If portfolio management in your organization is based on ineffective criteria, your business is at risk of tolerating wasteful projects. Failure in the portfolio management stage of the PMO workflow can result in an ongoing struggle with assigning value to your projects and ad-hoc requests taking priority over strategic projects. This upsets the portfolio's balance and creates little to no visibility into project costs, effort and completion targets.
This Portfolio Management eBook includes:
- Introduction: The Well-Run PMO
- Three Signs of Trouble with Your Project Portfolio Management
- Three Things to Do Today for More Effective Portfolio Management
- Highest Value Projects: Powerful Practices from Real Companies
Introduction: The Well-Run PMO
A well-run project management office (PMO) brings exponential value to the company. Research that explored the top 25% of project management offices, found that an effective PMO can have a significant business impact, including:
- 43% improvement in strategic alignment
- $175K cost savings per project
- 25% decrease in failed projects
These kinds of results are achieved through coordinated and controlled project portfolio management that starts with an efficient project intake process, followed by comprehensive portfolio management, where the most valuable mix of projects is compared and prioritized. Failure in this stage of the PMO workflow can result in an ongoing struggle to assign value to your projects; ad-hoc requests taking priority over strategic projects and upsetting the portfolio’s balance; and little to no visibility into project cost, effort and completion targets.
According to Info-Tech Research Group and validated by those of us working in this discipline each day, “failure to align projects with strategic goals and resource capacity are the most common causes of portfolio waste across organizations.” That’s why, with this ebook, we have gathered specific and actionable portfolio management best practices in one place to help your organization better evaluate and advocate the value, impact, and benefits of your project portfolios.
Three Signs of Trouble with Your Project Portfolio Management
If portfolio management in your organization is based on ineffective criteria, your business is at risk of tolerating wasteful pet projects which move up the priority list despite compelling objections; ad hoc projects will be seismic disruptors; and everyone involved, from executive sponsors to administrators, will have a different idea of what qualifies as value to your business.
Here are three signs poor portfolio management might be endangering your PMO and your business:
- You have difficulty pinpointing the benefits and value of specific projects within your portfolio for effective prioritization.
- Your resource capacity is unstable and unpredictable because your project mix is volatile and constantly shifting, often based on whichever stakeholder shouts the loudest.
- Your ad hoc projects are grouped into random portfolios and analyzis of those portfolios is limited to a handful of standard reports.
Download this free eBook to learn more.