Trying to improve your mastery of Project Portfolio Management (PPM) this year? Here are 4 simple resolutions that you can not only apply immediately, but also refer to throughout the rest of the year.
- “I will not put the cart before the horse.”By nature and due to its ramifications across the entire organization, PPM is a discipline that is well suited to phased approaches. In trying to achieve too much and to improve all processes at once, you are more likely to lose focus and end up with many failures. Instead, concentrate on building a strong foundation and not getting carried away.
- “I will get the right stakeholders involved.”One cannot manage project portfolios alone in a vacuum. It’s a truly collaborative activity that requires buy-in from the entire hierarchy, from executives to project managers and team members.Moreover, spreading the word about your PPM initiative also has another benefit – it commits the organization to improving processes and highlights that this is a priority. Just like posting your plans to get in shape in 2019 on Facebook, you have a better chance of succeeding if you’ve shared your vision with your coworkers! Or at least the constant Facebook newsfeed reminder should help.
- “I will make sure initiatives are strategically-aligned.”A key to having a well-balanced portfolio is to select projects that provide the most value to the organization. This should also apply to the PMO’s own initiatives.In choosing which areas of a PPM solution you want to deploy (e.g. improved financial rollups? Detailed resource planning?), why not use your own prioritization methodology to identify which ones provide the most value to the organization?
- “I will track performance against set goals.”As the old maxim goes, “what gets measured gets done.” Just as you might want to track project performance across your different business units, use your portfolio management software to track progress against your own objectives. Focus on a few areas where you are facing challenges (e.g. lack of visibility into project details), and set a simple goal (e.g. have 90% of project managers update their status on a weekly basis). The only way you will know if you have achieved your goals for 2019 is if you track them.
It’s no secret that it’s hard to keep one’s resolutions for the year. What I provided here is not only a list of objectives, but also tips on how to achieve them effectively. Don’t worry if you don’t get it all right the first time! Determination is key to success, even in the PPM world.