Six Simple Steps for Creating a Portfolio Management Process in Your Organization
By J. LeRoy Ward
Are you thinking of starting, or improving, a portfolio management process in your organization?
If so, don’t start the way many organizations do: by diving into the weeds of which financial or quantitative models should be used for project selection. While this is certainly an important component of portfolio management, it’s only one of many to consider at the outset.
So, where do you start?
Well, that’s the very question I asked many years ago when I realized our company was drowning in too many projects, and too many of these projects were top priority. Sound familiar? I bet it does!
That question began a fifteen year journey of trying to sort out how to do portfolio management as simply as possible while gaining the maximum benefit.
Based on that experience, I’ve come to the conclusion that to get started right, you need to do six things to increase your chances of creating a portfolio management process that will create lasting business value, rather than just another bureaucratic process that wastes time and money.
About the Author
J. LeRoy Ward (PMP, PGMP, PFMP, CSM, CSPO) is Executive Vice President of Enterprise Solutions at the International Institute for Learning (IIL). He is a highly respected consultant and adviser to Global Fortune 500 Corporations and government agencies in the areas of project, program, and portfolio management. With more than 38 years of government and private sector experience, LeRoy specializes in working with senior executives to understand their role in project and program sponsorship, governance, portfolio management and the strategic execution of projects and programs.