{"id":6938,"date":"2018-08-15T15:28:18","date_gmt":"2018-08-15T20:28:18","guid":{"rendered":"https:\/\/blog.planview.com\/?p=6938"},"modified":"2022-04-01T10:46:24","modified_gmt":"2022-04-01T15:46:24","slug":"6-project-portfolio-questions-to-answer","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/6-project-portfolio-questions-to-answer\/","title":{"rendered":"6 Project Portfolio Questions to Answer"},"content":{"rendered":"

Managing multiple projects can be tough. As the manager, it\u2019s your job to see that deadlines are met, resources are managed, and budgets are adhered to at all times. But when you\u2019re managing multiple projects and coordinating with dozens of teams scattered across the map, staying on top of your various workflows can feel downright impossible.<\/p>\n

That\u2019s because, in some ways, it is. The hands-on project management approach isn\u2019t always suited for managers in charge of multiple projects, which is why project portfolio management<\/a> (PPM) was created.<\/p>\n

Project portfolio management looks at all projects within an organization\u2019s portfolio<\/a> and determines which of those projects are best aligned with the company\u2019s goals and objectives. Projects that push the company further towards a desired outcome are then picked up, while irrelevant and excessively risky projects are suspended or rejected completely.<\/p>\n

In other words, PPM looks at which projects you should undertake to meet your specific goals. After all, healthy project portfolios are more likely to achieve your target objectives and maximize your return on investment.<\/p>\n

In theory, this management technique reduces friction by integrating all active projects into a single portfolio, effectively removing teams from departmental silos and having them work together, under one roof, to reach a common objective. However, for PPM to function efficiently, there needs to be complete project transparency. Everything from the tasks completed to the resources assigned should be documented and assessed when managing a project portfolio, so that you and your stakeholders know your project\u2019s status, budget, and allocated resources at any given moment.<\/p>\n

Regardless of your preferred management style, overseeing multiple projects can be both daunting and time-consuming. And if you lose track of your workflow progress, you\u2019ll have a hard time maintaining transparency and ensuring project success. For this reason, you should always answer the six questions below when building your project portfolio. That way, you\u2019re able to effectively gauge the health and success of your PPM.<\/p>\n

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