This article contains affiliate links at no cost to you. This is a guest article by Jaime Capitel, Senior Content Strategist for ITM Platform.
A project portfolio is all about prioritising. Together with the common-sense notion that you can’t just pursue your main goal and leave behind all that is secondary, the main reason to use a portfolio is the assumption that no organisation has enough resources to fulfill all of its goals simultaneously.
The mission of a project portfolio manager is clear enough: maximise the business benefits of projects. So is the general approach: a central administration oversees which projects are initiated, how many resources they receive and what they yield.
How to execute the approach, that’s where the devil lies.
This article reviews 5 key considerations and knowledge areas under which the main criteria for managing a project portfolio can be grouped.
While there isn’t a recipe, and it would be foolish to look for one outside the context of your organisation, it certainly helps to know how to recognise the potential sources of conundrums, and to set the basis for judgment.
Consideration #1: Portfolio Scope Should Be an Inspiration and a Source of Debate
Similarly to a project, a portfolio also has a scope. However, the relation between portfolio scope and results is exactly the opposite to those of a project.