Explore portfolio management and optimization
In this step, you will delve into the concept of portfolios as collections of projects that compete for shared resources, budgets, and schedules. You will learn how managers can optimize project selection to align with company goals using tools like the Portfolio Optimizer. This involves comparing projects based on criteria such as labor, expenses, risk, ROI, and alignment with portfolio goals. You will also discover how to create and manage portfolios, assign portfolio managers, and share access with teams. By the end of this step, you will understand how to effectively prepare projects for comparison by creating a business case for each.
Key takeaways
- Portfolio Optimization: Managers use tools like the Portfolio Optimizer to compare projects based on criteria such as labor, expenses, risk, ROI, and alignment with portfolio goals to prioritize and select projects effectively.
- Portfolio Creation: Portfolios are created by navigating to the Portfolio section, clicking “New Portfolio,” and assigning a Portfolio Manager. The creator and manager initially have exclusive access.
- Access Management: Portfolios can be shared with others, granting customizable access levels (e.g., View Only), which also extends access to all programs and projects within the portfolio.
- Project and Program Management: Projects can be added or created directly within a portfolio, but each project can only belong to one portfolio. Programs, which are collections of projects, can also be created or moved into a portfolio, transferring all associated projects.
- Business Case Preparation: Creating a business case for each project is essential for effective comparison and decision-making in portfolio optimization.
Next, you will learn about the importance of a business case in project management and how it helps in analyzing and prioritizing projects within a portfolio.