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Portfolio management is an essential method of corporate management. Portfolio management identifies, evaluates and prioritises the investments (eg projects) of a company. Investments are justified if an economic or strategic contribution to earnings can be expected.
The portfolio management is responsible for selecting the tactics in order to pursue and fulfill the strategic goals of the company. A company’s project landscape reflects the tactics of how the strategy is implemented. Which projects can make an important contribution to our corporate strategy? What benefits do we expect from a project? What risks are associated with a project and are we prepared to accept them? Which projects should be released for execution? Which projects will continue to contribute to portfolio success? During the implementation phase, the projects are continuously measured against the desired portfolio success. If necessary, new projects are applied to the framework conditions. Some projects are re-prioritized, others are completely stopped completely. All these activities require resources and are investments.
Globalization and the rapidly changing environment offer many opportunities and thus pose special challenges for companies. Both profitability and competitiveness must be ensured. The increasing speed calls current business models in question and requires quick adaptations. Strategy and tactics require frequent review and, if necessary, appropriate correction. Due to the uncertainty in a constantly changing landscape, agility is becoming more and more relevant in the context of portfolio management. The more resilience a company shows, the more competitive it can remain. Being able to deal with change is an essential factor for success, which is reflected in portfolio management.
The Principles of Agile Portfolio Management –
A Common Understanding of the Strategic Vision and Objectives, which ensures a commitment at all levels of the organization.
Continuous monitoring to Ensure did the expected benefits are Actually Achieved
Transparency did Creates trust and serves as a foundation for making the right decisions.
The focus is on the human being
Open, active and respectful communication
A major part of portfolio management is project portfolio management. The entire corporate portfolio, capacities, projects and resources. Portfolio management, as discussed, supports the selection and prioritization process with regard to initiating the necessary adjustments at the level of individual projects or corrections to strategies and objectives. Capacity management ensures that the necessary amount of resources are available and that the necessary personnel development measures are taken. Project management is responsible for the implementation of the projects and their quality. The resource management takes care of the “who / when exactly”: which employee should be assigned to which project and when.
The first two elements correspond to the strategic level of the company, while the project and resource management are assigned to the operational level. The definition of processes and interfaces that ensure a healthy flow of information and opportunities for (re) routing is essential for successful results. At least as important is a corporate culture with the right mindset. Agile methodologies and mindsets such as lean. Do you know the difference between “being agile” and “doing agile”? Agile project portfolio management works when all employees, including management, live the principles and are supported by processes. Today,
Conclusion: Project portfolio management is both a factor for success in the company and a major challenge that requires professionalism and commitment.
What do we offer?
Whether you are looking for support in portfolio project management or would like to train your team, you have come to the right place. Our experts are PMP and PMI-ACP certified and provide you with their diverse experience from many branches of industry with their special features. Even though we primarily orient ourselves in project management towards the PMBOK® Guide of the Project Management Institute (PMI)®, we can also work with other process models tailored to your company.
Why are you right with us?
As a consulting firm for portfolio project management, our commitment leads to high quality results, to satisfied stakeholders and thus to an increase in the reputation of your organisation. We help you with the management of the project portfolio or with the introduction of portfolio management into your company. We work with you to develop the approach that is best suited to you. Whether classic, agile or hybrid, successful project portfolio management requires standards on the one hand and the ability to tailor the approach to individual company situations on the other.
As a provider of highly specialised training, the satisfaction of our course participants is crucial. Our courses offer various degrees of specialisation. Whether you wish to receive further training or certification, our experts will guide you carefully through our comprehensive courses. Take a look(link) at our current range of courses and stay up-to-date.
Contact us! We look forward to talking to you.