A project portfolio can be developed and managed in a variety of ways.
Plan portfolios, like ventures, are
one-of-a-kind. Project portfolio management can be divided into five levels, from the easiest to the most
complex. Now, I will discuss these five levels and the first level of project portfolio management is to put
all your projects in one list. In this level, upon identifying all of the programs on which they are
employed, organizations often discover repetitive or needless projects. The second level is to prioritize
the projects in your list – in this level, it is essential for the organization to know on which projects are
the most important to them so that the fund manager can allocate the funds or resources appropriately
and efficiently. The third level is to divide your projects into several categories based on types of
investment. In this level, defining projects allows one to see the wider context, as to how many projects
promote a growth agenda, how many help boost profit margins, how many are related to promotions,
and how many are related to products. Organizations should build as many categories as they need to
better define and assess how programs impact business needs and objectives. The fourth level is to
automate the list in which managers can access project data in a variety of ways by entering important
information into a computer database. The fifth and last level is for the organization to apply modern
portfolio theory which includes risk-return tools that map project risks.
Project management should be aligned into an organization's strategies as it has substantial benefits to
the organization. Some of its benefits are the following: (1) it increase the project success rates (2) it
helps focus on value creation in which projects that are aligned with the organization’s strategies
provide the company with transparent and quantifiable benefits. Many that are not strategy-aligned will
have some financial gain, but they do not help you drive real value growth in the market. You will
automatically offer more value if you destroy low-value projects and spend money on high-value ones.
(3) It helps to have a stronger executive sponsorship – if you align your projects with your executives'
business priorities, for sure they will be even more committed in sponsoring the project. (4) It helps to
eliminate waste, (5) It helps the organization have a clearer resource allocation decisions – with a clear
understanding of which programs are most relevant, resourcing choices become much simpler and less
political. On the other hand, SWOT analysis (strengths, weaknesses, opportunities, and threats) is a
method for evaluating a company's competitive position and developing growth plans. SWOT analysis
evaluates internal and external variables, as well as present and possible future opportunities. For
example, an organization should do a SWOT analysis before agreeing to some kind of company action,
whether you are exploring new strategies, reworking internal policies, considering pivot opportunities,
or changing a strategy halfway through its implementation. It can sometimes be a good idea to do a
general SWOT analysis just to check on the current state of your company so you can enhance
operations if appropriate.
Whereas before, project managers may have led costly programs that were either aligned or
incompatible with larger company goals, coordination sets spending in a better perspective.
The three main benefits of grouping projects into programs are that it saves the organization money and
the necessary steps are already sorted. As a result, it would assist the company in not spending funds on
things that aren't required. The second benefit is that it saves time for the company when the necessary
actions for a project are already planned and grouped, and the third benefit is that it increases
authority.
A SWOT analysis is a popular business planning method for determining an organization's existing
strengths, weaknesses, opportunities, as well as the threats that the organization is facing. Since it can
collect too much detail in such a small space, a mind map is an excellent method for this sort of analysis
since a mind map also allows the organization to see links between otherwise unrelated pieces of
information. As for example, for the strength – start thinking critically for the strength because it is best
to begin on an optimistic note about your idea or the project's strengths. This segment encourages the
organization to think positively about their business. Also, the organization should consider their most
important strengths, capital, competitive advantages, position, efficiency, prestige, and business
alliances. For the weaknesses – using a mind map helps the organization to accurately represent the
internal decision-making method and it allows them to concentrate on the most crucial information. In
this part, the organization should analyze the project's weaknesses when also keeping the real world in
mind and negative aspects should be transformed into opportunities and additional income streams. For
the opportunities, using a mind map promotes innovation, and creativity. Hence, using this method
helps the company to be free from any pre-determined unnecessary ideas. Also, this allows the
organization to look at the possible opportunities from a certain angle and, as a result, generate new
ideas. Lastly, for the threats – mind mapping helps the organization to have a visual representation of all
of the ideas in one go having this visual representation gives them ability to see the larger picture and is
immensely useful for detecting threats that would otherwise go undetected using the conventional
SWOT analysis.
The four-stage planning process for project selection are the following: benefits assessment, LeadQuest
implementation, values rollout, and performance management. These stages comprise the pathway that
guides the project from start to finish. These stages helps an organization to find their market need,
challenge, or opportunity and generate solutions for the project team to meet the identified needs, fix
the problem, or focus on that opportunity. It also helps determine a goal for the project, determining
whether the project is achievable, and identifying the project's main deliverables. These stages help
break down the wide project into smaller projects, form a team, and plan the work delivery date. To
ensure that each of the smaller projects is attainable within the time period, one must create smaller
targets within the overall initiative because smaller goals have a higher chance of success. In
performance management, it is where the project manager keep the projects on schedule, assemble his
or her constituents, monitor the project timelines, and ensure that project will be completed according
to the initial planned schedule.
