Projects can be rewarding and even fun to work on, but if a project doesn’t deliver a tangible net benefit to an organization, all that time, effort, and money invested into it is wasted. And for that reason, many organizations rely on a Project Portfolio Management (PPM) process to help them ensure that each and every project they undertake will achieve the desired and expected results. That seems obvious, straightforward, and maybe even simple, but corporate-level projects can run the gamut of scope and complexity, so adopting a PPM process will help organizations with a vital piece of the puzzle.
Learn how to say “Yes!” or “No!” to projects
It’s okay to say no once in a while. Seriously, it is. But there’s a right and wrong way to do it. Not all projects that are requested should get the green light for a variety of reasons, and sometimes the project itself checks all the right boxes but the timing is bad. A formal project intake process helps organizations determine which projects are right for now, right for later, and in some cases just not right for the business. Being able to make this assessment objectively will foster stronger and more trusted relationships with stakeholders. For projects that do proceed, there is a lot that can change along the way, especially for long-term projects. Budget cuts, changes in strategy, etc. can all influence the direction of a project, and project governance is the process by which you evaluate these challenges to determine if the project can (or should) proceed as planned, be put on hold, or stop it dead in its tracks.
Balancing project resources
Rarely (if ever) will be given a blank check and unlimited resources. It’s even somewhat rare to have dedicated resources working on a project. When resources are split between multiple projects or dividing time between project work on tickets, resource capacity planning helps you balance and align these resources with the needs of the project and other operational needs.
Enjoying the view
Without monitoring projects (and the entire project portfolio) on a regular basis, you have a big blind spot. Proper dashboards and reports are your window into what’s happening with all of your projects and allow you to extend a layer of transparency to stakeholders so that everyone can be in the loop on project health, potential risks, and upcoming milestones.
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