Project Management Office

How Familiar Are You with Your Project Portfolio?

Who says theories do not work in a practical scenario? But don’t theories give direction to accomplish the objective of a project? The answer varies from person to person. Nonetheless, if you map out crucial components and steps to achieve project success, anything is possible. In this article at Forbes, Christopher Yang explains how a team can accomplish project goals by devising a robust strategy. To develop a viable strategy map, teams must clearly understand the project objective.

Fostering Business Value

According to Robert S. Kaplan and David P. Norton, authors of the Balanced Scorecard (BSC) and strategy maps, outlining project specifics is essential. Communicating growth strategies to project managers and teams is difficult without a plan.

What is really going on in your software portfolio? Knowing the answer is critical for improving a project and its business value. Paying attention to project portfolios can help create ways to leverage intangible assets and earn profitable returns. Sustainable growth over time is the pathway to generate valuable returns.

Economic Growth

The success of a venture relies on return on investment (ROI) which is not possible to improve without achieving internal customer valuation propositions. Furthermore, workforce, advanced tools, and cultural influence are some other subtle means of constant learning. So, design a “strategy map” that describes your team’s growth potential.

Portfolio Alignment

A well-conceived strategy map regulates the fundamental project prioritization, operation, and estimation processes within the portfolio. It adds value to correlated projects and establishes a link between your planned layout and execution approach. So, focus and clarity are even more significant at this stage. The map gives depth to the project schedule by aligning the timeline with your client’s requirements.

A strategy map helps you see what is really going on in your software portfolio. It exposes any existing gap in your project strategy. Blending the Balanced Scorecard with a strategy map, you can track down and adjust the project goal. The map is more reliable than the conventional scoring model for discovering and acknowledging suitable projects for your software portfolio. Click on the following link to read the original article: https://www.forbes.com/sites/forbestechcouncil/2020/11/02/project-portfolio-management-map-your-way-to-success/?sh=1dafe12b169c

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