You’ve done the research and know that it’s time to make the transition to project portfolio management. All signs are pointing to this management system as being the best approach for your role, your team, and the organization. This is great news. You know how you’re going to get the work done and get it done properly.
Or do you? You know the facts on project portfolio management, but have you really thought about how you’re going to put it into action? Remember you’ve got an entire organization that is used to managing projects with another method and now you want to introduce change into how this is done.
We want you to realize success with project portfolio management and in your role as a PMO – so whatever you do, don’t rush in. Keep things simple and don’t over-complicate the management of your projects and people. We’ve put together what we see as cardinal rules for keeping project portfolio management simple. Use these as a guide and fallback on them when you have questions or are struggling to get the traction you need.
Have an Aligned Strategy
To effectively manage your multiple projects, you need to have an aligned strategy. This strategy must take into consideration the goals of your organization, the goals of each project, the client goals, and the unique goals of your team members.
Any disconnect within the business goals and strategy can and will slowly but surely derail the very best project portfolio management approach. It’s key that you remember that this strategy cannot be static – it must be adjusted and tweaked as projects are completed, the organization matures, and clients change.
It really comes down to asking one key question: “What are our goals?”. Not a simple question, but one that should stimulate the conversations and thinking you need to clearly define the projects within your portfolio and help set out a clear approach that focuses on the right priorities at the right times.
PMO Please
As much as you’d like to manage all of the projects and moving pieces in your deep portfolio – you can’t. You can try but success will not be in your favor. Instead create a team or unit in your organization that is responsible for project portfolio management. This project management office (PMO) has the responsibility of managing the multiple projects, keeping lines of communication open amongst the various teams, staying up-to-date with executive needs and wants, and in ensuring client satisfaction.
Ultimately, the PMO is the face and voice of the people working on your organization’s multiple projects. The PMO serves as a resource for team members, executive, and clients – being ready and able to answer questions and solve problems. With the use of proven project portfolio management tools, the PMO is better able to provide both big picture and granular views of every project. Take advantage of the best tools and solutions available to help set-up your PMO for success.
Evaluate and Review Criteria
It can be easy for the PMO and your various teams to take on extra work or over-commit on projects. Establish a method of evaluating and reviewing project priorities. With this system of guidelines, it can be easier to streamline projects, to create flexible deliverables, and to ensure that teams aren’t overworked.
When establishing this evaluation criteria remember to ask some key questions: consider how the project relates to the organization goals, make sure you have the skills in-house to accomplish the project deliverables, understand the resource demands and risks of the project, and assess the return on investment for the project.
Big Picture View
It can be really easy to get caught up in the small granular details – quickly losing sight of the big picture. Avoid this at all costs. The more you get caught up in small details, the less time you have to spend on keeping projects aligned and on track.
Because you and your PMO team are the central resource for the organization, it’s super easy to get dragged into every meeting, stand-up, iteration review, and planning session. Remember to keep focus on what it is you’re responsible for and put solutions in place that support this work. A lot of this comes down to being able to trust the people you’re working with – no one likes a micro-manager – let your colleagues do their jobs so you can focus on project portfolio management.
Trust the data and information your project portfolio management tools are providing you with – use this data to adjust schedules, determine timelines, and to evaluate resource demands. Yes, you can drill down to the small details, but don’t do this for the sake of the big picture and how your projects align with the company strategy.
Know the Projects
This might seem counter to our recommendations on the big picture – but remember knowing the projects is different from knowing every last project detail. We want you to know the projects in your portfolio, so you can deliver on your role.
Put a system in place that allows you to easily see the number of projects currently in process, the planned projects, the key deliverables of each project, the costs of each project, the risks associated with each project, and a clear view of the schedule.
When you have this information, you’re better able to ensure that the projects still align with your organization’s goals and the skills of your team members. Depending on the project portfolio management tools you’re using, you can further organize your projects based on resources, deliverables, ROI, etc. The more you know about the projects – the better – but don’t get caught up in the small details.
Keep Things Simple
At the end of the day, the best approach is the one that works for your organization. Try not to get caught up in complicated tools, meetings, and systems. The essence of project portfolio management is in making it easier for you and the organization to realize success. The transition to project portfolio management is not easy but it’s not impossible – be prepared to realize success and deliver on organization goals.
