Project portfolio management is a method of organizing tasks by translating the strategic priorities of a project into objectives and successive tasks. Project portfolio management is a method used to plan tasks, order priorities and coordinate resources within a team. In this article, we will see how project portfolio management aligns with the company's strategy.

1. What is project portfolio management?

The project portfolio management is the resource management method for projects using planning, monitoring and control. It is used to allocate project resources into a portfolio of activities that ensures overall objectives are met and quality requirements are met.

In a project, project portfolio management can be applied to all phases of the project management process.

Allows you to plan resources and manage a project team

To ensure the success of your project, you need to plan the resources and teams needed to make sure you have enough people to complete your project. This includes determining if you have enough people to complete all tasks.

Once you have defined the number of people needed, you need to manage these people. This allows you to give them the information they need to know, but also to define the limits of their powers.

Allocate resources to the various projects underway

To manage the project portfolio, you need to be able to allocate resources to the different projects in progress. You must therefore be aware of all the projects in progress. 

Manage project budgets

When managing project budgets, you must first and foremost manage project budgets. This can be difficult if you don't have the ability to manage your company's budget. It can be a win-win situation. If you are doing your job in a company, you can make sure that you have a budget for the project. 

2. How to use project portfolio management in a company?

Project management is a field that touches both administration and human resources management. Projectportfolio management is a tool used to help a company manage its resources while achieving its objectives.

One of the tasks of project portfolio management is to coordinate the various projects and their resources so that they are used to best advantage to achieve the set objectives. This article explains how to use project portfolio management in a company.

What is the difference between traditional project portfolio management and project portfolio management through project planning?

In order to use PPM in your organization, it is important to understand the differences between traditional PPM and PPM through project planning.

In project portfolio management through project planning, you need to make sure that each project is planned, either in the form of objectives or deadlines. If a project does not meet its objectives or deadlines, then you need to ensure that it is cancelled or modified.

How does project planning help companies to be more competitive?

Project planning is used to define the schedule of your projects in a precise way and to give you an idea of their cost. This allows you to better estimate yourself and to make sure that you have enough means to carry out your project.

How can project planning help you create a more collaborative work environment?

When using project planning, you can define a number of targets to be reached. This can include the number of projects or the number of employees. This can help you to better coordinate your team and to better evaluate the efficiency of your team. 

How can project planning help you set more specific performance goals?

One of the benefits of using project planning is that you can easily set more specific performance goals.

You need to consider several factors, including the number of projects that need to be implemented, the number of projects that need to be implemented quickly, and the amount of time that needs to be spent on each project. This allows you to define what type of performance goal you need to achieve.

For example, you may decide that you need to complete 10 projects per year, that you need to be able to complete 5 in less than 4 months, and that you need to be able to complete 3 within 3 months.

How can project planning help you manage your resources more effectively?

One of the reasons why it is important to plan your projects is to make it easier to manage your resources. This is because it makes it easier to manage resources. This allows you to avoid having your employees overloaded with work and therefore having to replace them. 

How can project planning help you

One of the benefits of project planning is that you can ensure that your business is making money. This allows you to make sure that you continue to make money while you are working on a project. It also allows you to deal with any major expenses that you may have. It allows you to avoid having to deal with large expenses at all times.

3. Define the business strategy

A business strategy is an annual plan that defines the goals and means you will use to achieve your objectives and develop the company's sales. Each year, your company's strategy must be re-evaluated to take into account changes that may have occurred in the world, in your industry, etc. 

Define the company's strategy

When defining your strategy, you must first define your company's strategy. This will allow you to establish a certain number of rules to respect in the framework of project management.

This way, you can ensure consistency in the work of your teams.

Ensure the management of projects

One of the key tasks of project management is to manage the project portfolio. One of the main benefits of this task is that you can ensure that your company has enough resources to manage all the projects. In addition to this, you can also ensure that you have enough resources to be able to manage the ongoing projects. This allows you to make sure that you always have the necessary equipment to be able to complete your projects.

Develop action plans

Developing action plans allows you to define the actions you need to take to achieve your strategy goals. It allows you to define how you will achieve your goals. For example, you can define the number of projects to be carried out and the number of people to be involved in these projects.

Ensure the development of budgets

To be able to carry out your project portfolio, you must first have budgets. These are necessary to be able to carry out all the projects that are planned. For each project, you must therefore have budgets that allow you to carry them out. 

4. Divide the tasks between the different actors

The division of tasks between the various actors is often well specified in the contract of creation of the online store. But if there is no contract, things are often more complicated. In the latter case, you have the possibility of distributing your tasks yourself, but you can also ask for the help of an expert.

Define a timeline

To ensure that you can keep to the schedule, you need to define everyone's role and what the schedule is for them. This will ensure that everyone involved is aware of their tasks and when they are due.

It also allows you to ensure that everyone is in the same time frame. If an event does occur, you can deal with it efficiently.

Define priorities

When you decide to assign a task to one of your employees, you should also set priorities for them. For example, which task should be done first and which should be done last. This can help you ensure that all tasks are done correctly. It can also ensure that the most important ones are done first and then you can focus on the less important ones.

Define deliverables

To ensure good collaboration, you need to clearly define the deliverables you are working from. You can have deliverables based on the phase of your project. For example, you can work on deliverables according to the phase of your project. 

5. How to define the objectives of each task?

Most entrepreneurs start their day with a few tasks to complete. Sometimes these tasks are set by the manager and there is no real connection to the overall business goal. In other cases, contractors have a list of things to do and they don't really have a specific order.

To achieve your goals, it is important to clearly define what you are going to do during the day, each week or each month. 

Identify the objectives

When setting goals for a task, you need to define the results you want to achieve. This will ensure that you are working in the right direction.

You also need to make sure that your goals are realistic. If you want to do quality work quickly, you need to make sure you have enough time.

Define long-term goals

When you define the objectives of each task, you must consider a long-term goal. In particular, you need to define whether you want to grow the team or not. You should also define whether you want the entire project to be completed. For example, you need to check if you want the project to be completed in full or not.

Define the immediate objectives

The immediate objective of a task is to allow you to define the objectives to be reached in a given time. So you need to set an immediate goal for yourself to achieve. This allows you to set the rewards you want to achieve and keep them in mind during your tasks.

Define intermediate objectives

The intermediate goal allows you to ensure that you have made progress on your task. It is a checkpoint. You should therefore define an intermediate objective for each task in your project portfolio. This intermediate objective can also be defined in terms of a success criterion.

Conclusion

Once this stage of defining objectives is over, it is time to distribute the tasks among the different actors of the company. For this, managers can use the principle of project management to make sure that all tasks are aligned with the overall strategy.