6 Practices for Effective Portfolio Management

Complacency with portfolio management increases the chances of failing to deliver expected outcomes. Program and portfolio management leaders must review our best practices for effective portfolio management, assess how well they are applying them and devise an action plan to fill any gaps.

Key Challenges

Many organizations struggle to manage ever-increasing demand for initiatives within inflexible budgets and capacity, causing them to overpromise and underdeliver
Organizations struggle to balance the demand for digital transformation with the need to keep operations running smoothly and maintain existing business performance.
A lack of integrated portfolio management across a variety of digital business practices (projects, products and programs) causes limited visibility to interdependencies, risks and change impacts.

Gartner recommends program and portfolio management leaders responsible for portfolio and resource management for products and projects should:

Evaluate their organization’s internal capabilities by assessing how well it’s applying Gartner’s six practices for effective portfolio management.
Devise an action plan to increase their portfolio management effectiveness by engaging staff to review internal practices and identifying small, practical steps for improvements.

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