Good portfolio management will allow you to stay true to achieving your business goals by ensuring you use all your resources correctly.
Portfolio management is forward looking art. If you can’t see the future by looking at your portfolio of work, you have no chance of getting there. It goes beyond prioritization and the alignment of individual projects.
Effective portfolio management is crucial to achieving your business goals and something everyone can do well. It aims to maximize the use of your most expensive resources (often people) to ensure that every dollar takes you one step closer to achieving your goals. All it takes is a keen understanding of the relationships between strategy and implementation. Your portfolio of business projects and programs must collectively achieve your business goals at this point in time. If your strategic goals change, your portfolio will change at the same time and at the same pace. This will ensure that your most valuable asset (your resources – human or not) are being utilized to deliver only your most important business goals.
In order to do this well, portfolio management needs a seat at the leadership table. Its ultimate benefit is having a clear view of where investment is being spent (your resources – human or not) and how this aligns to your business strategy. It needs a forum to air this information and keep everyone aware and accountable for how they choose to invest the company’s money.
In order to do this, PMO’s will be established and charged with developing a systematic view of business investment and how this investment aligns to your goals. If goals change, they may use the information they have to re-formulate the line up for investment, in a timely manner.
Achieve is experienced at designing, building and operating PMOs for successful oversight and delivery of your portfolio of work (business projects and/or programs). Achieve can assist with improving or re-energising your existing PMO or, implementing a new capability. As an adhoc project or via an on-going service agreement, we will take the time to understand how the PMO function will best service your leadership team and develop frameworks and functions to achieve your strategic goals. In either model, once established, you will operate an efficient and effective PMO that supports the leadership team to successfully deliver it’s business goals.
Achieve can also help mature your existing PMO function. We can assist with improved portfolio governance, changes in methodology (waterfall to agile transition), PMO and project maturity assessments, as well as strategic plans to improve the function over time. We can also provide delivery frameworks, processes and templates to improve your project delivery environment today.