Empower your R&D with project pipeline management for research and development

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Are you confused about project portfolio  management? Well, in this video, you're   going to learn all about it. And if you need help  building the right skill set so that you can be   successful in project management, well I have  a really cool free webinar for you, and I have   the link for you under this video. Hi, if you're  new here, welcome, my name is Adriana. Girdler.   Please subscribe to the best career and project  management advice coming to you every Wednesday.   In this video, I'm going to tell you  exactly what is project portfolio   management, the benefits of it, and the  four steps you need in order to do it well.   So if you're as excited as I am about this video,  please give it a like, comment because it does   help us grow our community and give you more  great content. So on that note, let's get to it.  What is project portfolio management? Project  portfolio management actually is taking a   whole bunch of different projects and programs  that potentially don't necessarily relate to   each other and you put them all together under a  portfolio. The whole goal behind it is to ensure   that it's a link to company strategy or specific  strategy that that portfolio is trying to achieve,   and that all these different projects and  programs somehow are going to do that same sort of   achievement through the strategy of them executing  on it. Now, this is my own personal opinion.   Portfolio management is intense, so I highly  recommend that you do some project management   work first, get really comfortable with it.  It's like a president of the organization.   You don't just become president. You  kind of rise up the ranks. It's the   same thing with portfolio project management. Benefits of project portfolio management. Well,   like I said to my first comment and tip, it  definitely is about aligning with organization   strategies. That's the whole point. You want to  ensure that what you're doing is making sense,   but a whole bunch of other things to occur with  the benefits of portfolio project management.   That is ensuring that you have the right  resources, you're not spreading them too thin. You   have really good understanding of budgets. And are  you using your budget correctly on projects? Also   priorities. Do you have all the right projects in  place and what is the priority sequence of them?   On their own, they may be important, but when you  put them under portfolio, tell me, is what you   thought number one, truly number one, with the  overall strategy that you're trying to achieve.   It really is a great way to give an overarching  view of the needs of the organization and aligning   them to what you're doing and just making sure  holistically, you got all your ducks lined up   in a row. So now let's jump into the four steps  of the process of project portfolio management.  Step one. Selection and strategy. So this  is where you want to get together with your   senior executives and you have to understand what  exactly are the organization's objectives. Are you   trying to meet a few objectives? Is it one single  objective that is going against a strategy that   you're trying to achieve from an organization?  This is really important. Your portfolio is like   an umbrella, bringing together a whole bunch of  different projects to ensure that they're all   going to combine and ultimately achieve the goal  and strategy. So you really have to do this with   senior management. And once you do that, take a  look at what's up there and select the right ones.   You may have multiple portfolios for projects and  that's okay because each one may be addressing   a different strategy. The whole goal here is you  want to get everyone together and select the right   one that's going to ensure that all  of those different projects together   are going to achieve a company objective. Step two. Analyze and organize. So this is   where once you've picked all the projects  and or programs are you going to put under   that portfolio, you now have to prioritize them.  And then this is how you do it. You take a look   at each one individually, you analyze each one,  then you organize them into categories. Based on   that organization of categories that you've taken  all your programs and projects, you're now going   to prioritize them, saying that this category  with these lumps of projects are number one,   number two, et cetera. So now you have a very  clear idea of priority levels against the company   strategy that this portfolio is trying to achieve. Step three. Kickoff and management. All right,   portfolio management is just a real big  project that has tons of stuff underneath   it. And you're not the one who's running all  of them. You have other project managers who   are. So this is where you want to have a  kickoff. You want to bring all the project   managers together who are overseeing projects or  the programs that you've put in the categories,   and you want to kick it off. You want to let them  know what the expectations are, you want to have   them understand what they're trying to achieve  overall, let them know how this is all going to   work. So you're going to take your principles  of project management and apply them here.  And when you do that kickoff, you want to now  talk in a really bigger scope idea. You want   to talk about resource management, you want to  talk about change management, budget management,   and risk management. I have a really cool video  for you, and there should be a link under this   video that you can go to afterwards and check  it out because this is in portfolio management,   really important that you do this high level  thinking critique with your other project   managers who are now reporting into the portfolio,  in essence, you who's a portfolio project manager.  Step four. Review and adapt. There's a life  cycle to everything. And guess what? Project   portfolio management has a life cycle as  well. So as you're progressing and things   are completing, you want to review and adapt  your portfolio. You either may want to take on   more newer projects that are going to add to the  portfolio, or if you complete everything you may   want to close that portfolio down and start  a brand new one. The whole goal here is you   are focused on the objectives and strategies  of the organization, and you're ensuring that   everything in that portfolio is achieving it.  So if you've done that, yah, congratulations,   and it's just important that you understand  that you either end everything once you're done,   or you add new elements to it, but definitely  review and adapt. And that's the four steps.  And don't forget to sign up for my free training  on some amazing project management principles.   Five secrets on projects that you do not  want to miss. The link is below this video.   On that note, thank you so much for watching.  Please like, comment. It helps us grow   as a channel and I really appreciate it. So thank  you so much, until the next video, see you later.