Balancing your project portfolio is like juggling one hundred balls... in a storm... on a boat.
Project portfolio management is not necessarily complex. The goals are clear and simple.
1) Maximizing the value of your portfolio
2) Seeking the right balance of projects
3) Creating a strong link to your strategy
4) Doing the right number of projects
Achieving these goals, on the other hand, is not such an easy task.
Especially balancing your portfolio is more an art than a science. Key considerations for your portfolio should include managing risk. Risk should be balanced across the portfolio, and risk should be diversified so that all projects are exposed to different risks.
Breadth of strategic objectives and benefit types is also important; if every project is a cost-cutting project, then that has an impact on business performance and revenue growth will be reduced.
It is only by treating projects as a portfolio that these trade-offs can be managed effectively. This article shows you a number of dimensions and visualizations you should consider when balancing your portfolio.
Start Here
The Art and Science of Technology Project Portfolio Management
Selecting the right projects is an important part of Project Portfolio Management.
If you are responsible for managing portfolios of technology programs and projects, your success in maximizing business outcomes with finite resources is vital to your company’s future in a fast-changing and digital world.
These books will help you with doing this.
You can buy my books The Art of Technology Project Portfolio Management and The Science of Technology Project Portfolio Management separate or as a bundle in my store. Just click here or on the image.
The Project Valuation Model™
Many have tried to translate project valuation in a “fits all” framework, methodology or process. After more than a decade of doing project valuations, I’m of the opinion that this is a futile exercise. The reality is just different.
What has really helped me over all these years is something a little different: a conceptual model of project valuation and the steps it typically goes through.
The Project Valuation Model ™ is such a conceptual model. Where a mental model captures ideas in a problem domain, a conceptual model represents “concepts” and relationships between them.
The Project Valuation Model ™ will help you determine the real dollar value of your project.
I need help with ...
> Sponsoring ProjectsNewsletter
Signup to my weekly newsletter here and receive a free copy of "The Project Success Model ™”.