Every project is crucial for your business, and if you execute even a single project adversely, it can be enough to defame your service to a more significant extent.
In a nutshell, we can define portfolio management as a mediator between the strategy and its execution. All the projects run ahead with a strategy and organizational principles. But are we executing it right is the question! Hence with the perfect portfolio management structure in place, it helps to execute the strategy well for your business.
What is Portfolio Management?
Different types of Project Portfolio Management
A kanban board is a visual tool that helps you track the progress of your project. Each task is represented by a card, which is placed on the board in the appropriate column according to its stage in the project. This makes it easy to see what needs to be done and who is working on what.
- Active
- Passive
- Discretionary
- Non-discretionary
Let’s see each of these in a different section. Stay tuned and subscribe to get the details in your inbox!
Know the difference between project, portfolio and program management?
What are these?
Looking in terms of hierarchy, it means the following:
Project management is the process of managing temporary endeavours focussed on the product.
Portfolio management is the cumulative projects or the programs to manage them collectively to meet the overall objectives.
Projects make up a program, and their collective segment is the portfolio.
What are some of the best practices for Project Portfolio Management?
While we talk about every project or portfolio, there can be many ways you can achieve the best results. Let us see some best practices to follow to get the desired results.
Hands-on Project Inventory management is key
Inventory defines the product stocks you have. Keeping a close eye on them is crucial for every phase of the project. It will help you understand the cost, overall business objectives, expected ROI, and more.
On top of everything, you can restock before there is a delay. It helps you make solid and result-oriented decisions at a given time.
Evaluate Projects Effectively
Setting the priority of projects is critical because it defines how soon you complete and closes the most crucial ones. Some projects may seem risky, while others may take a longer duration to complete as it involves brainstorming at large. The portfolio manager has to identify and finalize the project evaluation and prioritization to ensure the project is in line with the objectives.
Categorize projects
The categorization of projects is important because it helps you to segregate the projects.
Let us put some benchmarks for categorization like:
- A project with a score of 5 means less risky and highly beneficial.
- A project with a score of 3 means more risk and needs to be addressed soon.
So, it is essential that you need to define the scope of the project and based on the segregation, you can redefine the strategy and close them one by one.
Review and analysis
Breaking down big projects into small testable experiments
Working on complicated projects? The best way to get good results is to break them down into minute ones so that you can easily delegate and make it a whole new successful one.
The benefits of a project portfolio management software for your business
- Select your projects with ease
- Get a clear picture of where you are heading to
- Focus more on business goals
- Resource allocation becomes more efficient
- Deliver your projects on time
- Define the project roadmaps clearly
- Take decisions wisely and a lot more Decide on the stages of your process. This will depend on the nature of your project. For example, if you’re creating a website, your stages might be: research, wireframing, design, development, testing, and launch.
- Create columns for each stage on your board.
- Add tasks to the board in the appropriate column. You can add tasks as you think.
Yoroproject is a user-friendly and more reliable project portfolio management platform that helps you to manage your portfolio efficiently. With many interactive features useful to transform your business, it can elevate how you deal with projects.
Want to get a whole new experience in portfolio project management?
