Program and portfolio management
Program and portfolio management
Of course, you want your business to be competitive and successful. But how can this be achieved with constantly changing internal and external influences? How do companies manage to keep adapting to new circumstances? Perhaps you sometimes wonder whether you really always focus on the right projects? Can you be sure that the initiatives you have chosen will ultimately bring you the benefits and maximum return you are hoping for?
The number of demands placed on you is constantly growing. Your employees are needed in diverse projects at the same time. In addition, projects are interdependent, build on each other, or are sometimes mutually exclusive. Sometimes it is difficult to keep track and make the right choice. It is also important to effectively align all change initiatives and business activities with your strategic goals.
This is where project portfolio management can help you. A portfolio is a collection of projects, programs and operational activities that are managed together and aligned with each other and with your organization’s specific internal and external circumstances. This allows you to optimize your resource utilization and value creation and ensure that your strategic goals are actually achieved.
There are several reasons for using project portfolio management:
- Economic efficiency and feasibility
- Effective project initiation
- Optimal investments
- Full overview
- Better capacity planning
1. economic viability & feasibility
An important advantage of good project portfolio management is that you receive support in identifying suitable projects. This is enormously important to ensure that the portfolio delivers what it is supposed to.
Project portfolio management gives you an overview of both finances and resources. In this way, you can compare the candidates for your portfolio well and select those that promise the best results, taking into account the available resources.
2. effective project initiation
The project portfolio management helps with the structured processing of new project applications and ideas. With a structured approach for centralized capture and a consistent method with clear criteria and authorizations for project approval, you ensure the planning quality of new projects.
The uniform procedures mean that all projects are subjected to a fair and transparent examination, thus laying the foundation for an optimal composition of the portfolio.
Project portfolio management ensures that your projects are as successful as possible under the existing conditions, resources and constraints. With the right combination of projects, you can achieve your strategic goals in the best possible way.
To this end, each project is aligned with one or more strategic goals. Clear criteria for determining the strategic contribution help you to prioritize your portfolio in an objective and comprehensible way. Optimizations take place on an ongoing basis so that the planned benefits can actually be realized through the projects and programs.
Project portfolio management provides you, the decision-maker, with a complete overview of all ongoing and planned projects. This way you know at any time in which phase your projects are, how much budget is still available, how the resource utilization looks like and which risks and dependencies exist..
By always knowing the current status of all projects, you can identify any bottlenecks and problems at an early stage and take appropriate action in good time.
Another advantage of the integrated management of projects in a portfolio is that you know the need and availability of resources for all projects. This allows you to make optimal use of your resources and avoid conflicts through smart planning.
With the help of a roadmap, you always have an overview of the situation for all projects and can run through various scenarios. The holistic portfolio view makes it easier for you to plan and implement any capacity expansion that may be necessary. This would not be possible in the case of isolated management of individual projects.
The implementation of a strategy and the achievement of strategic goals usually involves representatives of many functions (e.g. IT, finance, HR), specialist departments (marketing, sales, service, production, logistics, etc.) and external partners at various levels.
The goal of a portfolio management is the permanent cooperation and alignment of all parties and activities to the strategic goals. Unlike projects and programs, portfolios are usually designed for the long term, not just for a specific period of time.
guideIT supports you in the introduction as well as the ongoing management of your project portfolio and proceeds according to a defined process model.
Our offer is individually adapted to your needs. Feel free to contact us for a first non-binding conversation!
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