How can you optimize your portfolio analysis?

?? In my experience, defining criteria is only the beginning. Delving into methodologies to measure these criteria is crucial. ?? Quantitative vs. Qualitative Opt for a blend of numeric and descriptive analysis for a balanced assessment. ?? Portfolio Mapping Use bubble diagrams to visualize projects based on strategic importance and potential returns. ?? Feedback Loop Integration Keep criteria up-to-date with market changes and gather input from team members for accurate evaluations. ?? Remember, frameworks are useful, but the true value comes from refining criteria based on real-world results and insights.

Each organization may vary in terms of criteria and the weighting of these criteria, but every organization should keep two points in mind: 1a - A clear understanding of the organization's strategy and the alignment of OKRs and KPIs. This is an input for defining the correct weights, a clear understanding of all areas on a global scale, and the proper design of the 5-year plan. 2a - Involvement of Key Stakeholders/Sr. Managers in defining the criteria and balancing the weights based on a mutually agreed common sense across all areas, with a focus on the organization's strategy.

In my experience one of the most challenging aspects of developing an evaluation and selection scoring model is facilitating executive buy-in for the criteria and weighting. The portfolio leader should anticipate some conflict when doing so, and it is typically difficult to build consensus. That said, the portfolio leader must persevere! Once the dust settles and objective criteria are defined, they are incorporated into the portfolio governance process and the scorecard is born.

Defining criteria is like setting the compass for your portfolio analysis. It's your roadmap to align projects with strategic goals, manage risks, and maximize value. Think of it as creating a customized lens to view your portfolio through, ensuring every project contributes to the bigger picture.

I agree, and the portfolio leader should “begin with the end in mind,” to quote the great Stephen Covey. Understanding what you want to get out of a tool in terms of reporting, insights and analytics might really influence your tool choice. Not all tools are created equal and some will meet your reporting needs better than others. Ensure that you fully understand the expectations your leadership has for what they want to see from a portfolio tool. It is unfortunately very common that a solution looks good on paper or in the sales demo, but is a mismatch to your actual needs once implemented.

Stakeholder mgnt isn't key, it is a non negotiable. John Donne, famously wrote that “no [one] is an island,” an ethos aligned to stakeholder & portfolio mgmt. Involving stakeholders is a shift from isolation to partnership, sharing ideas and outcomes. You may want to consider 3 key elements: Stakeholders' power is not equal/similar impacting the portfolio differently and may include: expert- knowledge, positional, influential, finanical, regulatory-compliance. Motivations may not be equal/similar or the same strength: sociological technological, economical, esg, political, STEEP. Operationally without stakeholder engagement kpis, dependencies, risks and issues can be missed causing a portfolio to be eaten alive from all aides.

Portfolio analysis is a dynamic journey, not a one-stop destination. Regular reviews and updates act as your compass, keeping your portfolio on track. It's like fine-tuning a musical performance to ensure it stays harmonious. Embrace change, adapt, and keep the rhythm of success alive.

One meeting that every portfolio team should put on its agenda is a current year closing session involving all key stakeholders. This meeting is very rich in understanding the main key points of success and failure and trying to design improvements for the following year.

Another suggestion that I give that every portfolio sector should seek is analyzing the organization's maturity. PRINCE, aligned with P3O and MoP, has a very interesting tool called P3M3 to measure and help advance the organization's maturity.