If you are looking to enhance the ability to manage multiple projects most effectively, consider project portfolio management. PPM helps you define project prioritization, scheduling, resource allocation, budgeting, and various other project components. Besides, to achieve project success, everyone in your organization must fully understand the strategy and know how to create business value. In this article at Forbes, Christopher Yang explains how PPM enables organizations to create a balanced strategy that focuses on near-term results and long-term goals.
How to Map Your Way to Success?
A strategy map is essential when starting a project because it provides direction for achieving project success. How does the strategy map align an organization’s IT and HR investments with its enterprise strategy?
PPM and Organizational Strategies
A strategy map is crucial when managing project portfolios that involved various interconnected projects. “It bridges the gap between strategy design and execution, and is essential for promoting focus and clarity, providing perspective to everyone who influences the strategy, keeping agendas aligned and steps in order,” says Christopher. A well-designed strategy map provides a strong foundation for organizing, prioritizing, and evaluating projects within a portfolio. Therefore, as a project manager, you must create a strategy map during the planning process and clarify their goals and objectives to accomplish project success.
A strategy map unities the entire organization by providing a single, comprehensive view. With many projects of varying sizes and complexity under a portfolio, you may find it difficult to avoid duplication efforts and achieve the desired outcome. Ensure to align all project team members’ diverse perspectives to ensure that everyone works towards project success.
Creating a strategy map helps in visualizing how each project in the portfolio contributes to reaching the goals. Further, the map allows the team members to understand the project’s scope and their roles fully. When employees see the impact of their roles, it boosts productivity and morale.
To read the original article, click on https://www.forbes.com/sites/forbestechcouncil/2020/11/02/project-portfolio-management-map-your-way-to-success/?sh=745eb45a169c.