Portfolio Management: A coordinated collection of strategic processes and decisions that together enable the most effective balance between organizational change and business as usual (BAU).
It’s about finding the best techniques and tools necessary to select programs and projects based on scope, time, cost, quality, risk and benefits constraints. Plus, it focuses on building the necessary tools, methodologies, and processes to support a consistent and repeatable approach to managing programs and projects.
We at Bakkah have the necessary expertise to support your business through standardizing and enhancing local portfolio/program/project management methodologies and activities by setting up a Portfolio Management Office (PMO). A PMO will help you drive up your portfolio/program/project success rates. The setup includes deploying methodologies and standards, developing a PMO charter and identifying resources, in addition to successful corporate change management.
Using a variety of professional practices, we at Bakkah customize services as per our client needs in PMO setup relying heavily on two reputable schools, namely [PMI & Axelos]. Our professional consultants, using the best tools, focus on integrating PMO functions with the organizational chart to provide the best expected outcome; i.e., Center of Excellence (CoE).
A typical portfolio lifecycle contains:
- Portfolio Definition Cycle Practices: [Understand, Categorize, Prioritize, Balance & Plan]
- Portfolio Delivery Cycle Practices are: [Management Control, Benefits Management, Financial Management, Risk Management, Stakeholder Engagement, Organizational Governance & Resource Management]
- To standardize and enhance local program/project management methodologies.
- To integrate PMO functions with the organizational chart to provide the best outcome expected, such as Center of Excellence (CoE).
- To ensure the development and enforcement of standards and methodologies across the managerial levels which will improve project management expertise and uniformity.
- Senior management portfolio-level decision-making, prioritization, dependency, risk management and resource deployment to successfully deliver business objectives from the portfolio perspective.
- To ensure the delivery of successful programs and projects.
- To improve identification and realization of outcomes and benefits.
To learn more about the service, read:
- Application of PMO in government entities in Saudi Arabia
- 10 reasons behind the need for establishing a project management office (PMO)
- Center of Excellence (CoE) in PMO
- Types of Project Management Offices (PMO) based on PMI standards