Optimize project priorities with the Portfolio Optimization tool
In this step, you will learn how to use the Portfolio Optimization tool in Workfront to evaluate and prioritize projects within a portfolio. You will start by submitting a business case for a project, changing its status to 'requested,' and enabling options to approve or reject it. You will explore how to compare projects using the Portfolio Optimization tool, ensuring that all projects have completed business cases for accurate comparisons. You will also learn how to adjust project scores based on priorities like high ROI or high alignment, and finalize project priorities to align resource planning with portfolio goals.
The video emphasizes the importance of completing business cases for accurate comparisons and provides step-by-step instructions for optimizing and managing project priorities effectively.
Key takeaways
- Complete Business Cases for Fair Comparisons: Ensure all projects have completed and submitted business cases before comparing them in the Portfolio Optimization tool to avoid missing data and inaccurate evaluations.
- Filter Projects by Status: Use filters to focus on specific project statuses (e.g., requested, approved, current) for streamlined comparisons and decision-making.
- Optimize Project Scores: Adjust project scores based on priorities like high ROI or high alignment, and observe how scores change dynamically to reflect portfolio goals.
- Prioritize and Finalize Projects: Sort projects by score, drag and drop them, or exclude unselected ones. Finalize priorities by setting the order, which updates the portfolio priority field visible in views, reports, and the Resource Planner. Align Resource Planning with Portfolio Priorities: Enable the Display Portfolio Priorities option in the Resource Planner to align resource planning priorities with portfolio priorities, ensuring consistency across tools.
This concludes the module on using the Portfolio Optimization tool in Workfront. You now have the skills to effectively evaluate and prioritize projects within your portfolio, ensuring alignment with your organization's goals.