Many project management techniques aim to harmonize the projects with the long-term goals and vision of the company. Employ the one that aligns with your organization’s requirements.
Why is Project Management Essential?
Project Management gives direction to a project for better organization and prioritization.
It helps fish a project within scope and budget, track deadlines, and make improvements, not only in future endeavors but also on the current Project.
Every Project differs, but they all follow a standard framework.
What Is Agile Portfolio Management?
One quick google search will fetch you millions of results for the definition of agile portfolio management. There might be different interpretations, but it all comes down to one thing- better Management and planning.
Agile Management is the approach that bases its success on the fact that it continuously seeks customer feedback and makes improvements to accommodate necessary changes.
This iterative management style breaks the Project into small achievable tasks called iterations to respond to each obstacle in almost real time. Organizations can respond better to changes and provide the best investment value to customers.
How does Agile Portfolio Management help Improve Management?
APM focuses on prioritizing and organizing various ongoing jobs for better Management on a company-wide scale.
Agile methodology is dynamic as opposed to the linear and rigid Waterfall technique.
The attributes of APM are productive leadership, transparency, adaptability, and customer prioritization.
A related concept, Lean Portfolio Management, runs with this methodology. Hybrid agile-lean portfolio management and an adaptive PPM approach improve execution and delivery.
15 Ways Agile Methodology helps A Project Manager for Better Management
Risks
Before taking up any project, assessing all the risks involved is vital. To avoid any roadblocks, you should know the potential threats you can face throughout the Project.
Meetings
It would help if you created a meeting schedule for the associated personnel. Managing remote employees is a challenging job. Given the new hybrid work model, many employees work from home. Weekly check-ins with the other team members will help track their input and progress and also get the team to exchange vital information.
Client Communication
Successful project management means clients know how you will work and bill your services. Ensure that a client understands how you will solve his issues. Does he approve the scope of a project within the budget?
Define the Project’s scope
Understanding the Project’s objectives and outlining them to your team is crucial. You should know your Project’s scope- what it includes and does not. There can be related tasks that are separate from the project objectives. You should communicate the details with your team carefully. As a part of lean portfolio management practices, transparency is the way to go.
Right team
Once you understand the objectives and expectations of an assignment, a project manager needs the right crew. A group of skilled professionals with an available schedule is a prerequisite for successful execution. An agile methodology allows for a flexible team schedule.
Training
Every Project comes with new challenges and expectations. Within reach of Lean Portfolio management, seeking perfection on every assignment is a requisite. Ensure your team and the customer understand what to expect from the Project and provide training sessions for a better grasp.
Deadlines
A clear and realistic deadline keeps the employees motivated and sets expectations. Employees would know how to manage and prioritize their work to submit the deliverables before the deadline.
Milestones
A milestone is as vital as a deadline. It helps track progress and eases the stress of sending status updates. You can assess the problems you encounter and solve them on the spot. The team can measure their productivity and make necessary changes.
Resource Planning
A project manager must assemble all the required data and resources before initiating a project. Planning and outlining a project needs prior knowledge of available resources. One of the main reasons for a project to fail is the inability to plan. Effective resource planning is an essential attribute of agile portfolio management.
Capacity Planning
Capacity planning is an essential milestone for large-scale complex projects in industries like Construction, Heavy Engineering, and Manufacturing. Such projects usually have a team or teams of Project managers to oversee specific areas assigned to them.
Establish Authority
Usually, clients communicate through a representative, and having a middleman can lead to distorted correspondence. The subordinates can convey wrong or unnecessary information, adding extra pressure. It is better to establish authority when you take up a project to have a clear picture of the expectations and deliverables. A project manager should know who calls the shots so that he can contact the authorized person for crucial decisions.
Assign Responsibilities
Assigning responsibilities might seem the most straightforward task, but it is not. Managing a team to achieve deliverables within the scope and timeframe of the Project needs a skilled and hard-working team that plays well with one another. A project manager should know his team- their skills, drawbacks, and available schedule- and must motivate them with the utmost patience and persuasion.
Budget and Expenses
Before you start a project, outline a rough budget requirement. Both sides should have the money to get started and have the means to keep the funds rolling in until completion. It can go either way, but you should limit expenditures and track the expenses. Lean Portfolio Management relies heavily on mapping the overall value stream.
Reports
Discuss the status update terms when starting a new project. How does your client expect to get updates? Does he want a weekly or monthly review? How frequently are you comfortable turning in the report? Hammer out all these details in the kickoff.
Senior Management
Every Project needs an adept project manager to ensure the smooth functioning of the Project. Senior Management takes charge and makes critical decisions that can make or break the situation. But even with hands-on participation and proper planning, things can go awry. You can face a shortage of funds or resources, encounter roadblocks, or face unforeseeable problems. Thus, senior Management needs to have your back.
Handoff Terms
A handover is a simple process. But if you do not do it correctly, you can get sucked into the Project repeatedly. You will devote precious time to solving old problems, the time set for the present, more critical tasks. That is why it is essential to discuss the handoff terms beforehand. It is rational to document a formal procedure here. It legally binds both parties and makes them answerable to one another. The prior agreement prevents any disputes during or after the handoff.
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