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project portfolio management can be really overwhelming if you don't have the right tools well in this video I'm going to share with you exactly what those tools are to help you stay on track what is Project portfolio management let's get on the same page with that because it can be very much uh confused with program management because they're both very similar from concept perspective so what exactly is program management it's when you have a series of project that all relate to each other that someone is overseeing and portfolio management is when you have a series of project that don't necessarily relate to each other but it relates to an overall strategy that you have to oversee now this portfolio of independent items that is linked to a strategy so that is the fundamental difference between the two and because of the independent nature it's really important that you have a clear understanding of some tools to help you really manage your portfolio Okay before we dive into those tools I want to share with you this this is going to be really important to for projects portfolios and programs and how do you get this it's free for you something that I created and the link is under this video risk registers all right as a tool from a best practice standpoint you should always have a risk register on any type of project but what happens is it kind of gets dropped sometimes because other things are starting to pop up and oh we can deal with that risk later and not only that you can also kind of guesstimate some high level risk at the beginning of your project as well so the thought of doing an in-depth risk analysis is really not something that a lot of projects tend to do all the time now for project portfolio management it is critical that you do a risk register for your portfolio and every single activity project under your portfolio why because of the independent nature of everything you are trying to achieve an overall strategy and you have these multiple projects underneath your portfolio that are all independent that are going to help achieve that strategy so if you don't understand the risk of every single project under that portfolio and if something doesn't come to fruition it could have a major impact on your portfolio so doing a risk register for your portfolio projects each individually independently and then collectively as a whole is a really important tool when it comes to managing your portfolio have a sing single standard framework that everyone follows when it comes to executing their projects under your portfolio why is this so important well because of the independent nature that everyone is working on if something doesn't come to fruition it's going to impact the portfolio that you're managing and so by ensuring a standard framework to everything that everyone is doing so that could be what are the standard documents how are we going to be reporting because again this is independent in nature most of the time projects under your portfolio don't interact with each other again it's about the overall strategy that they're all trying to achieve that independently put together they're working under your portfolio so you need to make sure that individually they all know what they're supposed to be doing and so having a standard framework is going to help you because if everyone's doing their own thing you're just going to be chasing everyone to make sure that your portfolio is on track but if you have that standard framework it ensure and everyone is following it it's going to make your job easier so you can really focus on the things that are really important removing roadblocks ensuring that things are moving forward uh that you're not in the nitty-gritty of stuff because that should be those who are managing those projects underneath you just have to oversee it that holistic perspective now if you're wondering oh my goodness Adria like what standard framework should I be looking at I need it to make sure that it's practical and it's streamlined I got you covered slay project management my online course teaches that framework on the Practical side and if you're interested you can learn more by going to the link below this video it's also going to be really important that you have a single dashboard that is monitoring the progress of your portfolio so why is this so critical to portfolio management you have multiple projects underneath your portfolio again this is part of ensuring the standardization and it's not just individuals who are executing on those projects what they're doing in a standard format it's how are they reporting back into you as well and don't forget senior Executives because your portfolio is to a strategy and Senior executives are going to want to know how is that coming along your portfolio towards a strategy and so the best way to do that is to have a single dashboard why a single dashboard because that dashboard you don't want to have multiple dashboards where people have to go to multiple places people won't do it you want One-Stop shop now how do you go about doing this there's a couple of ways that you can do it it's going to be dependent upon what you have access to so there's definitely tools out there like softwares that you can purchase if your company has them and it has dashboards but you have to be slightly careful because those are off-the-shelf software and sometimes they may not have exactly what you need in your dashboard and I personally really like simple simple dashboards cuz simple is better just give me what I need to know so that could be where am I red green yellow are things on track is it potentially that yellow that we're going to have issues but I'm dealing with it and red is no we have issues I need your roadblock removal and just give me some comments around that and if you put that in a very simple document that everyone has access to then guess what you Ensure that with your standard ways of working everyone is updating that by a certain time so you can just oversee it and then you can report up to senior Executives or perhaps you have some sort of site SharePoint site or an internal site that you can put your dashboard on so that everyone has easy access to it but the key is to make sure that people are updating it because if you have to chase everyone for the information that's going to impede you being strategic and monitoring your portfolio from that standpoint holistically of what is happening but having that dashboard that again you can oversee very high level very simple red green red sorry red green and yellow and some comments so that if I were reading it as a senior executive I have an understanding as oh this portfolio is on track or there's a few projects underneath we all have to put our attention against that's all you need anything more than that is just kind of showy and people really don't buy into it so again just be careful with that but you definitely need a single dashboard project scorecards is another tool you need for portfolio project management now it's a the same lines of a dashboard but slightly different because it's for all the projects under your portfolio each should have a scorecard now that scor card just like the dashboard can live in a document it could live in an Excel sheet it can live on a SharePoint site wherever it is that you choose to have it live on but it should be a very simple one pager that indicates the project on your portfolio what it's doing the ROI the strategy as to why it's being done uh you know really what is the deliverable kind of like the high level points so that if I needed to have an understanding of your portfolio I could go to each individual scorecard and just have an idea as to okay here's what it's all about and even better yet kind of rank them as well of everything in this portfolio what's the number one what's the number two what's the number three take note I know some people when it comes to like prioritization and numbering they don't want to do that because everything's important however you can't if you're need to make some shifts and changes if everything's number one you're going to be stalled you won't be able to do it so absolutely rank them but take note you can change that ranking you can revisit your scorecards to make sure they still are in alignment with the strategy that's what you need to do when it comes to your portfolio another tool you're going to really want to consider using for portol folio project management is benefit realization tracking okay that's a mouthful now what is benefit realization benefit realization is is your project within your portfolio is it actually doing what it was supposed to deliver on so this is like after the fact okay so when you go and you execute everything that you're going to be doing is it delivering on what it's supposed to deliver because again remember with those scar cards you had an idea of rois you understood where it was in the strategy and that's why you picked it to execute on and why it's under your portfolio now you have to make sure that the benefits of doing it what it was supposed to give are actually coming to fruition so exact same thing you for each project what exactly was it supposed to deliver on are you realizing the benefits did you have some sort of kpis associated with that particular project are you tracking them are you actually hitting them and if you're not how is that going to impact on your portfolio now where do you hose all this stuff exact same thing like those other documents they could be in a single spreadsheet document you can have it on your portfolio dashboard site if you need to along with those scorecards again it's going to be up to you on what your organization has in regards to how do you share your documentation now just a reminder you can grab this it's free for you I create it so that you can be successful on your projects don't miss out on this opportunity the link is below this video don't forget to watch this next video on how to manage multiple projects if you s value out of this video please give it a like subscribe to this amazing community and I look forward to seeing you at the next video Until then see you