Portfolio management can be a tricky thing to implement well, and even trickier to maintain. It’s a confusing topic, as this article from PM Hut points out, but it can be broken down into 8 key steps for successful implementation and maintenance. One key element is keeping in mind a few key words:
In the effort of managing the health and the wealth of a portfolio, there are three important key words to remember: juggling, balance and awareness. If we are managing a portfolio, we are juggling multiple projects and in some cases, multiple programs which include multiple projects. It’s important to stay balanced, to anticipate that things will be out of balance occasionally, and to manage and track that within the portfolio. It’s also critical to have awareness of all the moving parts within the portfolio and to manage them, as well as to know your environment and what causes ups and downs affecting the different variables in your portfolio.
Another key step is to think: if you have projects that are fluctuating in priority, scope, and stakeholder support, make sure you have other projects that are “sure bets”. Balancing your project portfolio means more than just having all high priority projects: it means having a good balance of low and high priority to give your team some room to fall back on.