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.
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