How Implement Project Portfolio Management
How Implement Project Portfolio Management – No business has been born without an idea first. Ideas grow and develop into projects which will then with time, effort and resources become services or products.
This process would not be possible without the right planning and execution of each project.
In the end of the day project success or failure is the result of this path and obviously, every company needs more success than failure to survive and move forward.
In this context many companies each day decide to see and treat projects and manage them using tools that allow the firm to measure criteria in a way that they can prioritize projects and develop these more efficiently.
Basically, companies are beginning to look and analyze a new idea the same way they do with financial investments.
Knowing and understanding the company’s boundaries and needs is crucial for a correct project selection and execution.
The selection criteria needs also to be consistent and reliable so everyone involved needs to be aware that the projects prioritized are to achieve a common goal.
A successful project management needs to be performed at all stages during the projects cycle.
This is when a solid project portfolio management implementation and development can make a huge impact on the results.
This tool will allow you to see from the moment you start the projects, strategic, financial and operative aspects.
Giving you real-time information about where everything stands allowing you to maneuver anytime required without further delay.
So you decided to admit the obvious and implement Project Portfolio Management in your company. But, where do you start? Here’s a few tips for a correct PPM implementation:
Analysis of the current state
Logical first step is to analyze the current state of the company. Analyze all you have from resources to tools and budgets so you can be fully aware of the business requirements This will also help you see where the company stands.
The best way to find effective solutions is to track down the business deficiencies and try to figure out what needs to be changed or ditched. Dig deep into the symptoms and the root of the issues.
Many firms with lack of priorities struggle when implementing PPM for many reasons such as: not having someone leading the full lifecycle of the projects;
not having the projects centralized in only one tool, lack of supervision on the use of the resources, deficient data collection, lack of communication amongst others.
These issues are what companies want to solve by implementing project portfolio management.
Nevertheless Every firm is different and unique, has its own necessities and faces its own needs and challenges and these should be taken in consideration to implement Project Portfolio Management successfully.
Having a clear idea of the business challenges, targets and flaws will lead you in the right direction establishing a Project Portfolio Management system and its processes and can only help the company improve.
Strategy, scope and objectives
Project ranking and alignment is the core to a successful project portfolio management. For its right execution you need to draw a strategic roadmap.
Your strategy it’s influenced and relies on what your company does and where it wants to be.
Setting the objectives and its scope reasonably its important as your goals will be the main source of initiatives that will be converted to projects.
Understanding the whole company purpose will be an enormous help not only implementing Project Portfolio Management but also on project selection and execution.
Once you know well where the company stands you need to know where the company wants to go.
Use a competitive example to draw where you want to take the areas that need to improve the most.
You should also know what can your new project portfolio management tool do better.
It’s important to note that the system is a tremendous help to any business but it’s not the cure, so you need to set realistic targets and expectations.
Once you know what you want to achieve, you just need to find the road that will take you there.
Ready for implementation you need to draw a roadmap with the steps and the people you want to join you working in the transition.
Building an implementation team is always a good idea.
The team needs to include the roles necessary to complete the implementation successfully: Implementation Executive, Project Manager, Functional and technical Analysts, QA specialist, End user trainer and documentation specialist.
A generic schedule of a Project Portfolio Management implementation would be:
- Project Planning
- System installation
- Business blueprint
- End-user training
Once you got that going implementation should be only a matter of weeks. That’s when you need to manage the change as it will be significant and will have a deep impact on the daily routines.
Managing the change correctly is important to get good results. Communicate properly, inform what you are trying to improve and achieve and the benefits along the way.
Refinement plan, process and model over time
Implementing Project Portfolio Management is just the new beginning. So even after the system has been established there will still be changes and evolves over time due to external factors and also in reaction to the new internal dynamics.
The Project Portfolio Management process is meant to go along with the change and adapt itself accordingly and effectively.
The natural steps that follow Project Portfolio Management implementation are normally the evolution of the leaders leadership style and competencies alongside with the design of standard methodologies and governance structure.
A new era has just started in your company after implementing project portfolio management and the results will arise sooner than expected.
Now it’s time to learn and adapt to a whole new way of working and facing the challenges along the way.
After implementation, start focusing on what’s happening and the needs that start to show on the surface. Evolve with the experience and use the knowledge to tweak your new system and chase new targets.
Refine your Project Portfolio Management strategy by looking for short, medium and long-term challenges.
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