You have a ton of different projects, and it seems like the stacks only keep getting larger. You’re only one person, and you can’t handle them all. You can’t pass them on to your project teams because they’re already overstretched with other projects. So what do you do? While multi-tasking might seem like a good idea, the problem is that it’s unlikely this could actually be accomplished. Look to portfolio management as a solution.
Project portfolio management allows you to assume control over your projects and deliver measurable value to your business. You place your projects into a portfolio and then rank them by their importance and priority. It’s much like a financial portfolio in that you have projects carrying risk balanced with those with less risk. Generally speaking, once you’ve put your projects into a portfolio, there turns out to be 12-18 months worth of work. During this time period, something happens during a project and you’ll have to alter your portfolio. You can make these regular alterations, but how often should you review the portfolio?
You review your project portfolio regularly so that that projects that need help receive it and projects that have gone amiss are cancelled. The best times for your portfolio reviews come when your customers ask to something new, a new technology is initiated, or when there’s a new product release. The times really are variable. Many project leaders and managers also recommend reviewing your project portfolio at frequent intervals such as when:
- a project cycle is completed – you’ll need to monitor the length of your project cycle. If it takes longer than six months to complete, your project team will be unble to start work on another project until their first project is done. You’ll
have to work with the project team to determine a lifecycle that fits your business’ requirements. - there is sufficient information about the next version of a project’s planning cycle
- the release date changes
- the right mix of projects are in your portfolio, that is, you should not have too many risky projects or too many low value projects
- you have terminated any non-strategic projects, you should prioritize and add any new projects from the pipeline to your project portfolio
- the time comes to allocate resources and your budget to a new cycle
- the project is completed
You should review your project portfolio as often as you can without overdoing things. You may want to consider collaborating with project managers and other managers to organize your projects so you can release something on a regular basis. On the other hand, you can also move a team on to another project which can satisfy the needs of your portfolio. This way you can review your portfolio regularly and make decisions about your projects.
Do you use project portfolio management regularly? If so, what has it brought to your organization?
