevant metrics and indicators is also important. Finally, evaluating and reviewing project results and lessons learned can help improve portfolio management practices and processes. Ultimately, PPM can increase project success rate, enhance stakeholder satisfaction, and achieve organizational goals.

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2 How to establish a PPM framework?

Before managing your project portfolio, it is essential to establish a clear and consistent framework that guides decision-making and actions. A PPM framework consists of a governance structure that defines roles, responsibilities, and authorities, a methodology that outlines steps, tools, and techniques for selecting, planning, executing, monitoring, and evaluating projects, as well as standards and policies that ensure the quality, compliance, and alignment of projects with organizational values. This framework helps to create a common language and vision for the portfolio and streamline the portfolio management process.

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3 How to select and prioritize your projects?

One of the most critical aspects of PPM is to select and prioritize your projects based on your strategic objectives and criteria. To do this, you need to identify potential projects that are aligned with your organizational strategy and vision, then evaluate and compare the expected benefits, costs, risks, and feasibility. Additionally, you should rank and categorize your projects according to their priority, value, urgency, and impact. Ultimately, you should select and approve the projects that best fit your portfolio goals, resource availability, and stakeholder expectations. By selecting and prioritizing your projects accordingly, you can ensure that your portfolio is relevant, realistic, and beneficial for your organization.

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Eloisa Javier, MBA, PMP

Director, Application Management Services
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Ensure that projects necessary to “keep the lights on” and continue operations have been considered alongside those that are strategically aligned. Consider also distributing the value across different beneficiaries, and further prioritizing per business unit.

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4 How to allocate and balance your resources?

PPM requires you to allocate and balance your resources across your projects according to their needs and risks. To do this, you must identify and estimate the resource requirements and availability for each project, such as time, budget, staff, equipment, materials, etc. Additionally, you should use tools such as resource breakdown structure, resource leveling, and resource smoothing to analyze and optimize the resource allocation and utilization. As the project progresses, you should adjust and balance the resource distribution and allocation based on changes, issues, and dependencies. Furthermore, it is important to communicate and coordinate with project managers and teams to ensure the effective and efficient use of resources. Ultimately, by allocating and balancing your resources, you can improve your portfolio performance, quality, and outcomes.

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Eloisa Javier, MBA, PMP

Director, Application Management Services
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Be cognizant that resource management maturity is on a continuum. Each organization should assess the level of maturity that is right for their needs. Before advancing to a more mature resource management model, ensure that the foundational concepts are in place and stakeholders involved in the process understand the value of the exercise.

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5 How to monitor and control your projects?

PPM involves monitoring and controlling projects using relevant metrics and indicators. To do this, you must define and measure the key performance indicators (KPIs) for each project, as well as track and report progress, status, and issues. Additionally, compare the actual results and performance to the planned and expected ones with tools such as variance analysis, earned value analysis, etc. Documenting corrective and preventive actions to address gaps, deviations, and problems is also essential. By monitoring and controlling your projects in this way, you can ensure your portfolio is on track, on budget, and on quality.

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6 How to evaluate and review your projects?

A final key aspect of PPM is to evaluate and review your projects based on their results and lessons learned. To do this, you need to collect and analyze feedback and data from project stakeholders, evaluate and measure outcomes and impacts with tools such as benefit realization analysis and return on investment analysis, identify and document best practices, lessons learned, and improvement opportunities with tools such as post-mortem analysis and after-action review, and share findings and recommendations with stakeholders and the organization to improve portfolio management process and practices. Through this evaluation process, you can increase portfolio value, learning, and maturity.

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7 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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Rahul Vaghela, PMP?

Leadership in Security Automation & ICT Technologies | PMP Certified | Delivering Complex Solutions Across Public & Private Sectors
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1.Align projects with strategic goals. 2.Prioritise based on impact and resources. 3.Regularly reassess and adapt to changing priorities. 4.Foster clear communication across teams. 5.Implement robust project tracking and reporting.

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How can you successfully manage project portfolios?

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1 What is PPM and why is it important?

2 How to establish a PPM framework?

3 How to select and prioritize your projects?

4 How to allocate and balance your resources?

5 How to monitor and control your projects?

6 How to evaluate and review your projects?

7 Here’s what else to consider

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