I have seen the future and it is agile. The agile I am talking about is not a tool, or methodology, or a movement. It is the outcome when Project Managers have discussions with Sponsors on how to go faster, or how to beat competitors, or how to win new business.
Portfolio management is listing, prioritizing, selecting, and controlling business ideas/investments in the context of the top success drivers and constraints affecting the business.
In my experience, many projects are handed to the Project Manager that have risks or budget or schedule issues that the PM can’t even quantify. Unfortunately, these very items are likely to be the root cause of missed expectations, budget overruns or schedule delays. Our challenge is to enter into an ongoing conversation to ensure the right investments are being made at the right time.
We need to develop and design a new way of thinking to respond to the needs of the business. Here are two themes to help support this change:
1. Focus on enhancing the collaboration and communication between the person managing the work (Project Manager) and the person who wants the work done (Sponsor).
- Create visibility anytime and to any desired level of detail.
- Speed everything up so that we can see business benefits/failures faster.
2. Gain trust by eliminating multiple sources of data/truth by bringing data integrity into the project and program environment.
- Ensure culture is conducive to increased reporting.
- Communicate better about those things that people care about.
I first head the following from an industry research analyst, “We need better brakes … so we can go faster”. How true! By investing in portfolio management skills and tools to improve communication and data quality, the organizations we support will have improved agility to amplify successes and reallocate resources from underperforming projects.
Filed under: Methodology, Portfolio Management, Project Management Ideas, Tools | Tagged: Agile, benefits, collaboration, communicate, communication, culture, data integrity, drivers, failures, fast, faster, ideas, investments, mehtodology, portfolio, prioritizing, project, selecting, speed, sponsor, success | Leave a Comment »