The strategic role of the executive team is to ensure the following:
ANNUAL PORTFOLIO PLANNING We recommend an annual portfolio planning effort involving executives from the highest levels of the organization. This is a critical strategic opportunity for the organization to build the best portfolio of projects to meet the goals for the upcoming year. It involves reviewing all current and proposed projects against a set of criteria, including the organization’s strategic goals, which are quantified and then force-ranked or plotted on a matrix. PORTFOLIO OPTIMIZATION Because very little stays the same over time, organizations must readjust their priorities throughout the year; additionally, in an increasingly agile environment, project plans and outcomes may evolve as well. Consequently, we recommend the executive team optimize their portfolio of projects on a regular basis, say quarterly, to balance the portfolio based on any changes to the organization’s strategic goals, ongoing risks, and new/proposed projects. PORTFOLIO MANAGEMENT Project information needs to be made available at the right granularity for those managing the projects daily, those coordinating multiple/related projects, and those overseeing the entire portfolio. PORTFOLIO GOVERNANCE A governance structure that starts with the project team and provides clear avenues and criteria for the escalation of risks/issues, and proposed changes for decision-making, ensures that only those that need to be involved in project decisions are involved — no matter how small or large the project. CULTURE
And finally, a no-blame organizational culture, one where mistakes are accepted as par for the course and viewed as opportunities for learning and improvement, ensures project managers and teams bring to light project challenges and risks that can be addressed before they snowball.
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