Project Portfolio Management and the realization that strategic alignment of all projects within an organization is crucial are both gaining ground. And this realization also emphasizes the need for having solid project selection methods.
But how exactly do you do all of this? The number of books that focus on practical advice for implementing a strategic project portfolio management process is quite small. Lucky for us that a new one with exactly that focus has just been published
The new book is titled Project Portfolio Management in Theory and Practice: Thirty Case Studies from around the World (Best Practices and Advances in Program Management) written by Jamal Moustafaev (https://ca.linkedin.com/in/jmoustafaev. In our discussion, we answer these questions:
1. What is project portfolio management?
2. What are the three pillars of strategic PPM?
3. What are some project selection models that support a company's strategy?
4. How do we achieve strategic alignment?
Here is another one of our Best PM Podcast episode that garnered 40,135 total downloads.
In our interview we look at the root cause of project portfolio underperformance and ways to increase the speed of benefit recognition through improved productivity of portfolio components.
We start out by looking at what exactly the problem is with multitasking on your portfolio, why it is still so prevalent, how to double your project throughput and we look at the "What You Can Do" section from Jack's paper that discusses what everyone involved on a project can do in order to help achieve this 100% increase in throughput.and then we’ll look at the benefits of index card planning for your project, in particular on improved leadership, greater financial control,
improved project governance and improved cross-department team-working and collaboration.
Without priorities, only the urgent work gets done and one may never get around to any activities that are merely considered important. Effective managers have always known that priorities help them to focus on tasks that make a difference. They provide purpose, direct energy, and drive action. They also encourage leaders to set their own agendas.
Successful businesses, corporations and other organizations spend considerable time developing a mission statement and defining goals because these activities are priorities. They identify what's valued, define what the organization is all about, and underscore where it is going. They minimize confusion and maximize consistency.
Setting priorities is not guesswork or magic. It's mostly a matter of common sense. Avoid identifying inappropriate priorities by never prioritizing something just because:
- It's what you like to do most.
- It's fun.
- It's the easiest and quickest thing to do.
- It's just always been a priority.
- It just happens to be at the top of your to-do list.
- It promises an immediate pay-off.
True priorities are those jobs, tasks, responsibilities or functions that keep people on track and guide everyday actions toward desired ends. A true priority can be identified when:
- It's a key part of your job description.
- It closely matches the mission of the organization.
- It moves you toward individual and organizational goals.
- It yields the biggest payoff.
- The boss says so.
- Only you can do it.
- It's what you do best.