Shorten Project Timelines with Project Portfolio Management

Project Portfolio Management Eliminates Waste when Going Global

When a business attempts to sell its products internationally it can run into the complication that each product represents at least two projects. First, it still has to carry out the product’s typical design and launch lifecycle. Second, it has to bring the product to market internationally and ensure a successful global launch. Goals that tend to create overlapping projects like this can benefit from project portfolio management to eliminate redundancies and more effectively devote resources where they are needed.

Effective project portfolio management services can help a firm develop the needed set of methods and practices to analyze and manage current and potential projects. By grouping the various projects in portfolios based on similarities, synergistic overlaps in expertise can be maximized, wasteful redundancies eliminated, and the best possible decisions made to get the highest return on investment in both product development and product globalization.

Part of what a project portfolio management provider will do is help a client to clearly articulate business objectives, identify explicit strategies in place to meet those goals, and match projects and portfolios up with these initiatives. When a project doesn’t seem to fit or an objective is not being met by current or planned projects, project portfolio management methods of analysis help fix the issue. This is particularly clear in the case of aligning IT with business objectives and project resource needs.

Enterprise project management solutions seek to harness computerized PPM tools to figure out where resources are being misused or are not performing efficiently, and to facilitate the coordination and oversight of portfolios by the firm’s management, often through software tools. The result of these steps of reassessment, portfolio grouping, and resource alignment is a more flexible and effective business process that can quickly respond to the difficulties of taking a product to market internationally.

The faster response and more efficient resource use that results from project portfolio management translates directly into a more significant return on investment with a shorter project timeline. Please contact us for more information; we are available by phone at 425.284.7800, or email us at adainfo@adaquest.com.