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If you have to manage multiple projects at the same time, then it's known as "Portfolio Management" and it can be a tough challenge.
If you have to manage multiple projects at the same time, then it's known as "Portfolio Management" and it can be a tough challenge.
There's resources, costs, timelines and more and they all need managing with care, so read on to learn these...
Here are 4 ways to make portfolio management that little bit easier.
#1: Use dashboards
Portfolios are made up of lots of different projects and programs, and a portfolio manager needs to see a view of what's happening on them all. Instead of going into each individual project to get the latest status, use dashboards to consolidate reports and key metrics from each project. Then you can see progress and areas of concern on one page. Of course, you can drill down into the detail easily if you need more data about a particular problem.
Portfolios are made up of lots of different projects and programs, and a portfolio manager needs to see a view of what's happening on them all. Instead of going into each individual project to get the latest status, use dashboards to consolidate reports and key metrics from each project. Then you can see progress and areas of concern on one page. Of course, you can drill down into the detail easily if you need more data about a particular problem.
#2: Give your teams online access
Portfolio managers are often responsible for a number of project teams. Make it easy for your project managers and team members to do their work by ensuring they have instant access to the right files online. It will help everyone get their tasks completed effectively and you'll be sure that you're getting real-time reporting at portfolio level. It's easy to set up online access for staff and contractors, and if everyone is using the same software you can roll up data to see a portfolio-wide picture of what's happening at every stage.
Portfolio managers are often responsible for a number of project teams. Make it easy for your project managers and team members to do their work by ensuring they have instant access to the right files online. It will help everyone get their tasks completed effectively and you'll be sure that you're getting real-time reporting at portfolio level. It's easy to set up online access for staff and contractors, and if everyone is using the same software you can roll up data to see a portfolio-wide picture of what's happening at every stage.
#3: Use resource reports
Creating bespoke resource reports will help you balance the needs of the people working on the portfolio. There are a number of reports in ProjectManager.com specifically designed for resource reporting that will assist in tracking and managing project resources. This is the best way to check that you aren't overloading one project team member, or leaving someone else with nothing much to do. You can also see who is available to switch from one project to another-a great advantage when project priorities in the portfolio change.
Creating bespoke resource reports will help you balance the needs of the people working on the portfolio. There are a number of reports in ProjectManager.com specifically designed for resource reporting that will assist in tracking and managing project resources. This is the best way to check that you aren't overloading one project team member, or leaving someone else with nothing much to do. You can also see who is available to switch from one project to another-a great advantage when project priorities in the portfolio change.
#4: Get collaborating
It might seem like many of the projects in your portfolio don't overlap, but when you look closer there are lots of ways in which they interact with each other. As a result, it's really important for each project team to be able to effectively communicate with the others. You can facilitate this by making sure that they all have access to good collaboration tools.
It might seem like many of the projects in your portfolio don't overlap, but when you look closer there are lots of ways in which they interact with each other. As a result, it's really important for each project team to be able to effectively communicate with the others. You can facilitate this by making sure that they all have access to good collaboration tools.
Use project management software to
help your teams work together to manage project dependencies and
conflicts. You may have to step in to help them resolve problems, but
it's also great for them to have the tools required to sort out some of
the smaller issues themselves. Instant messaging, file sharing and
online discussions are examples of how you can get diverse project teams
working together.
#5: Check your tools integrate
As a portfolio manager you will deal with lots of people: stakeholders who have different priorities and also different communication styles. And they could want information in different formats. Make sure that the tools you use integrate with each other. For example, check that you can import task lists created in Microsoft Word, or import spreadsheets from Microsoft Excel to feed data into your consolidated dashboards. This will save you a lot of time and ensure that your admin overhead is kept to a minimum.
As a portfolio manager you will deal with lots of people: stakeholders who have different priorities and also different communication styles. And they could want information in different formats. Make sure that the tools you use integrate with each other. For example, check that you can import task lists created in Microsoft Word, or import spreadsheets from Microsoft Excel to feed data into your consolidated dashboards. This will save you a lot of time and ensure that your admin overhead is kept to a minimum.
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