At EPM Live, we understand that the start of a New Year may bring new challenges for business leaders. Organizations continue to ask management to do more with less, all while improving portfolio sequencing and planning, reducing costs and maximizing resources. For stakeholders, realizing the critical importance of Project and Portfolio Management discipline and leveraging the right tools will give those organizations a competitive advantage in today’s market.
Project Portfolio Management is a critical discipline needed to empower executives to make critical business decisions with confidence. Achieving competitive advantage means choosing the right projects to drive the business toward its strategic objectives. You must understand which projects deliver the highest ROI while maximizing your company’s resources. Gathering the right information for your portfolio can take the complexity out of large decisions. A profitable portfolio leads to a profitable company.
For the average business, Portfolio Planning may be a process well beyond their organizational maturity; however, it is a major component that should not be overlooked in order to increase the probability of reaching 2014 objectives. The structure in which you execute this discipline may indeed vary depending on maturity, but the basic steps can be followed regardless of the complexity of the processes behind them.
Before we dive into the key steps to portfolio planning, there are several essentials that need to be addressed. First of all, why define a portfolio? Organizations will always have projects, they will always have limited resources and they will always need to meet business objectives in order to remain a successful business. If you are not implementing the RIGHT projects and work to meet strategic objectives, the value you are bringing to the business may be much smaller than its potential. In today’s marketplace, businesses must bring maximum value to survive. To read more, please download the attached white paper.
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