If you believe Darwin was right when he said that survival is about being adaptable to change, it is fair to say that the decisions you are making today about the change projects being delivered in your organization are crucial to ongoing survival of your organization.
Over the last five years there has been an exponential increase in the global adoption of Portfolio Management. This is directly related to the needs of modern-day Executive Leaders. Leaders like you who expect the best information possible from their teams, information that enables you to make the best possible decisions about project investment and delivery.
However, it is easier said than done and it is sometimes difficult to understand whether or not you are being provided with the right information at the right time. To help you understand if you’re in a good place with your portfolio of projects, I ask you to consider the next five statements and think about whether of not they are true for you:
- The Whole Picture: I can see an overall roadmap/journey of all the projects we are delivering
- Bangs for bucks: I can see the return on investment that we’ll get from investing in all of these projects and how they are contributing to our strategy
- Successful Delivery: There is an Executive Board member who is making sure all of our projects are delivered successfully and I see status updates regularly
- Big Decisions: I feel confident when I’m making project investment decisions because my skilled team provide me with the information in need
- High Energy: I can feel a positive energy across the organization - people are excited about delivering projects successfully.
If you feel all of those statements are true for you, congratulations because you’re well on your way to portfolio management success. On the other hand, if you feel that at least one of these statements is not true for you, it means something is wrong and you need to address it at your earliest convenience.
A great first step would be to spend an hour reading “An Executive Guide to Portfolio Management”. This will give you a good overview of AXELOS' global standard for Management of Portfolios and most importantly will arm you with the questions you need to be asking of your team and during your board meeting
For more information about portfolio management, see our Management of Portfolios section.
For additional Portfolio Management thoughts from Craig, visit his blog, www.MrPortfolioManagement.com.
Does your organization rely on effective portfolio management to determine project investment and delivery decisions? Please share your thoughts and experiences in the comments box below.
More AXELOS Blog Posts from Craig Kilford
My CPD Life – Interim Portfolio Director Craig Kilford
MoP® and PMI - the Yin and Yang of portfolio management