8 Steps to Portfolio Management

8 Steps to Portfolio Management

1.Standardize and automate the governance processes.

Define multiple workflows to subject each project to the appropriate governance controls throughout its life cycle — from proposal to post-implementation — resulting in lowered costs, faster cycle times, and increased quality.

2. Capture all investments within a central repository.

Consolidate business and information technology (IT) investments within an enterprise repository to improve visibility, insight, and control. Implement repeatable processes as templates to standardize and streamline data collection across the organization. Centralized data facilitates cross project analysis of finances, resources, schedules as well as other data trends and status for informative reports.

3. Objectively prioritize business strategy and competing investments.

Employee proven techniques to define and prioritize your organization’s business strategy for the upcoming planning period, and automatically derive objective prioritization scores to effectively evaluate the competing investments from multiple dimensions.

4. Align the selected portfolios with the business strategy.

Run optimization what-if scenarios to identify trade-offs and select the optimal portfolio under varying budgetary and business constraints that best align with your organization’s business strategy. Take advantage of advanced portfolio analytical techniques to identify and break the constraints prohibiting the portfolio from reaching the Efficient Frontier.

5. Effectively manage resources.

Without understanding long-term workloads and capacity, companies can experience inefficient hire-fire cycles, resulting in higher overhead, lost knowledge, and poor employee morale. By providing visibility into overall work commitments, actual timesheets, and resource capabilities, create resource plans to align your strategic recruiting and outsourcing with your long- term business objectives.

6. Collaborate and coordinate easily.

Helping to ensure that teams share common goals and work together effectively becomes more vital as organizations become more geographically and culturally diverse. Web-based access to timely, business-critical project information means teams can share knowledge, collaborate smoothly to complete tasks and deliverables, and adjust activities quickly to accommodate project changes and updates.

7. Measure and track portfolio performance.

Effectively measure and track projects, programs, and applications throughout their life cycle, giving you the visibility to pro- actively identify potential issues, make decisions, and help ensure that your portfolios maximize return on investment (ROI) and improve operational efficiencies.

8. Quickly realize a return on investment.

Inprof builds detailed project roadmaps, coordinates activities and communications, and ensures that carefully made plans are carried out by all players. Inprof Project Managers do not make decisions; rather, they facilitate decision-making practices as an objective third party, and then ensure the project stays on track via both technical and interpersonal skills.