A portfolio management approach needs to organize a framework in order to find the proper subset of projects that reflects better decisions when evaluating risks, resource allocation, costs, and quality. This framework also is required to integrate competitive advantage and operational effectiveness in a balanced decision maker structure. The Portfolio Manager guarantees the right flow of this process.
First of all, the Portfolio Manager needs to motivate the Project Managers - PMs. The controls and monitoring of each program or project are related with the feedback of PMs and their status reports, normally weekly. In a PMO – Project Management Office structure where meetings are often clouded or in virtual environment (Lotus Live, Live Meeting, Net Meeting, conference call, and others), the communication of the chairman and PMs is an important point to obtain success in report the issues and propose solutions and decisions. So, high level of communication and empathy of the Portfolio Manager is the second great skill required for them.
What about culture and values? That’s a good question. Portfolio Manager sometime works with people from different parts of the world. Understand how to talk with them and how to have patience about their different perspectives makes the difference when manage PMs in today’s globalized world. Thing about wake up at 6:00AM to have a meeting with PMO team in India, can you do that? If yes, it is a good start.
Thinking about the strategic direction of the organization, the Portfolio Manager is responsible to certify that silos of interests and individual finance concerns don’t damage the competitive position of the company as a whole. It is very common that projects create a compromised group of individuals focused on success of their projects. The management and solution for conflict of interest between PMs and functional managers are another great task for Portfolio Manager. They need to acquire focus on the strategy of the firm as an entire group of people looking for success in a collaborative environment.
Thinking about the strategic direction of the organization, the Portfolio Manager is responsible to certify that silos of interests and individual finance concerns don’t damage the competitive position of the company as a whole. It is very common that projects create a compromised group of individuals focused on success of their projects. The management and solution for conflict of interest between PMs and functional managers are another great task for Portfolio Manager. They need to acquire focus on the strategy of the firm as an entire group of people looking for success in a collaborative environment.
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