What is a Project Portfolio Management Plan?
A project portfolio management plan outlines the goals and objectives of a project portfolio, as well as the sactions needed to achieve them. It helps organizations to ensure that the resources allocated to projects are optimized and that projects are aligned with the company’s overall goals. A project portfolio management plan can help businesses prioritize projects, manage risks, increase efficiency, and meet deadlines.
What's included in this Project Portfolio Management Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Project Portfolio Management Plan template for?
This project portfolio management plan template is designed for teams of all sizes and industries who need to create a plan for managing their project portfolios. It is a comprehensive document that outlines the focus areas, objectives, targets, and actions needed to create a successful project portfolio. With this template, you can easily create a plan that optimizes your resources, meets deadlines, and drives success.
1. Define clear examples of your focus areas
Focus areas are the broad topics that your project portfolio management plan should address. Examples of focus areas include project portfolio management, project portfolio governance, and project portfolio risk management. Each focus area should have its own set of objectives and targets that your team can use to develop strategies and action plans.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals your team wants to achieve within the focus area. For example, under the focus area of project portfolio management, objectives could include optimizing the portfolio, prioritizing projects, and establishing criteria for projects. Objectives should be specific and measurable.
3. Set measurable targets (KPIs) to tackle the objective
KPIs (key performance indicators) are measurable targets that you can use to track progress on objectives. For example, under the objective of optimizing the project portfolio, a KPI could be to identify 10 high-value projects. KPIs should be measurable and align with the objectives of the focus area.
4. Implement related projects to achieve the KPIs
Projects (actions) are the specific activities that your team needs to undertake to achieve the objectives and KPIs. For example, under the KPI of identifying 10 high-value projects, a related project could be to assess existing projects. Projects should be specific, measurable, and achievable.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is the ultimate tool that helps teams to manage their portfolios, track objectives, and monitor KPIs. With Cascade, teams can achieve their goals faster and with greater efficiency, ensuring long-term success.