A project management portfolio helps organizations achieve strategic goals by prioritizing and scheduling multiple projects efficiently.
Creating a Project Management Portfolio
Create a comprehensive list of all current and potential projects. Categorize them based on their stages and alignment with organizational goals.
Overview of Projects
Analyze and define what constitutes a project versus ongoing operations. Categorize projects by size, team involvement, timeline, and investment.
Define Projects
List all requested projects, define a process to decide which projects to initiate, and prioritize their order based on strategic goals.
Project Initiation
Constantly prioritize projects. Adjust priorities based on changing circumstances, customer satisfaction, and cost efficiency.
Prioritization Process
Use project management software to list and assess all current projects. Include timelines, costs, sponsors, and managers. Stop non-essential projects.
Current Projects Overview
Combine new projects with ongoing ones. Ensure budget and capacity alignment. Plan the initiation of new projects based on their requirements.
New Project Integration
Regularly update project statuses. Review completed projects against initial goals and budgets. Communicate results, store data, and officially close projects.
Tracking and Closing Projects
Creating and managing a project management portfolio ensures that all projects align with strategic goals, optimize resource use, and deliver successful outcomes.