5 Tips for Managing a Project Portfolio

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Prioritizing is the key to a project portfolio. A project portfolio is based on prioritizing. This is in addition to the common-sense idea that you can’t pursue your main goal and ignore everything else. The main reason to use a portfolio to manage your resources is that no organization can simultaneously achieve all its goals.
A project portfolio manager’s mission is to maximize the business benefits of projects. The general approach is the same: A central administration oversees which projects get started, what resources they receive, and what they yield.
How to execute the approach is the devil’s work.
This article will discuss the top 5 key considerations and knowledge fields that can be used to group the main criteria for managing project portfolios.
There is no one right way to do things, and it would be foolish not to try. However, it helps to be able to identify the possible sources of conundrums and to make a basis for your judgment.

Consideration #1: Portfolio scope should inspire and be a source for debateGoals and Objectives
Strategies and tactics
Balance between internal and external projects
The projects will have an impact on the business areas.

Consideration #2: Complex risk management is all about balance
Consideration #3: It is not about the project proposals themselves, but who evaluates them
#4: Portfolio monitoring should continue
Consideration #5: Include non-project work

Consideration #1: Portfolio scope should inspire and be a source for debate
A portfolio has a similar scope to a project. Portfolio scope and results are not the same as those of a project.
The scope of a project includes all requirements, down to the smallest detail. The scope of a project is defined from the top down in project portfolio management. This is because it stems from the overarching goals that serve as a source for inspiration into the types and projects that are likely to be started.
The scope of a project portfolio often reveals the type of projects that make up an organization’s activity.
These are some of the most important criteria to consider when deciding on the scope of your portfolio.
Goals and Objectives
Portfolio managers should always be able to answer the question, “What portfolio is designed to enable?” What does this project do to help us achieve our goals and objectives Is it able to contribute to more than one?
It is recommended that you also identify intermediate objectives that serve as success criteria and enablers, in addition to the main goals.
Strategies and tactics
It is essential to clearly define strategies and tactics. They are the practical translations of the company’s strategic goals and objectives. It is common to tie together projects that support the same business goal into tactical programs. However, I have heard larger projects that help achieve different business goals formally referred to strategic even if they are not part of a portfolio management practice.
The specific composition of an organization’s workforce is influenced by its location and the skill level and expertise of its project managers.
A typical portfolio of projects in pharmaceuticals consists of internal projects, which are presided over by R&D and closely followed by IT. An engineering firm may have programs of projects that are classified according to the nature of the result.
Balance between internal and external projects
Every organization must make difficult trade-offs between client delivery and internal improvement. This is one of the most difficult areas for internal negotiations between business units and departments. Power dynamics can also be a significant barrier.
It’s exactly why it’s so wise to