The project portfolio is a management tool that allows you to monitor the progress of your projects. It informs you about their progress, their overtaking, their financial evolution, etc. By addressing the sub-parties, we can fully answer how to successfully manage your project portfolio.
1. How to successfully manage your project portfolio?
To manage a portfolio of projects, you must first know how to coordinate the various projects that make it up. For this, it is possible to adopt a project management scheme that will allow you to manage the entire portfolio.
This scheme also allows you to adapt your project management according to the human resources allocated to you. You can also adapt your management according to the size of your project portfolio.
2. Capturing and managing project risks
Managing a portfolio of projects makes it possible to manage the risks associated with it. Indeed, project management makes it possible to identify risks, but also to manage them by minimizing them. In addition, it helps to ensure that projects are carried out efficiently and that this does not lead to losses or delays.
This is why project management is an effective way to manage the associated risks.
3. How to launch a project?
When launching a project, it is important to take into account several elements. Among these elements, you must, in particular, make sure to launch a project which is coherent with your objectives, but also which is coherent with your financial state. You should also make sure to choose a project that is profitable.
You should also make sure to choose a project that will allow you to expand your project portfolio.
4. How to organize a project?
To organize your projects, you must first ensure you can finance them. To do this, you must then make sure that you position yourself well in the market, which allows you to increase your chances of succeeding. Next, you need to make sure you’re leaning on the right person.
You must indeed make sure to choose a professional who will be able to offer you services adapted to your needs. In particular, this allows you to avoid many problems.
5. How to estimate a project?
There are different types of projects. First, there are operational projects, which aim to carry out concrete actions, such as the creation of a website. Then there are the strategic projects, which will enable medium- or long-term objectives to be achieved.
To plan a project, it is important to take into account the implementation time, but also the impact that this can have on the organization. For strategic projects, it is also important to have financial data in mind and not to neglect them.
It is also possible to benefit from external funding, for example, funding from a funding body. This can be very interesting for medium and long-term strategic projects.
6. How to set up a program of projects?
To optimize the management of its portfolio of projects, it is possible to define selection criteria. This makes it possible to choose the projects that best correspond to the company’s strategy.
In addition, it is also possible to set up a project recruitment process. This avoids situations in which projects can be accepted that do not correspond to the company’s strategy.
The key steps for how to successfully manage your project portfolio are as follows: