Let’s be honest – sometimes projects just suddenly seem to appear and get happening. We then get lost in ‘doing the project right’ as opposed to ensuring that it really was the right thing to be doing right now.
Unless of course you are working in an environment that has embraced portfolio management practices.
So where does Portfolio Management fit in?
Do you need to understand how to select the appropriate programs and projects within your organisation and how to re-assess them to ensure alignment with the organisation’s strategic goals and objectives? …Enter the discipline of portfolio management and the guide from AXELOS: Management of Portfolios (MoP®).
MoP is the result of the collaboration of the public and private sector, training and consultancy sectors, academia and the international community on managing a portfolio of change programmes and projects.
“The need to prioritise investment and focus on those projects that deliver the organisation’s strategic needs has never been more acute.”
How does Portfolio Management really add value?
Successful delivery of projects is core in any organisation but it is only one part of the equation – if the project is not delivering the right things at the right time and achieving a return on investment, why are we doing it?
Portfolio management is about facilitating senior management decision making, providing valuable insight to address such areas as:
- What initiatives (programmes and projects) should we be investing in now?
- Should we continue to invest in existing initiatives?
- Maximising the return on investment in initiatives.
The MoP Framework
MoP provides a practical approach to portfolio management focussing on portfolio definition and delivery.
Portfolio definition addresses 5 key areas of:
- Understand. The ‘what’ of your portfolio
- Categorise. Segment initiatives into meaningful areas for discussion and further analysis
- Prioritise. Which project should we really be doing above all others?
- Balance. Like any investment we typically need to spread risk and ensure adequate coverage of key areas
- Plan. The way forward
Portfolio delivery is about the successful implementation of your portfolio, addressing:
- Benefits Management
- Risk Management
- Stakeholder Engagement
- Financial Management
- Organisational Governance
- Management Control
- Resource Management
In conjunction, the cycles of portfolio definition and delivery provide valuable guidance for ensuring programmes and projects continue to meet organisational strategic needs and realise expected benefits.
MoP is a registered trade mark of AXELOS Limited.