Balancing act

Managing a project portfolio involves monitoring multiple projects with diverse objectives and controlling the uncertainties that affect each project's completion and the bottom line. This article examines the how companies can successfully manage the risks involved in implementing multiple projects. In doing so, it defines three project categories (transformational, growth, run) and discusses the relationship between an organization's industry focus and its risk tolerance; it identifies the factors affecting an organization's risk profile and outlines three questions for analyzing an organization's financial, operational, and cultural risk priorities. It then describes the importance of practicing risk management throughout the project life cycle and long after the project manager identified and assessed--at project inception--a project's initial risks. Accompanying this article are two sidebars: The first explains how Universal Behavioral Health (Minneapolis, MN, USA) practices risk management; the second i
registered user content locked

Log in or join PMI to gain access

or Register

Advertisement

Advertisement

Related Content

Advertisement

Publishing or acceptance of an advertisement is neither a guarantee nor endorsement of the advertiser's product or service. View advertising policy.