Articles about Project Portfolio Management and Resource Management
You probably don’t realize it, but you have been doing resource management all your life. From deciding which shoes to pack in a small suitcase for vacation or what food to cook to feed guests at a large party, resource management is a regular activity. Despite its commonality in our lives, resource management in a professional capacity can be much more complicated. While managing human resources may seem like a daunting or unfamiliar task, knowing the basics can help you get started and reap its benefits.
Because planning may feel like second nature, few realize there are actually many different types of plans used to get results. This is particularly true for planning in a professional capacity. We compiled a list of the five most common types of planning and how they can help companies improve strategy execution. You’ve likely heard of at least a few of these types, but you may not have given them the attention needed to understand the benefits of each type of planning and how they can help you deliver more projects. So, let’s get a little more familiar with planning.
Creating an annual plan for your business is no small feat. Getting your project portfolio in order for the new year and preparing to plan out your 2020 projects can leave you drowning in project details, budgets and required resources. This can quickly become overwhelming as you try to get a handle on next year's projects, but don't lose hope! If you are lost in a maze of new year planning, here’s how you can start building your 2020 project portfolio and set your organization up for success this year.
With the new year right around the corner, you’ve likely already finalized a plan for your business next year or are about to get the planning process going. Making plans is incredibly important for helping your company execute corporate strategy, but you will need a solid foundation to stand on. Whenever you implement a new plan or strategy, take a moment to make sure you have a sound footing with a little preparation.
There is no question that this is a busy time of year. For businesses, this time of year entails wrapping up projects, making plans for the new year, and tying up any loose ends. It’s easy to get swept up in the hustle and forget to celebrate the successes you and your company experienced this year. Even if this year had many hardships or if you missed many of the goals you wanted to accomplish, it is incredibly important for companies to set aside time to recognize all successes (big or small) before launching into the new year.
While all industries can benefit from a PMO, the financial industry has eagerly embraced PMOs. The rise of PMOs in banks, credit unions, and other financial institutions is not just because there is a need for managing many projects, but to also address several obstacles unique to the industry. To create and operate a successful finance PMO, you need to understand what these unique industry challenges are.
As we quickly approach the end of the year, companies are beginning to celebrate their successes from this year and make plans for the new year. While these two activities are important, they are most effective when paired with an activity that is commonly left out: analyzing this year’s failures. While people are often uncomfortable associating themselves with failure, it would be a huge mistake to try and move your company forward without evaluating shortcomings. When you take the time to learn from your mistakes, you can prepare yourself (and your company) to overcome these challenges and make even more powerful plans.