Chapter 7 introduced a holistic view of portfolio composition and resource planning fundamentals, guiding you through categorizing different project types, evaluating and balancing them, and establishing basic resource allocation and investment management practices. The step-by-step approach at the chapter’s conclusion demonstrated how these concepts fit together in a practical, scalable model for organizations beginning their journey with Project Portfolio Management (PPM).
7.9.1 Key Takeaways
- Balanced Portfolio Composition
- Diversifying your portfolio among innovation, maintenance, compliance, and strategic initiatives ensures a stable operational foundation while still driving growth and transformation.
- Early-Stage Resource Planning
- Matching project demand to the right skills, availability, and budget capacity is critical for avoiding over-allocation and ensuring deliverables remain on track.
- Basic Investment Management
- Aligning budgets with strategic priorities, employing simple scoring methods, and using stage gates or iterative funding help ensure each project delivers tangible business value.
- Practical Tools and Techniques
- Low-cost trackers, collaborative dashboards, and straightforward governance checklists can jumpstart PPM without requiring heavy investments in enterprise tools.
- Continuous Improvement and Adaptation
- PPM is not a static process. Regular portfolio reviews and the willingness to adjust projects, resources, and budgets help maintain alignment with ever-evolving business needs.
7.9.2 Transition to Next Chapter
Having established a foundation for organizing your portfolio and planning resources, the next logical step is to address the inherent uncertainties and risks that accompany any collection of projects. In Chapter 8: Foundational Risk Management, we will:
- Explore the types of risks (technical, financial, regulatory) that can undermine portfolio success.
- Introduce strategies for basic mitigation and contingency planning.
- Highlight how to integrate risk management into the broader PPM process, ensuring that governance structures, resource allocation, and investment decisions incorporate risk considerations at every stage.
By proactively identifying and managing potential threats, you can safeguard your investments, maintain stakeholder confidence, and keep projects on track—even when faced with unforeseen challenges. This risk-aware approach will further strengthen your organization’s PPM maturity, paving the way for more advanced governance and performance management techniques in subsequent chapters.
