Answer to Question #224254 in Management for tsion

Question

Suppose that your organization is considering a portfolio of projects that can bring significant strategic changes to its performance in terms of market share and profitability in the long-run. So, your organization wants to select and concentrate on those business imperative projects in order to achieve its grand strategic objectives and goals during the years to come. Assuming that your specific job in the organization is a Project Manager, how do you identify and recommend the portfolio of projects that will yield the maximum value or return to your organization in the long-run?

Answer 1

The Portfolio project management involves four key phases that are illustrated below:

a). The Inventory Phase: This is where I will identify strategic objectives. I will identify all projects and the gating process. I will also map projects to strategic goals.

b). The Analyze Phase: I will establish metrics, classify, weight, and organize projects. Lastly, in this phase, I will finalize the gating process.

c). The Align Phase: In this phase, I will eliminate redundancies, prioritize and balance resources, and mitigate risks. Lastly, I will align all projects with resources and strategic goals.

d). The Managing Phase: I will delay, cancel and reschedule projects. I will also revise project budgets and initiate new ones. Lastly, I will launch the portfolio process and portfolio changes.