Overview of Project Selection & Portfolio Management
In the struggle to stay abreast of customers and ahead of the competition, the organizations that best deploy and achieve results from their change investments have a major advantage. Selecting projects is just one of the success factors in building and managing a high performance "change portfolio." Efforts must be aligned, priorities adjusted, performance reviewed and managed, unsuccessful projects terminated.
The Project Selection & Portfolio Management consulting services offered by Pivotal Resources address both the short- and long-term issues that drive your ability to target the right opportunities, cope with shifting demands and get the most out of your limited resources.
Rationale & Benefits of Project Selection & Portfolio Management
Your organization has a portfolio of change and improvement investments underway right now. Departmental realignments, local problem solving efforts, major system or equipment upgrades, new services or products - these are all costing you money and playing a role, good or bad, in the future of your business. Making the most of that portfolio is much like any investment management: you have to decide how much to put "in play," allocate your assets, track their performance, reassess and rebalance the portfolio.
The focus of Pivotal's Project Selection and Portfolio Management services is to pinpoint the weaknesses in your ability to coordinate and optimize your investments, and to design and/or improve the processes needed to build this critical leadership competency.
Areas of focus typically include:
- Developing better visibility of the full portfolio. Often, new initiatives are launched on top of existing ones, with limited understanding of how they impact resources, align or conflict, and fit with the "big picture." A key is to build better knowledge of and ability to monitor the breadth of investments.
- Prioritization around goals and challenges. There is always more to do than you can handle. The ability to set focused, achievable priorities - and avoid "usual suspect solutions" that seem attractive by fail to add value - is a critical factor in building an effective and manageable portfolio that brings needed results.
- Selection, timing and scoping of specific efforts. A strong portfolio encompasses a mix of efforts that are both meaningful in impact and manageable in scale. We help you clarify the criteria for launching short-term projects or long-range initiatives, and tie all efforts to the real needs of the business.
- Change "strategy" definition. Achieving desired results frequently depends on leaders identifying the right path to success. Knowing which of three broad strategies - Improve, Design and Manage (see diagram) - best fits each situation helps determine the level and type of resources, methods for solution development, and level of leadership involvement needed.
- Portfolio review and reallocation. Not every investment or project is a winner. Priorities often need adjusting as business conditions change. Efficient portfolio management includes project de-selection as well as selection - being able to let go and/or refocus, in a timely way, as needs require.
We work with each client to review your goals and readiness, and explore how best to enhance your approach to project portfolio management - from generating the original project ideas to tracking those projects to completion.
Contact us for more information.