What You Need to Successfully Manage Project Portfolios
Project portfolio management can be really overwhelming when you don’t have the right tools.
Project portfolio management is when you have a series of projects that don’t necessarily relate to each other, but they relate to an overall strategy. You’re overseeing independent projects that are linked to this overall strategy.
Here are some great tools to implement for project portfolio management.
Tool #1: Risk Registers
You should always have a risk register on every type of project, but this often gets dropped and as a result, risks derail projects.
For project portfolio management, risk registers are critical. Not only do you need a risk register for every single project, but also for the portfolio overall.
Having risk registers will help ensure that nothing derails the projects within your portfolio.
Tool #2: Single Dashboard to Monitor Portfolio Progress
Senior executives will want to know how your portfolio is coming along as it relates to the strategy. It’s important to have a one-stop shop to see your portfolio progress so that you don’t need to manage multiple dashboards to get an understanding of what’s going on.
This doesn’t need to be anything complicated; you can use a document with a stoplight system that everyone has access to so that it’s always updated. You can also use a SharePoint site or other internal site for your dashboard.
More tools for Project Portfolio Management
There are a few other helpful tools for project portfolio management that I want to share with you. Head over to my latest YouTube video and I’ll give you all the details there.
Plus, if you want to go above and beyond to make your career successful, take a look at my SLAY Project Management course where I give you all the templates, tips, and techniques to implement to make every project successful.
Adriana Girdler, PMP | Creator of SLAY Project Management™
