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Today, we're talking about what portfolio project managers do.
We're also going to talk about why this matters.
But first of all, let's look at a portfolio.
So portfolio is a collection of several different things
including other portfolios--
some people call them subportfolios--
that also have programs and projects.
The portfolio can also include individual projects as well as
programs.
Even these programs can include other subprograms, projects,
and even operational activities that are all
related to this portfolio.
So the portfolio is managed as a group.
And it's aligned to the business strategy of the company.
All of these are measured, ranked, and prioritized.
So portfolio management is important
because it's the most effective way to implement these business
strategies.
As we've talked about before in some of our other white board
sessions, the strategic objectives help
set the programs and the projects.
And that's part of what these portfolio managers do.
They manage one or more portfolios.
And they are the ones who work with different financial
algorithms and financial models to align
their programs, projects, and even
these operational activities to the strategic objectives.
They work with different programs and dashboards
to measure, rank, and prioritize these.
They are focused on a bird's eye view of everything
within this portfolio.
They're worried about the high level.
They're not in the weeds.
Ideally within the organization, there
are project managers and program managers
managing the different components
in these portfolios that report into the portfolio manager.
So why does this matter?
By having a portfolio manager practicing good portfolio
management, it helps to ensure that the right work is
done in an organization.
Likewise, by having a project manager practicing good project
management ensures the work is done right.
Project Management Institute conducted a study in 2012
that documents that 62% of products
meet or exceed their return on investment in a portfolio
by having portfolio management.
So who are the people who performs this portfolio manager
role?
It's typically performed by executives or senior level
practitioners in an organization because they're
focusing on the business strategy of the organization.
So as you can see the portfolio manager
has a critical role in the organization.
So if you need a tool that can help you manage your portfolio,
then sign up for our software now at projectmanager.com.
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