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The Next-Gen PMO's Guide to Portfolio Prioritisation
In the world of the 'Next-Gen PMO', portfolio management is about far more than admin and reporting. Increasingly, Sponsors, SteerCos and the C-Suite expect the PMO to select and run the right projects to generate benefits and outcomes for the wider business.
It's logical to assume that, by prioritising the right projects in the first place, resources will be sensibly allocated, budgets well spent, and results optimised. Yet, almost invariably, portfolio prioritisation is amongst the top PMO pain points that Kivue's customers ask us about. So, why does it remain such a challenge? The issues fall under three main headlines:
Culture: Has your PMO ever had to argue your case for a business-critical project, or deter a Sponsor from taking on a 'pet project' that you know won't deliver? Then you'll know how important the PMO/Sponsor dynamic is. All too often, though, PMOs are missing their chance to contribute at the executive table due to outdated perceptions, poor communication, or a lack of confidence in their own value.
Mobilisation: Can your PMO confidently say that the right resources are being mobilised on the right projects? By this, we mean the Tier One projects that generate the most benefit. In our experience, many PMOs struggle to get control in this area, leading to inefficient use of resources, wasted time and budgets, and frustrating results.
Data: It's the PMO's job to present Sponsors and SteerCos with clear, easy to absorb data to guide portfolio decision making. What's more, data not only drives visibility, it also adds significant strategic value. As well as informing which projects are right for the business, data also forms the basis of a continuous improvement approach by demonstrating tangible benefits and lessons learned, which can be fed back into the portfolio prioritisation loop.
In a simple, ten -minute read, they share their combined fifty years' portfolio management experience, explain what the blockers are to effective portfolio prioritisation, and share their tried and tested strategies to ensure that your PMO is running the right projects - from Day One.
So, if your PMO needs a little help and inspiration in this area, download the free eBook now. Or, if you'd like the chance to discuss your PMO's particular challenges, just contact us to explore how our PMO Services might help.