The focus for project portfolio management is to optimize the value creation in the project portfolio. The different projects influence each other and delays in one project will inherently affect progress in others. This can be due to shared resources or dependencies between different projects. Having the ability to investigate different aspects across all projects gives a much better understanding of bottlenecks and assists management in making the right decisions about how to build profitable business.
Decisions are often based limited information. Portfolio analysis helps in standardizing project execution and reporting requirements. A phased project model and decision gates helps in grouping projects for analysis and performance reviews. This is important for improving performance and continuously improving how projects are executed.
Deciding on which projects the company should prioritize is often difficult. Looking at the different projects in a portfolio view assists in the process of selecting which project to focus on when re prioritization is required. This helps in making sure that project portfolio creates maximum value. Analyse based on strategic fit, NPV, risk, required skills etc. to make sure that the projects can be realized on time and within budget.
Presenting the relevant information in dashboards and reports is key to sharing all relevant project information across the organization in order to make sure that management has all the relevant information available to them.
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