Portfolio management is the centralized management of one or more portfolios which includes selecting, prioritizing, and managing work in the organization.

Identifying prioritizing

authorizing managing

Portfolio Management helps gain clarity on how and where should the budget be spent, and how to best validate scarce resources, for the most valuable work.

Make a serious commitment:

The senior executives of the company, should first get together, to commit to install, a systematic portfolio management process, believing that it will change the face of the organization’s performance.

Get a good grasp on project scope and estimation:

A company needs to grasp project scoping, estimation, project management, and control before portfolio management is introduced into the organization,

Determine the Throughput capacity:

The throughput capacity of the projects in the pipeline is decided by allocating budgets in a calendar for a year.

Install a project scoring Model:

A brainstorming session is held during a project portfolio meet, to elucidate, the scoring approach and come up with different variables.

Establish a balance:

Establishing a proper balance is important because sometimes it is easy to lose sight of larger initiatives while being stuck with a relatively smaller one.

Allow projects to assist the implementation of company Strategy:

Ensure that all the projects, contribute to the implementation of the organization’s strategy, in some way.

Now score your projects:

All project proposals should ranked, and project points should be determined, based on availability of resources. The scoring model, prepared by the executives, should be used, to determine where each project should stand.

Following the above steps, will ensure an organization’s successful Portfolio Process implementation. Effective portfolio management can do wonders to a company’s performance levels.