A lot of organizations are undergoing a great deal of transformational change in their approach to business in order to gain a competitive edge. There are many benefits that accrue when these organizations undertake such key disruptive projects, particularly if these are well figured and planned out. While these projects could potentially unlock great benefits and positive change for the organizations undertaking them, they are also fraught with lots of risks. If the risks are not managed adequately and successfully, there could be adverse consequences which can impact both the operations and the reputation of the organization. This is why it is always advisable for these organizations to invest in robust portfolio assurance when executing key projects which cannot be allowed to fail.
There are many challenges organizations experience when it comes to the execution of the projects, a factor which may necessitate the need for the portfolio assurance services. These include the following:
· Are the projects being delivered on time and on-budget?
· Is the organization delivering the planned scope of the projects?
· Is the organization maintaining the integrity of the project control environment when it comes to the execution of the projects?
· Is the organization going to get a good ROI when it comes to the execution of the project?
These are some of the questions that you are likely to grapple with when you find yourself with a large project in your hands. It is advisable to carry out a project review and understand the risks which are involved in managing these. This is one of the best ways in which you can increase the odds of success.
Ways in which you can mitigate risks
There are several actions that an organization can undertake in order to reduce the company risk to the bare minimum as much as is practicable. Undertaking these steps also equips the PMO project managers with the skills and level of preparedness to deal with these issues when they occur. Here are some of these actions:
Project Governance: Good project governance will see the company move determinably towards the common project goals. It enables the organization to put in place structures and policies that will mitigate any deviations from the original project objective. Project governance helps the company to stay the course until the implementation of the project is complete.
Portfolio Assurance: There is need for the portfolio optimization as well as the execution of a project sustainment program that will be key to seeing the companies guide the projects to successful implementation.
Project Assurance: The scope of the projects should be clearly aligned with the business case as well as the expectations of the stakeholders. By doing this, it is possible to score some early wins in the project implementation which can help in establishing trust and credibility for the project. This is one of the best ways in which the company can build the momentum for the success of the project.
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