- With clarity. Clarity is the most important factor for the success of portfolio management. People can't commit to what they don't know or don't understand. Clearly state and communicate the portfolio objectives, policies and procedures.
- With openness. On top of developing a nice-to-have framework for project selection, prioritization and portfolio monitoring, spread the word throughout the entire organization on why the company needs portfolio management and how it works.
- With alignment. Corporate objectives -- and how portfolio management can help the organization reach those goals -- have to be part of the message. Alignment means credibility for portfolio management, because it shows how it adds business value. To communicate the value, show the organization the selection criteria and key performance indicators and their rationale.
- With discipline. Portfolio management requires consistent feedback, information and reports -- mainly from projects and programs, but also from functional managers, senior managers and more. Discipline means setting up processes and procedures to push and pull communications in a dependable way for the organization. In other words, in-and-out communications have to flow without interruption, overcoming organizational barriers to get information needed and to provide useful, timely information.
- With accountability. Everyone in the organization should be responsible, in one way or another, for the portfolio results. That means project KPIs and portfolio KPIs should align better. And the best way to achieve that alignment is by ensuring everyone is on the same page about the corporate portfolio strategy, through rigorous governance and consistent communications.
Embedding Portfolio Management Through Effective Communications
The views expressed within the PMI Voices on Project Management blog are contributed from external sources and do not necessarily reflect the views and opinions of PMI.