Delivering on Strategy: The Power of Portfolio Management
Organizations with mature project portfolio management practices complete 35 percent more of their programs successfully. They fail less often and waste less money.
This report is a synthesis of the lessons learned from the C-suite and portfolio managers and details the leading practices of organizations that realize the benefits of portfolio management.
These practices include:
- Connecting project execution to strategy fulfillment
- Seeking simplicity
- Creating a portfolio-minded culture
- Developing strong portfolio decision-making capabilities in the journey toward greater maturity
Ensuring that senior leaders have a clear and early warning of problems and their related impacts is also essential, so they have sufficient time to course-correct and reallocate resources. To accomplish that, portfolio managers need the right resources and support to balance the conflicting demands among portfolio components.
Whether a call for stronger portfolio management comes from the C-suite or the project level, it is critical that each layer of stakeholders be involved, so that they understand how effective portfolio management can impact their function.