To keep on top of all the new proposals coming in and to sort them into project priority it is a good idea to hold a monthly meeting, which I call the Project Portfolio Board. The benefit of keeping control of the project priority is it ensures as an organisation you are doing the right projects at the right time with the right resources. In this blog post I will outline who to invite to the Project Portfolio Board meeting and what the agenda should be.
Photo Credit: Ynkefan1
Project Portfolio Board
The Project Portfolio Board meeting should be attended by senior members of the organisation who represent each area of the company. Ideally each member should be of equal status in the company i.e. directors however try and ensure the meeting is kept to as few attendees as possible. There is also a risk that stronger characters can push the projects that benefit their own part of the organisation. This could result in projects given the wrong priority a higher project priority which would mean as an organisation you would end up doing the wrong projects. It is a key role of the chair of the meeting to ensure the project priority is applied objectively.
As per my post last week which you can read here the first step is to list all the projects by financial benefits. This gives you your first view of the project priority. The next stage is to add a third column and populate it with which strategy the project supports. The next step is to review the list and see what company strategic objectives are being met. With this information the task is to then check that the most important company strategic objective is supported by a number of the high priority projects. This is why it is important that the meeting is attended by senior members of the organisation as these will be the people who are responsible for ensuring the company strategy is being met.If you find that some projects that support key strategic objectives are low down the priority list it is the role of this meeting to manually increase the project priority and reorganise the list. In addition you may find there are projects that are legal/ regulatory projects that are mandatory and must be done. It is at this point these projects are then increased in project priority.
Project Portfolio Board Agenda
The recommended agenda for the meeting is as follows:
- Review the list of new project proposals
- High level update on progress of existing projects
- Prioritise the list by benefits – include new projects and existing in progress projects
- Manually raise or low the priority based on strategic objectives
- Manually raise the project priority for legal mandatory projects
By having these monthly Project Portfolio Board meetings you will ensure that your organisation does the right projects at the right time with the right resources. What techniques do you use to ensure the right project priority is allocated all projects in your organisation?