“Project portfolio Dashboard template” helps to design portfolios of one or more projects to attain the strategic plan of the project. Not everything goes smoothly in a project, there are various loopholes that need to be resolved with the help of different strategies.
This tool is widely used by organizations to forecast the risk and potential errors of the project. Moreover, it gets in communication and keeps all the members involved on the same page.
Objectives of Portfolio Management
The primary and most important objective is to maximize the benefits of the ongoing project. It creates a balance between the resources and the outcome of the project.
The success of the project is to attain maximum outcome from a project which can happen when better strategic planning for risk management is applied to a project. Meeting the goals with the available resources is also a win-win situation for a project.
Steps for Implementing Project Portfolio Management
Function and working methodology are different for each software. It requires a unique strategy to get the grip of it. Here are some easy steps that you can follow to use the project portfolio efficiently.
Identify the Core Objectives of a Project
The objectives of a project are highly dependent on the nature of the project. A construction project requires different sets of objectives than a grocery store.
But both the projects have set up their goals and objectives in the best interest of the organization. You need to have a clear idea about the objectives of the project for the better improvisation of the project.
Capture Ideas and Research Requests
One project can be executed with a different set of ideas. There are always different ways to get hands-on the same thing. The team works hard to make a formal decision on the main idea of the project after going through rigorous research.
Go for The Best Project
As soon as you have done the research and captured ideas, now is the time to select the best idea for a project. Evaluate the capacities of different projects and select the most profitable one.
Go through the expense, timeline, outcomes, available resources, and competitors in the market. Being aware of all these things will help you lead towards a wide project scope.
Create Feasibility Plan With the Help of Project Portfolio
Once the project plan is determined and everything is decided now you need to take a step forward and make a feasibility plan using the portfolio software.
Keep the portfolio well balanced with the goals of the project. If you are looking forward to starting two projects at once make sure that there is no overlapping. Project managers are assigned and then initiated.
Portfolio Management and Monitoring
Project scope keeps on evolving during the course of the project. Some changes are required as the project progresses. New ideas are introduced that hold the potential to make the project grow at a faster pace. With these changes, you require constant follow-up on the project portfolio.
Some conflicts are likely to arise with these new ideas which require monitoring and management. Ensure that the project is aligned with the current objectives of the project.
Project Portfolio Tracking
Management of multiple projects is not an easy job; project portfolio tracking systems help you to keep yourself updated about the happenings of the project.
The project portfolio has all the details regarding project processes, framework, budget, strategies, and other goals. It is easier to track the performances, resources, and progress of the project. Make sure that you enter the data accurately for an efficient tracking system.
Projects Milestones Monitoring
There are several ways to track the progress of the project and monitoring milestones helps a lot. Certain markers are made to keep the check on the current situation of a project. Project milestones keep the team motivated to perform better and achieve the goals of the project.
Milestones are set according to the completion of some task and as soon as one milestone is achieved the team starts aiming for the next one.
Once all the progress percentage is complete, the project milestones are met. When these milestones are monitored closely, the idea about the performances of the team becomes more clear. Resources can also be used in a better way.
A project needs to have a clear definition of milestones and the power to oversee the progress through the image of these milestones work well for the leading team of the project.
Project Tasks Management
The project life cycle has different phases and each phase requires a different management strategy. The initiation phase is completely different from the action or execution phase. The project team has to plan accordingly. Task management is an important part of the project lifecycle.
The task management starts with planning and goes on to the reporting. Tasks are differentiated on the basis of two things. One is the complexity level of the task and the other is the priority level.
Several templates are available that can be used as management tools for the tasks. All the data regarding each task like task title, starting date, ending date, duration, priority level, and task owner are put into the template. The available data can further be used for management or tracking purposes.
Projects Resource Tracking
Project resource tracking is as important as its planning and allocation. For the tracking process, you need to involve your team as it depends upon the readiness of the team. Resource tracking will give a clear picture of the project and can locate where it is going.
There is a wide range of resources that are part of the project. Resources can be physical or even the team of the project is treated as a resource of the project. Resource management depends highly on the skills of the project manager.
Resources are managed with the help of project management tools. When the right tools are used the tracking becomes easier. Make sure that you enter data correctly in the template for the accurate tracking of the resources.
Project heatmap is an important tool of the project portfolio as it gives the graphical representation of the project and makes the understanding easier and clearer. Project heatmaps give information about the work plan and the phases of the project.
Heat mapping can help you to make better decisions on the project. With the advancing technology, the project management system has also evolved.
The heatmap helps to create a relation between the two variables of the project and as a result, leads you in a better direction. It is a great tool for the management of a stakeholder, sponsors, and contractors.
The project timeline has all the tasks and activities planned in chronological order. It has all the plans of activities according to their duration, priority, and status.
The project timeline basically organizes the tasks of the project as well as mentions the start of the task clearly on the project timeline.
It reduces the chances of overlapping. The timeline also creates a link between the dependent tasks and breaks the project into phases for easy management.
So much is going on a project simultaneously and it becomes difficult to get the grip on everything. There are chances that you might miss out on some important stuff from the project. To make the job easier, a to-do list of the project is created.
It is a printable list that you can either develop on a daily or weekly basis. You can utilize this tool according to the requirements of the project. You can carefully plan all the activities using this to-do list. Moreover, it keeps you updated about the current situation of the project.
Project Risks & Issues
Every project goes through risks and issues. A project manager has to deal with the deficiencies of a project to lead the project towards success. Risk management is part of project management which requires a lot of effort.
Issues have already occurred and risks are the potential issues that are likely to arise. Risks and issues are of different categories, it completely depends upon the nature of the project. Risks are likely to hinder the progress of the project but can be dealt with beforehand.