Project Portfolio Implementation Check List
Project Portfolio Management Implementation Check List
A practical and interactive guide for assessing your organization’s portfolio maturity.
Project Portfolio Management is a dynamic ongoing process of selecting and delivering projects on a shared portfolio model to achieve the maximum benefits realized from the available resources to deliver the organization vision on a long term and the assigned business plans and targets on the short term (monthly, quarterly and annually).
Project based organizations (PBO) are managing portfolios, programs and projects. However, are they delivering it to the maximum efficiency? In most organizations, they would have big load every year to deliver between new projects and maintenance projects. A utility company for example will have huge decisions to do to maintain their services for their existing clients and future clients (millions on most cases). Therefore, they will divide their projects to portfolios, programs and projects. These challenges transferred most of the time to contractors, consultants and suppliers who work for such organizations. The challenge for all is how we keep the cost down and maximize efficiency and productivity.
Therefore, portfolio management implementation is used as a practical solution to achieve utilizing the available resources and funds to deliver the high demands without exceeding the assigned fund and assigned resources as a low bottom threshold and maximize efficiency / productivity and reducing cost as top threshold.
So, what makes the portfolio implementation successful?
From my experience and to make it easy for organization who are not applying the portfolio management methods to the full, which means their maturity is on managing portfolios but not optimizing it. So, most of the PBO will have the following requirements which needs improvement. I will add the tiles only and in future articles discuss it with more details. It needs pages to discuss it. However, some of the points discussed in previous articles.
The following list can work as a check list map for PBO portfolio implementation with the following categories: Missing, Needs Improvement, Achieved. Some are can be under other points however, I highlight what is most important to implement successful portfolio delivery.
So, let’s start analyzing your organization portfolio maturity accordingly and make your action list. Choose the level of maturity to monitor the % change
Interactive Portfolio Implementation Check List
Final Thoughts
Finally, after defining your level of maturity, I emphasis on two points, senior management commitment and managers selection who will deliver the implementation and the delivery. They are the main driver for the success.
Also, implementing a successful portfolio Systems, culture and processes is a painful change While you are busy to deliver and manage projects. It needs a lot of effort to implement while you are delivering so you need to think a lot how to manage it. One of the solution is to start a pilot portfolio with sufficient resources to build the portfolio system as first stage and implement it gradually to the other projects.
If you require us to help you draw a map for portfolio management implementation / defining governance and systems, please contact us on info@zalbasireppm.com.
Best wishes for all.
– Ziad Albasir