The project portfolio presents a comprehensive insight into your complete project process, where you can assess different parameters of your projects and prioritize them accordingly. It gives you a clearer idea about what is really going on with your software portfolio and how you can curb the non-essential project aspects. However, it is crucial to work on the project portfolio in a specific manner. Otherwise, the entire procedure can raise more issues than it can solve. In her article for Skills You Need, Heather Redding talks about different ways to improve your project portfolio and business productivity.
One Project at a Time
Many professionals aim to work on several projects simultaneously, and it is not a wrong concept. However, Redding suggests aligning your projects with the resources you have. It makes you aware of what exactly is going on in your software portfolio. Before you start working on a project, do proper research regarding the budget, available human resources, and direct and indirect costs.
Measure Business Values
Redding asserts that different companies use different methods to define their business and project value. There are several strategies to assess your business and project value. Payback period analysis is an effective method to figure out the time you will take to recover your investment in your project. Besides, you can also measure the current value of the project by analyzing the present value of future cash flows.
Kanban is a signal system that manufacturers developed to incorporate new additions in inventory systems. It is an effective technique that helps you keep an eye on the ongoing development of your current project. It also lets you know if you are overspending your time on the project and running late for its completion.
Additionally, familiarize yourself with the latest technology to complete your project efficiently. Several new software applications help you in effective resource allocation and allow you to schedule work, estimates, and other things. To make your project a success, ensure that your teammates are on the same page and clearly communicate their ideas.
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