Project Portfolio Meetings
Keeping project portfolio stakeholders properly informed is key to achieving success. Apart from regular portfolio reporting there should be regular Portfolio Meetings with both, internal representation to discuss the overall status, and with external representation to discuss their part in the portfolio. When designing these meetings, consider that directing the portfolio of a project involves three parties:
The product(s)/deliverable(s) of the projects should meet the business needs, that is, the project should give value for money. There should, therefore, be representation from the business viewpoint to ensure that these two prerequisites exist.
The user presence is needed to specify the desired outcome of the project, and to ensure that the project delivers it. Remember, there will be an individual, group or groups for whom some or all of the following will apply:
- They will use the final product
- The product will achieve an objective for them
- They will use the end result to deliver benefits
- They will be impacted by the project outcome.
The creation of the end product will need resources with certain skills. The final product will need representation from the supplier(s) and may need to use both in-house and external supplier teams to construct the final outcome.
Portfolio Metrics, what to collect
- Project name
- Key deliverables / Objectives
- Key Stakeholders
- Business Owner
- Supplier (External: Organisation + Rep; Internal: Department + Rep)
- Senior User
- Start Date
- End Date
- Project Status
- Overall Status
Red - Project is outside agreed tolerances or major issues exist which CAN NOT be resolved by the Project Manager alone.
Amber â€“ Project is in danger of exceeding agreed tolerances or major issues exist, but are being resolved by the Project Manager.
Green â€“ Cost and completion date within agreed tolerances, and no major issues
- Overall Status
For the other statuses use Indicator and provide actual vs. budget/original
- Budget Status.Â (Internal AND external budget)
- Time Status
- Product Status
- Project manager
- Top-Issues / Risks
- Phase (Start-up, Initiation, In Progress, Closing)