In this ever-changing world, decision-makers need to start new projects and ensure that old ones have achieved their goals. However, not everything can be innovative and profitable at the same time. Over-reliance on innovation can lead to a loss of overall efficiency, while the opposite is also a bad option.

So how do you find the right balance between these two aspects?

1. How the project portfolio works

The project portfolio is a decision support tool to determine the company's strategy and detect opportunities. Based on the principle of the investment portfolio, the project portfolio helps decision makers identify projects that will maximize economic benefits. This document presents the project portfolio in detail and specifies the criteria for the adoption of the project portfolio by SMEs and MSEs.

How to use a project portfolio?

The doorille portfolio allows you to manage your projects in an efficient way. Projects can be classified in different ways.

First of all, it is possible to group projects according to their location. This allows you to have a clear view of all current projects. Then, you can also classify projects according to their nature. This allows you to build a Portfolio of Projects that allow you to propose different projects to your customers.

What is a project portfolio?

One of the advantages of having a project portfolio is that you can choose which project you want to work on. This gives you the opportunity to choose the project that interests you the most. This can be an advantage if you work in different industries. You can choose the project that interests you the most.

How to present a project in a project portfolio?

When presenting a project, it is important to present all aspects of the project. You must therefore present the history of the project, the objectives, the needs and the human resources requirements. You must also present the risks and failure factors of the project and then you must also present the measures you will take to reduce them.

What are the advantages of using a project portfolio?

To ensure that you have control over your project portfolio, it is important to maintain a minimum of control over these projects. For example, this allows you to ensure that you are always in control of your projects and that they are always done correctly. For example, you can make sure that projects are always completed and that you can fund them.

To be able to manage a portfolio of projects, you must be able to manage your resources in the best possible way. It is therefore important that you ensure that your employees are sufficiently available. You must also be able to manage your human resources. This can help you to ensure that your employees are satisfied with their work. Next, it is important that you are able to evaluate your projects. This can help you to make sure that you can manage them and make sure that you know their benefits.

2. Success factors of a project portfolio

A project portfolio is a set of projects linked to the company or to a specific mission, and can be used to manage the execution of a set of activities (PMBOK method). It is used to evaluate the performance and measure the results of a company or a department. Here, we will see the success factors for a project portfolio.

Identify the cause of the problem

When you identify the cause of the problem, you should also identify whether it is due to a lack of resources, a lack of budget or a lack of time. This way, you will be able to solve the problem in an efficient way.

A thorough review of the project

For the review to be successful, it is important to research all aspects of the review. This will allow you to find the flaws in the project. For example, you may want to find out if the project is compatible with other projects.

Establish plans of correction

To manage a project, it is important to have a correction plan. This will ensure that all errors are corrected in an efficient manner. You need to be able to identify the errors that are most often encountered. This will ensure that you do not forget them when you are working on the project.

Establish a control project

When you decide to implement a monitoring project, it is important to ensure that a number of tasks are completed. In particular, you need to define the evaluation and measurement terms, the elements to be taken into account and the time periods. This will ensure that you have real control over the project and can ensure that the project is progressing well.

3. The role of performance indicators in project management

Project management is an art. It is not something you can learn by reading a book or taking a course. It requires a thorough knowledge of the field you are working in, and practical experience. In project terms, KPIs are what let you know if you are on track or not. They allow you to make predictive plans and adjust your plan along the way, so you can be sure you are running the project at its best.

Who are the users of the performance indicator?

The performance indicator can be used by different actors, depending on the needs. First of all, the users of the performance indicator can be the customers, the users or the end-users.

The performance indicator was a steering tool

The performance indicator is a steering tool that allows you to constantly monitor the work of your project team. This allows you to intervene quickly if necessary. It is also a tool that allows you to ensure that your project team is really able to meet the objectives you have set.

4. How to balance innovation and project performance

Companies implement projects to improve their financial results and performance. Innovation processes are often implemented as part of these projects.

However, innovation projects are not necessarily the most profitable. Companies must therefore integrate innovation into their strategic plan and develop an innovation culture that favors profitable innovations while maintaining a high level of project management performance.

How to get the right balance between performance

In order for your project to bring you a return on investment, it must perform well. This means that you must be able to measure your return on investment in real time. This allows you to react quickly when needed.

You should also be able to measure the performance of your project. This allows you to compare your project's performance to its goal. This way you can determine if you are on track to achieve your goals.

Conclusion

The project portfolio is a tool to better manage the risk associated with digital projects.

It allows to measure performance and to evaluate the relevance of projects as a whole. It is therefore important to master the ways of managing it in order to obtain satisfactory and progressive results.