Portfolio Management / Mulitproject Management
In case of multiple concurrent projects it is an own management task to find a balance between projects competing for resources.
Many tasks are similar in the various projects. If the same learning processes are passing through, it is important to utilize the potential synergies in respect of the mulit-project coordination besides the resource management and to make experience widely available.
Core elements of the project portfolio management are:
- The establishment of a structured central requirements management process.
- Definition standard forms
- Central recording and updating of the requirements
- Standardized assessment of costs and benefits of each project
- Setting up a centrally managed project and task portfolio.
- Establishing a regular process (e.g. quarterly) for the project and task prioritization involving the management, the requesting areas and the decision-makers.
A holistic view of projects under investigation of all once and current expenses and costs, as these inputs are for the budget and personnel planning.
Regular updating and publication of the project portfolio, incl. the deferred work and projects. From the standpoint of strategic prioritization all projects and programs are considered at the same time, so that cross-project an overview of the control and management of all projects and programs are provided. From the bird's eye view," all projects and programs can quickly and clearly be evaluated, prioritized and decisions are made. It is the perfect tool for CIOs and IT leaders.