The Major Challenges of Enterprise Project Portfolio Management
Enterprise Project and Portfolio Management is a formal approach that every organization uses to organize, prioritize and manage project workflow. This approach is used to examine the risk-reward of each project, availability of funds, the expected project duration and outcomes. Although this method intends to serve its best, still some organizations faces Portfolio Management Challenges such as:
Too many projects to target
One of the major challenges arises when there are a number of projects that are needed to be worked upon at the same time. At times, lack of a PMO leaves the responsibility of project management on a single manager and sometimes, one project manager has to handle multiple projects at the same time that can lead to Portfolio Management Challenges such as, lack of focus and failure in delivery.
Misallocation of resources
Sharing same resources across multiple projects or lack of resources can create troubles for the project managers in any organization. Allocation of the same resources in terms of manpower, tools, etc. to one project manager can lead to Portfolio Management Challenges when he or she is managing multiple projects at the same time.
As an organization deals with large scale portfolios, projects are tracked and analyzed. This can be a major Portfolio Management Challenge as more responsibilities are laid on shoulders of project managers who are authorizing, recording and reporting these expenditures. This can create more room for errors and therefore it is needed to confirm to regulations regarding expenses.
The solution to all these Portfolio Management Challenges is a Project Portfolio Management tool. Additionally, these tools can only be handy if professionals and project managers are skilled enough to use them. The Synergy School of Business Skills, one of the powerful arms of CADD Centre for Technical Training and Development offers courses in PME, Project planning and Management and Project Management Professionals that professionals can opt to empower themselves in Project Portfolio Management.