In this story we'll explore the concept of Strategic Portfolio Management (SPM), its benefits, and key metrics to evaluate its effectiveness in aligning projects with organizational goals.
Introduction to SPM
Strategic portfolio management involves deciding which projects to invest in and allocating resources to maximize the portfolio's value, considering strategic objectives, risks, and opportunities.
What is SPM ?
The process starts with reviewing the strategic plan, assessing the current portfolio, developing evaluation criteria, and continuously reviewing and adjusting projects to align with strategic objectives.
SPM Process Overview
SPM helps organizations make better investment decisions, ensuring the right mix of projects to achieve strategic objectives and improve overall outcomes.
Enhanced Decision Making
SPM increases clarity about priorities, enhancing communication & collaboration across departments, ensuring everyone works towards common goals.
Increased Clarity
SPM reduces risk by diversifying investments, preventing over-investment in any single project, and protecting against potential problems.
Risk Reduction
Periodically review portfolios to ensure projects align with organizational goals, identifying misaligned projects that may need modification or discontinuation.
Alignment with Goals
Track budget variance to understand overspending/underspending and project delivery timeliness to avoid delays and disruptions, improving efficiency.
Budget Variance & Timeliness
Uppwise can help organizations in the SPM This can help organizations to streamline their planning and execution processes & improve the overall efficiency