1. A project portfolio can be developed and managed in a variety of ways. Plan portfolios, like
ventures, are one-of-a-kind. Project portfolio management can be divided into five levels, from
the easiest to the most complex. Now, I will discuss these five levels and the first level of project
portfolio management is to put all your projects in one list. In this level, upon identifying all of
the programs on which they are employed, organizations often discover repetitive or needless
projects. The second level is to prioritize the projects in your list – in this level, it is essential for
the organization to know on which projects are the most important to them so that the fund
manager can allocate the funds or resources appropriately and efficiently. The third level is to
divide your projects into several categories based on types of investment. In this level, defining
projects allows one to see the wider context, as to how many projects promote a growth
agenda, how many help boost profit margins, how many are related to promotions, and how
many are related to products. Organizations should build as many categories as they need to
better define and assess how programs impact business needs and objectives. The fourth level is
to automate the list in which managers can access project data in a variety of ways by entering
important information into a computer database. The fifth and last level is for the organization
to apply modern portfolio theory which includes risk-return tools that map project risks.
2. Project management should be aligned into an organization's strategies as it has substantial
benefits to the organization. Some of its benefits are the following: (1) it increase the project
success rates (2) it helps focus on value creation in which projects that are aligned with the
organization’s strategies provide the company with transparent and quantifiable benefits. Many
that are not strategy-aligned will have some financial gain, but they do not help you drive real
value growth in the market. You will automatically offer more value if you destroy low-value
projects and spend money on high-value ones. (3) It helps to have a stronger executive
sponsorship – if you align your projects with your executives' business priorities, for sure they
will be even more committed in sponsoring the project. (4) It helps to eliminate waste, (5) It
helps the organization have a clearer resource allocation decisions – with a clear understanding
of which programs are most relevant, resourcing choices become much simpler and less
political. On the other hand, SWOT analysis (strengths, weaknesses, opportunities, and threats)
is a method for evaluating a company's competitive position and developing growth plans.
SWOT analysis evaluates internal and external variables, as well as present and possible future
opportunities. For example, an organization should do a SWOT analysis before agreeing to some
kind of company action, whether you are exploring new strategies, reworking internal policies,
considering pivot opportunities, or changing a strategy halfway through its implementation. It
can sometimes be a good idea to do a general SWOT analysis just to check on the current state
of your company so you can enhance operations if appropriate.
3. The three main benefits of grouping projects into programs are that it saves the organization
money and the necessary steps are already sorted. As a result, it would assist the company in
not spending funds on things that aren't required. The second benefit is that it saves time for
the company when the necessary actions for a project are already planned and grouped, and
the third benefit is that it increases authority.
4. A SWOT analysis is a popular business planning method for determining an organization's
existing strengths, weaknesses, opportunities, as well as the threats that the organization is
facing. Since it can collect too much detail in such a small space, a mind map is an excellent
method for this sort of analysis since a mind map also allows the organization to see links
between otherwise unrelated pieces of information. As for example, for the strength – start
thinking critically for the strength because it is best to begin on an optimistic note about your
idea or the project's strengths. This segment encourages the organization to think positively
about their business. Also, the organization should consider their most important strengths,
capital, competitive advantages, position, efficiency, prestige, and business alliances. For the
weaknesses – using a mind map helps the organization to accurately represent the internal
decision-making method and it allows them to concentrate on the most crucial information. In
this part, the organization should analyze the project's weaknesses when also keeping the real
world in mind and negative aspects should be transformed into opportunities and additional
income streams. For the opportunities, using a mind map promotes innovation, and creativity.
Hence, using this method helps the company to be free from any pre-determined unnecessary
ideas. Also, this allows the organization to look at the possible opportunities from a certain
angle and, as a result, generate new ideas. Lastly, for the threats – mind mapping helps the
organization to have a visual representation of all of the ideas in one go having this visual
representation gives them ability to see the larger picture and is immensely useful for detecting
threats that would otherwise go undetected using the conventional SWOT analysis.
5. The four-stage planning process for project selection are the following: benefits assessment,
LeadQuest implementation, values rollout, and performance management. These stages
comprise the pathway that guides the project from start to finish. These stages helps an
organization to find their market need, challenge, or opportunity and generate solutions for the
project team to meet the identified needs, fix the problem, or focus on that opportunity. It also
helps determine a goal for the project, determining whether the project is achievable, and
identifying the project's main deliverables. These stages help break down the wide project into
smaller projects, form a team, and plan the work delivery date. To ensure that each of the
smaller projects is attainable within the time period, one must create smaller targets within the
overall initiative because smaller goals have a higher chance of success. In performance
management, it is where the project manager keep the projects on schedule, assemble his or
her constituents, monitor the project timelines, and ensure that project will be completed
according to the initial planned schedule.
