Effective project portfolio management (PPM) strengthens an organization’s ability to deliver on strategy. PPM leaders must evolve their portfolio management approach to deliver value and remain relevant in this ever-evolving digital landscape. So, what are the right skills or experience a PPM leader must possess to fill the role? In this article at Gartner, Ashutosh Gupta shares an action plan for effective project portfolio management.
A PPM Action Plan
“The increased dynamics encourage organizations to implement new ideas and initiatives,” says Gupta. Often, IT teams face budgetary constraints. Therefore, prioritizing internal and external customer’s expectations and identifying the initiatives that matter the most to them is critical. Without well-thought-out portfolio management, enterprises will undoubtedly end up investing in less-promising initiatives.
During a portfolio cycle, portfolio managers will act as leaders for virtually every role in the organization. A portfolio manager must always be a trusted and respected leader to lead project managers, C-suite executives, and teams to deliver effective results.
Portfolio managers must know how to effectively handle change. Some crucial components of a change-enabled culture include:
- Active engagement with change champions at multiple levels
- Roadmap for change
- Feedback and communication channels for business leaders, managers, and end-users
Good portfolio managers must support a proper structure. For example, they must report to the right level of the organization—ideally directly to a chief strategy office (CSO) or through a strategic/enterprise PMO. If they report elsewhere, it must be a general business vertical, not a specific department like IT.
Digital businesses run on flexibility, not on rigid planning practices. This adaptive approach must focus on allocating resources as per market shifts and changing customer needs. To achieve this, portfolio managers must:
- Manage the interdependent risks
- Identify impediments to strategic coordination across groups
- Negotiate the competing priorities
To read the original article, click on https://www.gartner.com/smarterwithgartner/6-step-action-plan-for-effective-portfolio-management/.