Portfolio management and prioritisation

Few organisations will undertake only one project. It is common to have a portfolio of projects that have to be identified, selected, prioritised, commissioned and initiated. This usually results in a number of projects competing for attention for a variety of reasons, including:

e mandatory or legal imperatives; e commercial opportunities; e cost-reduction opportunities; e learning and developmental opportunities.

However, in their enthusiasm to deliver everything, many organisations' efforts lead to new problems such as:

e shortage of funds; e conflict between projects; e demanding or unrealistic timescales; e increases in risk; e failure to deliver business as usual.

To combat these problems it is best to prioritise projects using several criteria to rank initiatives and then to back only those that are most deserving and rewarding.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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