As a program manager, you are responsible for aligning your programs with the strategic goals and objectives of your organization. But how do you decide which programs to include in your portfolio and which ones to prioritize? In this article, we will explore some of the top criteria for selecting and ranking programs for your portfolio.
One of the most important criteria for selecting programs is how well they align with the vision, mission, and values of your organization. You want to choose programs that support the strategic direction and priorities of your business, and that deliver value to your stakeholders and customers. To assess the strategic alignment of your programs, you can use tools such as the balanced scorecard, the strategy map, or the SWOT analysis. These tools can help you identify the key drivers, objectives, and measures of your strategy, and how your programs contribute to them.
When choosing programs for my portfolio, the key is to pick ones that really resonate with our organization's vision and values. It's all about aligning with our strategic goals and making a positive impact on our stakeholders and customers. I rely on tools like the balanced scorecard, strategy map, and SWOT analysis to figure out how each program fits into our overall strategy. I want programs that not only contribute to our goals but also adapt well, use resources wisely, and show clear results – keeping things practical and focused on what really matters.
Another key criterion for selecting programs is how much benefits they can generate for your organization and your customers. Benefits are the positive outcomes and value that your programs deliver, such as increased revenue, improved customer satisfaction, or reduced costs. You want to choose programs that have clear and measurable benefits, and that can be tracked and reported throughout the program life cycle. To assess the benefits realization of your programs, you can use tools such as the benefits management plan, the benefits register, or the benefits realization map. These tools can help you define, quantify, and monitor the benefits of your programs, and how they align with your strategic goals.
When I'm picking programs for my portfolio, a big deal for me is thinking about how much good they can bring to our organization and customers. I look for programs that can deliver clear and measurable wins, like more revenue, happier customers, or cutting down costs. It's not just about promises, I want these benefits to be something we can follow and talk about throughout the program's journey. To make sure we're on track, I use tools like the benefits management plan, benefits register, and benefits realization map. Ultimately, I'm after programs that not only fit our vision but also bring real value to our team and customers
A third criterion for selecting programs is how much resources you have available to execute them. Resources include human, financial, technical, and physical assets that you need to deliver your programs. You want to choose programs that fit within your resource constraints, and that can be completed within the expected time and budget. To assess the resource availability of your programs, you can use tools such as the resource breakdown structure, the resource histogram, or the resource leveling technique. These tools can help you identify, allocate, and optimize the resources of your programs, and how they affect your schedule and cost.
A fourth criterion for selecting programs is how much risk they entail for your organization and your customers. Risk is the uncertainty that can affect the performance, benefits, or outcomes of your programs. You want to choose programs that have an acceptable level of risk, and that can be managed effectively. To assess the risk exposure of your programs, you can use tools such as the risk management plan, the risk register, or the risk matrix. These tools can help you identify, analyze, prioritize, and mitigate the risks of your programs, and how they impact your objectives and benefits.
A fifth criterion for selecting programs is how much support they have from your internal and external stakeholders. Stakeholders are the individuals, groups, or organizations that have an interest or influence on your programs. You want to choose programs that have strong stakeholder engagement, buy-in, and commitment. To assess the stakeholder support of your programs, you can use tools such as the stakeholder analysis, the stakeholder register, or the stakeholder engagement plan. These tools can help you identify, classify, and communicate with your stakeholders, and how they affect your programs' success and benefits.