Selecting the Right Projects
Project Portfolio Management
The economic conditions of the last couple of years means that companies must find ways to work smarter and focus resources on the right projects. Aberdeen’s October 2010 report Where Have All the Jobs Gone? indicated that in 2009, manufacturers reduced 6% of their workforce and another 2% in 2010. With fewer resources, companies can’t afford to waste efforts on the wrong projects. It is more important than ever to ensure resources are focused on the right projects by successfully managing the portfolio of projects. This report provides guidance to help companies use project portfolio management to balance portfolio risk while focusing resources on the right projects that will achieve the greatest return on investment for the company.
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Given the performance benefits employed by the Best-in-Class, they are clearly doing a better job of addressing the challenges of project portfolio management to focus their limited resources on the right projects. Top strategies implemented by the Best-in-Class are shown in Figure 3 below.
How Demand Metric Can Help
If you are in the process of deciding which projects for focus on in 2011, check out the following templates:
Project Decision and Scoring Template (see Project Priority Index video below or click the link to download)
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